Why doesn't Nationwide allow me to upgrade Cashbuilder to Loyalty Saver?

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Aaron3195
Aaron3195 Posts: 51 Forumite
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in Budgeting & bank accounts
I have a cashbuilder savings account which I've had since around 13. As I've now been a loyal Nationwide member for 20+ years they never informed me about Loyalty Saver - I only found this out myself by browsing their savings webpage. I've also found Cashbuilder only pays a measly 0.10% interest, whereas Loyalty Saver has 1.10%.

My Flexaccount has an Upgrade button in the online bank, but never seen one appear for my cashbuilder account. If I applied for a Loyalty Saver online I'm not sure if it will keep the same account number and sort code as my Cashbuilder, as I do not want to be bothering with the hassle of informing companies that pay in money a change of account number. Does anyone know?

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  • kuratowski
    kuratowski Posts: 1,409 Forumite
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    edited 17 February 2019 at 3:51PM
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    I used to have a nationwide loyalty saver, it didn't have a bank sort code at all, instead a building soc roll number, so on this basis I am fairly confident you would not keep your account number.

    Anyway, if you take a look at the MSE Top Savings Accounts guide (https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/) you will see that there are probably better options out there for you.
  • EarthBoy
    EarthBoy Posts: 3,041 Forumite
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    Nationwide doesn't provide the facility to upgrade savings accounts, so no, you won't keep the same account no and sort code, they'll be different.
  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    edited 17 February 2019 at 4:22PM
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    Both the rates you have quoted for these two products are way below what you can get in many other places. However, if you really want to stay with Nationwide, and if the hassle of advising people of a change in accounts is too much to bear, why don't you just open up a Loyalty Saver and also keep your Cashbuilder? All you then have to do is transfer stuff from one to the other whenever you like.
  • xylophone
    xylophone Posts: 44,427 Forumite
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    Have you ever had a Flexdirect current account?
  • Thomas_Crown
    Thomas_Crown Posts: 887 Forumite
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    kuratowski wrote: »
    I used to have a nationwide loyalty saver, it didn't have a bank sort code at all, instead a building soc roll number, so on this basis I am fairly confident you would not keep your account number.

    Anyway, if you take a look at the MSE Top Savings Accounts guide (https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/) you will see that there are probably better options out there for you.


    To pay money in to a Nationwide Loyalty Saver account, you would use the following details:-

    Sort Code: 07-00-93

    Account No, 33333334

    Ref: Your Account Number
  • alanq
    alanq Posts: 4,216 Forumite
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    Thomas_Crown wrote: »
    To pay money in to a Nationwide Loyalty Saver account, you would use the following details:-
    Sort Code: 07-00-93
    Account No, 33333334
    Ref: Your Account Number


    Thanks. I had forgotten that. Link to Nationwide
    https://www.nationwide.co.uk/support/support-articles/manage-your-account/savings-pay-money-in/savings-pay-money-into-savings-account#xtab:twistyitem5-loyalty-saver
  • Aaron3195
    Aaron3195 Posts: 51 Forumite
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    edited 22 February 2019 at 2:17AM
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    xylophone wrote: »
    Have you ever had a Flexdirect current account?

    No I haven't. 5% interest is nice, but I'm unsure how to put in £1k income a month to take advantage of it. One of my benefits goes into the cashbuilder so would transferring some of it to FlexDirect every month count as income? Also a lot of the income would have to be paid out again for bills, rent etc.
    Terry_Towelling wrote: »
    Both the rates you have quoted for these two products are way below what you can get in many other places. However, if you really want to stay with Nationwide, and if the hassle of advising people of a change in accounts is too much to bear, why don't you just open up a Loyalty Saver and also keep your Cashbuilder? All you then have to do is transfer stuff from one to the other whenever you like.

    I may do that instead.

    Thanks all for replies :)
  • djpailo
    djpailo Posts: 550 Forumite
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    Aaron3195 wrote: »
    No I haven't. 5% interest is nice, but I'm unsure how to put in £1k income a month to take advantage of it. One of my benefits goes into the cashbuilder so would transferring some of it to FlexDirect every month count as income? Also a lot of the income would have to be paid out again for bills, rent etc.



    I may that instead.

    Thanks all for replies :)

    The only requirement is you pay in a total of £1000 or more into the account. It doesn't state anywhere that there has to be a minimum single payment of exactly £1000 or higher.
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