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Best account for saving £500 per calendar month??
jlashcroft11
Posts: 6 Forumite
Hello,
I'm looking to save £500 pcm in a seperate bank account, no direct debits, no starting amount and best rate. Anyone know what to go for?
I'm looking to save £500 pcm in a seperate bank account, no direct debits, no starting amount and best rate. Anyone know what to go for?
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Comments
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Nationwide Flexclusive Regular Saver takes £500pcm paying 5% AER on the balance with penalty-free withdrawal.
To qualify you simply need to meet the T&C relating to holding a FlexAccount, FlexOne, FlexDirect, FlexPlus or FlexStudent current account. No direct debits are required.
You will not find a higher rate for that amount per month, or an account paying the same rate on a larger amount per month.
http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits0 -
Can I just open one of those accounts and leave it or does it need direct debits going out etc?0
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jlashcroft11 wrote: »Can I just open one of those accounts and leave it or does it need direct debits going out etc?
Yes
No
But as bowlhead99 mentioned, you need to hold a current account with Nationwide to qualify for the Flexclusive Regular Saver
All the T&C you need are on the Nationwide website, just follow bowlhead99's link0 -
jlashcroft11 wrote: »Can I just open one of those accounts and leave it or does it need direct debits going out etc?
I have the FlexDirect Account...
You get 5% interest on the balance (up to £2500), all you need is £1000 to be going into your account each month, no direct debits are required
The Flexiexclusive regular saver gets you 5% and requires 500 in each month.. You can open it 3 months after opening the Flexdirect account..0 -
Hmm I don't really want to change current accounts, just wanted an account on the side building savings an interest.
Any other suggestions?
I recently opened the Tesco account which is great but they aren't taking on any more accounts.0 -
There's no need to change current accounts, just open a new one. You can continue using whatever accounts you already have.jlashcroft11 wrote: »Hmm I don't really want to change current accounts, just wanted an account on the side building savings an interest.0 -
I have the FlexDirect Account...
You get 5% interest on the balance (up to £2500), all you need is £1000 to be going into your account each month, no direct debits are required
The Flexiexclusive regular saver gets you 5% and requires 500 in each month.. You can open it 3 months after opening the Flexdirect account..
You sure ?0 -
You don't need to change accounts.
The Flexdirect current account pays 5% on up to £2500.
If you have that amount going spare, open the account, pay it in and fund the account with £1000 a month.
Transfer £500 to the Flexclusive RS and do as you wish with the other £500.
If you have no spare cash, open the account, pay in £1000, leave £500 in it and do as you wish with the rest.
Continue for five months then open the Flexclusive RS, credit the £1000 a month, pay £500 into the FRS and carry on.
http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
http://www.nationwide.co.uk/products/current-accounts/flexdirect/apply0 -
You don't need to change accounts.
The Flexdirect current account pays 5% on up to £2500.
If you have that amount going spare, open the account, pay it in and fund the account with £1000 a month.
Transfer £500 to the Flexclusive RS and do as you wish with the other £500.
If you have no spare cash, open the account, pay in £1000, leave £500 in it and do as you wish with the rest.
Continue for five months then open the Flexclusive RS, credit the £1000 a month, pay £500 into the FRS and carry on.
http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
http://www.nationwide.co.uk/products/current-accounts/flexdirect/apply
Why so complicated, the OP just wants a simple solution....
Open a FlexDirect put a £1 in it and forget it, Open the Flexclusive, set up a standing order from wherever you want, to pay in £500 per month0
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