Nationwide Reg Saver Interest

metrobus

Held a Nationwide reg saver since jan 2007 .

The interest is added monthly but only credited on
october 31st.

If I close thise acc on say 28th may would I get
the 28 days interest.

Thanks

Milarky

I believe that you just get the lowest rate in the month - 4% (see here) - in which the account is closed. The way to minimize any loss of interest therefore is to close the account just after the first of a month

metrobus

Your correct Milarky, Ive just been taking a close look at the T&C

But to get 4% you need to increase the balance by £1-£99 what if you do not increase at all ?

What `I`ll do is transfer £1 on June 1st (sunday) then go to the branch close
the account and open a 1 year fixed bond with them @ 6.6%.

RayWolfe

No! You get 4% between £0 and £99.

Milarky

metrobus wrote: »

Your correct Milarky, Ive just been taking a close look at the T&C

But to get 4% you need to increase the balance by £1-£99 what if you do not increase at all ?

What `I`ll do is transfer £1 on June 1st (sunday) then go to the branch close
the account and open a 1 year fixed bond with them @ 6.6%.

Yes, but I think it is a safe bet to draw the balance down to nil at the start of a new month - as transfers out are instant - open a new account and then close the old account to get interest made up at one's leisure. You could open an e-bond on Sunday with the current balance of the regular saver (+ other monies) - all online

metrobus

http://www.nationwide.co.uk/savings/regular_savings/interest_rates.htm

It states on their website £1-£99

Milarky,is it possible to close a reg saver online ?

Thanks

RayWolfe

It states in their T&C which I read before I posted to you:
"less than £100, 4%"
In the blurb it says: "If in any month you balance reduces or increased by less than £100 you still get ..."
Couldn't be clearer!!!!
With a very low balance, I did not pay anything in, in May, if you wait until the end of the month I will let you know what rate they paid me.

Milarky

metrobus wrote: »

,is it possible to close a reg saver online ?

I don't know but I doubt it (was once told that to close any Nationwide account, you need to complete and online form, print it and send it off to a manual department somewhere) But you don't need to close the account - or to do so at the same time as you transfer out. Fore instance. You could cancel your payment for June and restart in July - if you want to start building up a balance (@6%) again.

It's just occurred to me that this account could be operated a bit like those other banks which only pay interest for the month where you don't make any withdrawals thusly...

(Make transfer on Last day of June...Make another transfer on First day of July... Money is available to withdraw every other month and no interest is really lost...)

metrobus

Milarky,Just found this in their t&C

You may close your Regular Savings account at any time by visiting any Nationwide branch.

The only reason I want to close it is so I get the interest now rather than wait until october 31st.

LittleVoice

metrobus wrote: »

Milarky,Just found this in their t&C

You may close your Regular Savings account at any time by visiting any Nationwide branch.

The only reason I want to close it is so I get the interest now rather than wait until october 31st.

Well there are a lot of branches about, unlike some regional societies.

RayWolfe

RayWolfe wrote: »

It states in their T&C which I read before I posted to you:
"less than £100, 4%"
In the blurb it says: "If in any month you balance reduces or increased by less than £100 you still get ..."
Couldn't be clearer!!!!
With a very low balance, I did not pay anything in, in May, if you wait until the end of the month I will let you know what rate they paid me.

To reply to my own post for the benefit of metrobus:
As I suspected, in May I added zilch and received the 4%