The Top Regular Savers Discussion Thread

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82154243#Comment_82154243

I'm not entirely sure about this. In my experience if you close a Nationwide RS early, it lets you open a new RS the next day. My Flex RS was due to mature in September but I closed mine in July and was able to open a new one the next day without issues so mine certainly wasn't blocked till the day my last RS was due to mature.

thefrank

https://forums.moneysavingexpert.com/discussion/comment/82154289#Comment_82154289

I can confirm what Bridlington1 just said. I closed more than once my Nwide RS and I was always able to open the new one the day after without any problem. Last time I did was yesterday and 20 minutes ago i opened a new one :-) and am getting ready to send my second deposit as early as tomorrow. I did the same (end of the month opening) 3 times during the last year

SloughSally

https://forums.moneysavingexpert.com/discussion/comment/82154289#Comment_82154289

I closed on 28th , my maturity was the 29th, tried to re open a new RS on the 29th was refused, stating I already have one, although the previous acc had been cleared from my accounts summary. Phoned and asked and they said I had to wait until after my previous one was due to expire (yesterday). Tried again today and all good opened in two minutes. ChatGPT also confirms this to be the case.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82154310#Comment_82154310

Suggests the closure didn't actually happen on the 28th.

"ChatGPT also confirms this to be the case."

That makes it even less likely to be correct. As evidenced by the two posts above. Would be keen to know what it says if you paste in @thefrank 's post. I suspect it will acquiesce and agree.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82154310#Comment_82154310

When on 28th though? If it was very late in the day it might've been processed the following day, thus being able to reapply from 30th would make sense, although that's not the same as a blanket "Nationwide block any attempt to open another RS until a day after your last RS was due to expire."

I would also be cautious of taking what Chat GPT says as gospel given that this is the same Chat GPT that once advised that I should close all my building society accounts that I have open with £1 (had I taken that advice I wouldn't have subsequently qualified for a string of loyalty RSs).

Chat GPT also told me that RSs only pay half the headline rate of interest, so I would be better off closing my 7% RS and putting the money in a 4% RS instead.

Kim_13

I asked for closure of the Melton IA in the end. It took longer than the 2 hours posted upthread, but I needed the funds tomorrow and didn’t want to risk them disabling the closure option and then taking several weeks over the interest as Darlington did. Funds now received, which surprised me with it being after 5pm. Would be happy for them to pay the remainder of the interest into my nominated account or either of my two remaining Melton accounts. I hadn’t submitted maturity instructions and would not have done so if I had.

2.75% Nationwide EA (internal transfer from nominated account) overnight is better than the 1% Melton would have been paying.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82153969#Comment_82153969

I'd given up on Melton for today, but the proceeds of my account closure have just landed in my bank account, just in time to get them earning interest before cut-off.

Pickledonionlover

https://forums.moneysavingexpert.com/discussion/comment/82153945#Comment_82153945

Balance credited to nominated account 👍

Kim_13

Another £74.82 just landed in my nominated account from Melton - the rest of the interest? My balance was never lower than £2,500 since they last paid interest, closing balance £2,800.

SloughSally

if you mean closing your existing Nationwide Flex Regular Saver before its 12-month maturity and then trying to open a fresh one, Nationwide’s current terms indicate you cannot use this as a way to reset the 12-month account.

Taken from ChatGPT and Nationwides T&Cs , I will leave it at that.