Nationwide Introduction Rate Ending

Cotta
Cotta Posts: 3,667 Forumite
in Budgeting & bank accounts
Hi All,

My introduction rate of 5% for my Nationwide current account is coming to an end, what are my options in such a situation?
«13

Comments

  • xylophone
    xylophone Posts: 44,393 Forumite
    Name Dropper First Anniversary First Post
    You can keep the Flexdirect, carry on as before and earn 1%.

    You can downgrade to a Flexaccount.

    You can close the account.

    You can switch the account.
  • Aletank
    Aletank Posts: 568 Forumite
    First Post First Anniversary
    I was in the same situation recently, If you upgrade with Nationwide, it's a quick upgrade online. When choosing to downgrade, it's either a 1 hour branch appointment or a 1 hour phone call .
    I chose the phonecall option but sorry I didn't just switch to another bank online.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Cotta wrote: »
    My introduction rate of 5% for my Nationwide current account is coming to an end, what are my options in such a situation?
    If you also have the 5% regular saver, be careful which option you choose.
  • Cotta
    Cotta Posts: 3,667 Forumite
    YorkshireBoy wrote: »
    If you also have the 5% regular saver, be careful which option you choose.

    Yes I have a regular saver account.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    Cotta wrote: »
    Yes I have a regular saver account.

    Then be careful
  • Kim_13
    Kim_13 Posts: 2,421 Forumite
    Name Dropper First Anniversary First Post Photogenic
    Cotta wrote: »
    Yes I have a regular saver account.

    In this case you can do any of the following to retain the saver:

    - Keep the FlexDirect open (no minimum pay in is needed to keep the Saver, only if you wish to get the 1% interest on up to £2,500.)

    - Downgrade to the FlexAccount and pay in £750 per month

    - Upgrade to FlexPlus for £13 a month (Don't do this unless you would benefit from the insurances on offer, as the fee is more than the account pays in interest (3% on up to £2,500.))

    Unless you particularly want branch access and don't have another account with Nationwide to use for this purpose, there's no reason not to do the first. Incoming T and Cs prevent a second round on 5% and the FlexDirect means you don't need to meet a minimum pay in each month to keep the saver.

    TSB Classic Plus is the best/easiest home for £1,500 if you don't already have it. You could also drip some of the funds into the saver if you pay in less than the maximum each month. The 1% is easily beaten so you should rehome the money.
  • TheShape
    TheShape Posts: 1,779 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    My introductory rate ended in September and I've been considering what to do with it. I could switch it to one of my other accounts that pay interest but with it being my 'Main Account' with a large number of DDs, SOs and payees set up on the account along with it being the linked account for a number of savings accounts with other providers, I've been hesitant to mess with it. An account paying 1% though :eek:
  • interest_Ted
    interest_Ted Posts: 155 Forumite
    First Post First Anniversary Combo Breaker
    Kim_13 wrote: »
    Incoming T and Cs prevent a second round on 5%

    On the FlexDirect ???
    I haven't seen that anywhere !
    I know there is still a 12 month moratorium, perhaps this is what you mean ?
    If not, would appreciate link to, or advice on source .
    Many thanks

    Ted
  • yorkshireOAP
    yorkshireOAP Posts: 66 Forumite
    First Anniversary First Post
    I would be interested in comments on post #4 & post #6 'be careful'. My flexdirect 5% term ends 3rd Jan.2018, I have a regular saver 5% ends May 2018. I have a Flex account also, but do not use too often, just to transfer to regular saver. So, I would apprciate my options under the be careful option??
    Thanks
  • radoslaff
    radoslaff Posts: 168 Forumite
    First Post First Anniversary
    yorkshireOAP wrote: »
    I would be interested in comments on post #4 & post #6 'be careful'. My flexdirect 5% term ends 3rd Jan.2018, I have a regular saver 5% ends May 2018. I have a Flex account also, but do not use too often, just to transfer to regular saver. So, I would apprciate my options under the be careful option??
    Thanks


    If somebody has a Regular Saver, shutting down (or switching) their current account which is no longer profitable because of the interest drop will result in their reg sav being shut down by the bank as well. Hence the "be careful" option.
    The journey of a thousand miles begins with one step.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards