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  • FIRST POST
    • luiza8
    • By luiza8 13th Oct 18, 8:13 PM
    • 11Posts
    • 4Thanks
    luiza8
    Nationwide Flex Regular Online Saver
    • #1
    • 13th Oct 18, 8:13 PM
    Nationwide Flex Regular Online Saver 13th Oct 18 at 8:13 PM
    Looking for some information on this. I've seen on MoneySupermarket that you can open the account with 」3000, which is what the 12 monthly payments of 」250 would equal.

    When I go on the Nationwide website they say you can open it from 」1 but don't say the maximum you can open it with.

    I was hoping I could open it with 」3000 and leave it at the 5% from there?

    Thanks
Page 1
    • Terry Towelling
    • By Terry Towelling 13th Oct 18, 8:18 PM
    • 649 Posts
    • 541 Thanks
    Terry Towelling
    • #2
    • 13th Oct 18, 8:18 PM
    • #2
    • 13th Oct 18, 8:18 PM
    」250 is the maximum you can pay in in any calendar month. 12 months x 」250 = 」3K. The T&Cs should make this clear if you give them a read.
    • G_M
    • By G_M 13th Oct 18, 9:05 PM
    • 45,583 Posts
    • 54,826 Thanks
    G_M
    • #3
    • 13th Oct 18, 9:05 PM
    • #3
    • 13th Oct 18, 9:05 PM
    ....I've seen on MoneySupermarket that you can open the account with 」3000,.....
    Originally posted by luiza8
    Link?


    I find it unlikely MSM says thisbut if they do, it's wrong.
    • scragend
    • By scragend 14th Oct 18, 8:27 AM
    • 248 Posts
    • 105 Thanks
    scragend
    • #4
    • 14th Oct 18, 8:27 AM
    • #4
    • 14th Oct 18, 8:27 AM

    I was hoping I could open it with 」3000 and leave it at the 5% from there?
    Originally posted by luiza8
    The clue's in the name - "regular". The idea is that you pay into it monthly. Putting a lump sum in at the start and leaving it there isn't regular savings.
    • luiza8
    • By luiza8 14th Oct 18, 8:31 AM
    • 11 Posts
    • 4 Thanks
    luiza8
    • #5
    • 14th Oct 18, 8:31 AM
    • #5
    • 14th Oct 18, 8:31 AM
    I知 not allowed to post links as I知 a new user but the website still says min/max opening amount is 」1 - 」3000.

    moneysupermarket dot com/savings/results/?goal=SAV_REGULARSAVINGS
    • Flugelhorn
    • By Flugelhorn 14th Oct 18, 8:33 AM
    • 1,001 Posts
    • 1,206 Thanks
    Flugelhorn
    • #6
    • 14th Oct 18, 8:33 AM
    • #6
    • 14th Oct 18, 8:33 AM
    one of these lovely accounts that offers nice interest rate but takes ages before you can actually get to the max amount to really benefit from said interest rate
    • veryintrigued
    • By veryintrigued 14th Oct 18, 8:36 AM
    • 2,536 Posts
    • 2,074 Thanks
    veryintrigued
    • #7
    • 14th Oct 18, 8:36 AM
    • #7
    • 14th Oct 18, 8:36 AM
    one of these lovely accounts that offers nice interest rate but takes ages before you can actually get to the max amount to really benefit from said interest rate
    Originally posted by Flugelhorn
    One of those lovely posts which is disingenuous.

    You benefit from the very good interest rate with even the minimum amount.
    Last edited by veryintrigued; 14-10-2018 at 8:39 AM.
    • 25 Years On
    • By 25 Years On 14th Oct 18, 9:21 AM
    • 111 Posts
    • 237 Thanks
    25 Years On
    • #8
    • 14th Oct 18, 9:21 AM
    • #8
    • 14th Oct 18, 9:21 AM
    I知 not allowed to post links as I知 a new user but the website still says min/max opening amount is 」1 - 」3000.

    moneysupermarket dot com/savings/results/?goal=SAV_REGULARSAVINGS
    Originally posted by luiza8

    Money Supermarket doesn't deal well with the concept of a regular saver in it's general presentation of information. You get a better idea elsewhere or clicking details on Money Supermarket.
    • Terry Towelling
    • By Terry Towelling 14th Oct 18, 2:02 PM
    • 649 Posts
    • 541 Thanks
    Terry Towelling
    • #9
    • 14th Oct 18, 2:02 PM
    • #9
    • 14th Oct 18, 2:02 PM
    I知 not allowed to post links as I知 a new user but the website still says min/max opening amount is 」1 - 」3000.

    moneysupermarket dot com/savings/results/?goal=SAV_REGULARSAVINGS
    Originally posted by luiza8

    Fair enough but that is the moneysupermarket website. You need to be looking at the Nationwide website for proper information from Nationwide about Nationwide products.
    • Terry Towelling
    • By Terry Towelling 14th Oct 18, 4:47 PM
    • 649 Posts
    • 541 Thanks
    Terry Towelling
    There may be a solution for you luiza8.

    I think I'm right that you can't have a 5% Nationwide Flex Regular Saver unless you also have one of their current accounts.

    So, the best bet for you would be to open a Nationwide FlexDirect Account (hopefully you will qualify) and stick your 」3K in there. The account will pay 5% interest on balances up to the first 」2500 for 12 months.

    Next, you immediately open the 5% regular saver and transfer in 」250 from the FlexDirect account. Do this for the first two months.

    That more or less gives you 5% on your 」3K for 12 months - yes, I know it isn't quite that because for 1 month you will have 」250 over the interest limit in the FlexDirect account but so what...

    You will need to meet the 」1000 minimum pay-in requirement for the FlexDirect account but that is easily accomplished simply by doing a same-day transfer in/out of the 」1000 - you can set up a STO for this and the pay-in must come from a non-Nationwide account.

    Beyond that, you need to move the 」10 ish monthly interest that gets added to your FlexDirect account into your regular saver, to ensure that you are maximising the return.

    Whether you choose to plough more into the regular saver is up to you but, if you're only working with 」3K, you don't really need to.
    • clivep
    • By clivep 14th Oct 18, 5:00 PM
    • 344 Posts
    • 172 Thanks
    clivep
    Next, you immediately open the 5% regular saver and transfer in 」250 from the FlexDirect account. Do this for the first two months.

    That more or less gives you 5% on your 」3K for 12 months - yes, I know it isn't quite that because for 1 month you will have 」250 over the interest limit in the FlexDirect account but so what...
    Originally posted by Terry Towelling

    You can put the 2nd payment in on 1st of next month so reduce the time you have the 」250 over the interest limit (Nationwide's regular saver rules allow 」250 per calendar month rather than on the same day each month).
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