Regular Savings Accounts Article Discussion

isasmurf

SallySunshine wrote: »

I'm annoyed with myself that spare cash from Santander has gone straight to my loyalty so I have only been actually putting in the needed £500 into Flexaccount, therefore I have to have another 2 months of adding at least £250 to qualify for travel insurance/Flexiclusive.
I already had travel insurance so didn't think I needed to double up, never thinking about the Flexiclusive offer.

You musn't delay. The travel insurance perk is being withdrawn for those that don't already have it. To qualify for FlexAccount travel insurance you need to have held the FlexAccount before 15 December 2016 and have met the eligibility requirements by 30 September 2017.

SallySunshine

Yes, thanks isasmurf, thats why I've just made sure I have another 2 months of £750 to go, I'd got the letter about the travel insurance cut off date in February, and I remember getting that offer over a year ago as I'd moved quite a bit into my Flexicount before moving it on again.
That was just a one-off then though, since then another current account was opened with Santander, hence the need to provide it with £500, in and out.

Typically though this leaves us with no travel cover until probably early July, so may need just a one-off cover if we suddenly decide to go away.

Just been looking at the paperwork with my Nationwide, opening Loyalty Saver Account welcome letter dated late November 2012, whoopee, I'd qualified for the top rate of 2.4%
now 0.75%.

teddysmum

Vortigern wrote: »

You could each open a sacrificial current account with another bank. You would probably need to create some direct debit on these accounts. Husband then uses NW's "refer a friend" to refer wife, who then switches her sacrificial account into a Nationwide Flexdirect in her name.

Wife then uses NW's "refer a friend" to refer husband, who then switches his sacrificial account into a Nationwide Flexdirect in his name.

Do it right and you'll get £400 in switching bonuses and a FlexDirect account each earning 5% on £2500 for 12 months.

The latter "creative" part is off topic for this thread, so if you've any queries, you can find the answers in the forum, or start a new thread.

As Nationwide have problems interpreting their own T&Cs (see threads about renewing the Flexdirect 5%) there could be problems, as, though the husband would recommend the wife's sacrificial account (must bring 2 direct debts with it) the account used to action the referral is already partly in the wife's name.


There would be no problem with the first person taking a Flexdirect then recommending the spouse to transfer to one.

mr._prude

I opened a NW 5% regular savings account, not sure if the monthly payment is setup? Does it link from your NW flexi account? Can you adjust payment amount or is that fixed? Bit confused.

Vortigern

mr._prude wrote: »

I opened a NW 5% regular savings account, not sure if the monthly payment is setup? Does it link from your NW flexi account? Can you adjust payment amount or is that fixed? Bit confused.

The monthly payment is not set up automatically. It doesn't have to be a standing order and it doesn't have to come from a NW account.

It's not a fixed amount, not a fixed date.

I haven't read the T&C recently, but if you do, you may find that the payments are not limited to one per month.

mr._prude

Vortigern wrote: »

The monthly payment is not set up automatically. It doesn't have to be a standing order and it doesn't have to come from a NW account.

It's not a fixed amount, not a fixed date.

I haven't read the T&C recently, but if you do, you may find that the payments are not limited to one per month.

Thanks, The regular saver does not seem to have a sort code and account number, it's more like a ****/******** format. Not sure how to set a Standing Order to this.

Vortigern

mr._prude wrote: »

Thanks, The regular saver does not seem to have a sort code and account number, it's more like a ****/******** format. Not sure how to set a Standing Order to this.

How to pay is detailed on NW's website somewhere. To use standing order from an external account, use the sort code and account number for NW's collection account and put the xxx/xxxxxxxxxxx number in as a reference.

Details here: http://www.nationwide.co.uk/support/support-articles/manage-your-account/savings-pay-money-in/savings-pay-money-into-savings-account#~

I just pay in £500 manually via my FlexAccount on the 1st of each month. External standing orders are delayed by weekends and bank holidays, except from Tesco.

ColdIron

I think internal Nationwide SOs fire on weekends

mr._prude

Set up a one off or regular payment from your Nationwide or other current account, by using the following details:
Sort code: 070093
Account number: 33333334
Roll/Ref: full account number e.g. 1234/123456789 (your full account number can be found within the Internet Bank).

dekkard

Virgin Money - Issue 5 of Regular E-Saver now available.

2.25% AER/Gross.