Nationwide - 5% savings rate!!! Flexsaver - HotUKDeals
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Nationwide - 5% savings rate!!! Flexsaver

£0.00 @ Nationwide Building Society
5% regular savings for Nationwide main account holders. Unlike some banks which limit monthly deposits to £250, Nationwide let their customers save £500 a month so you could get £6,000 in here over a … Read More
MarioMan Avatar
4m, 1d agoFound 4 months, 1 day ago
5% regular savings for Nationwide main account holders. Unlike some banks which limit monthly deposits to £250, Nationwide let their customers save £500 a month so you could get £6,000 in here over a year.

Here is the 1 year old thread which got over 1000!!!

heat.http://www.hotukdeals.com/deals/nationwide-flexclusive-regular-saver-5-interest-for-a-year-max-500-a-month-do-offer-2339322

Wink wink (I've been a HUKD for many years and never made it past 2500 :( )
More From Nationwide Building Society:
MarioMan Avatar
4m, 1d agoFound 4 months, 1 day ago
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(1)
6 Likes
Mrepg
Can I deposit 60k?


Sure always happy to help, I can PM you my bank details :)

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1 Like #1
% regular savings for Nationwide main account holders. Unlike some banks which limit monthly deposits to £250, Nationwide let their customers save £500 a month so you could get £6,000 in here over a year.

More info
To be added
3 Likes #2
Don't want to be a deal spoiler, but this has been around for years. I am on my second or third year of doing this. Still a good deal for anyone who does not know about it.
1 Like #3
It's good for regular saving, however if you have a lump sum the interest averages around 2.3 % over the year.
#4
My mum opened up one of these last year and the 5% introductory rate ends soon and I was wondering what happens next. From what I recall the interest rate drops to 2.xx% so do you have to cancel the account and open a new one or is it just an introductory offer only ?
#5
Zontes
Don't want to be a deal spoiler, but this has been around for years. I am on my second or third year of doing this. Still a good deal for anyone who does not know about it.


It was last posted over a year ago.

So I posted it again, to help remind other people. I presume that's okay.
#6
MarioMan
Zontes
Don't want to be a deal spoiler, but this has been around for years. I am on my second or third year of doing this. Still a good deal for anyone who does not know about it.
It was last posted over a year ago.
So I posted it again, to help remind other people. I presume that's okay.
Sorry, I did not wish to sound negative, I did acknowledge that it would be helpful for anyone who was unaware of this.
3 Likes #7
dozstanford
My mum opened up one of these last year and the 5% introductory rate ends soon and I was wondering what happens next. From what I recall the interest rate drops to 2.xx% so do you have to cancel the account and open a new one or is it just an introductory offer only ?
The account automatically closes and transfers the funds to another account with a much lower interest rate (0.25% or 0.5%). You can open another one again, as I have done, and transferred the matured funds to a higher interest account. Loyalty Saver 15 pays 0.95%, not great but not short of what is available elsewhere for instant access.

Edited By: Zontes on Dec 28, 2016 09:04
1 Like #8
Zontes
MarioMan
Zontes
Don't want to be a deal spoiler, but this has been around for years. I am on my second or third year of doing this. Still a good deal for anyone who does not know about it.
It was last posted over a year ago.
So I posted it again, to help remind other people. I presume that's okay.
Sorry, I did not wish to sound negative, I did acknowledge that it would be helpful for anyone who was unaware of this.


No worries :)

Hey since from your comment below.

Can I also ask what rate do you receive now?

And I'm guessing this 5% is currently the best rate for savings in UK?


I currently have a Barclays account which I would like to keep.


However I want this 5% savings offer.

Is it possible to do:

Rather than closing my Barclays account, open this new nationwide. But do a direct debit transfer of £1300 every month from Barclays to Nationwide?

Or do I have to close my current account?
2 Likes #9
excellent account even though it's only for 12 months. If you managed to save £500 every month then you will save £162 after 12 months in gross interest. I am in my 3rd year with this account.
After 12 months you need to close this saver account and you can open a new saver account with 5% interest until unless you are still a nationwide current account holder.
You don't have to close any previous accounts with other banks to fulfill the £1000 per month pay in criteria. You can set up a standing order or transfer online from other accounts.

Also nationwide offers a limited access account with a interest rate of 2.25%. You can save up to £50000 in that account. Only issue with that account is that you have to open in your kids name as a saving account and you can only make one withdraw per year. If you do withdraw money more than once, interest rate will be 0.05%.

Hope it helps.
1 Like #10
MarioMan
Zontes
MarioMan
Zontes
Don't want to be a deal spoiler, but this has been around for years. I am on my second or third year of doing this. Still a good deal for anyone who does not know about it.
It was last posted over a year ago.
So I posted it again, to help remind other people. I presume that's okay.
Sorry, I did not wish to sound negative, I did acknowledge that it would be helpful for anyone who was unaware of this.
No worries :)
Hey since from your comment below.
Can I also ask what rate do you receive now?
And I'm guessing this 5% is currently the best rate for savings in UK?
I currently have a Barclays account which I would like to keep.
However I want this 5% savings offer.
Is it possible to do:
Rather than closing my Barclays account, open this new nationwide. But do a direct debit transfer of £1300 every month from Barclays to Nationwide?
Or do I have to close my current account?
I am not sure of exact details of the Nationwide deal as I have been with them for many years, and as I do all my banking with them I automatically qualify for this account.
To qualify as a main current account customer, you must:
Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount and have:
Been paying in £750+ a month for the last three months (excluding internal transfers from any Nationwide account held by you or anyone else); or
Completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months; or
Hold a FlexDirect or FlexPlus account

Found the above on their website. Interest rate dropped to 0.5% or 0.25%. But you can move this anywhere you like, and open a new 5% account.

Edited By: Zontes on Dec 28, 2016 09:25
#11
Zontes
dozstanford
My mum opened up one of these last year and the 5% introductory rate ends soon and I was wondering what happens next. From what I recall the interest rate drops to 2.xx% so do you have to cancel the account and open a new one or is it just an introductory offer only ?
The account automatically closes and transfers the funds to another account with a much lower interest rate (0.25% or 0.5%). You can open another one again, as I have done, and transferred the matured funds to a higher interest account. Loyalty Saver 15 pays 0.95%, not great but not short of what is available elsewhere for instant access.

Many thanks for clarifying and my apologies for my laziness, it was on my to do list for the new year.
#12
drharishgarg
excellent account even though it's only for 12 months. If you managed to save £500 every month then you will save £162 after 12 months in gross interest. I am in my 3rd year with this account.
After 12 months you need to close this saver account and you can open a new saver account with 5% interest until unless you are still a nationwide current account holder.
You don't have to close any previous accounts with other banks to fulfill the £1000 per month pay in criteria. You can set up a standing order or transfer online from other accounts.
Also nationwide offers a limited access account with a interest rate of 2.25%. You can save up to £50000 in that account. Only issue with that account is that you have to open in your kids name as a saving account and you can only make one withdraw per year. If you do withdraw money more than once, interest rate will be 0.05%.
Hope it helps.
Good tip about the 2.25% account. I had missed that one.
#13
Can I deposit 60k?
6 Likes #14
Mrepg
Can I deposit 60k?


Sure always happy to help, I can PM you my bank details :)
1 Like #15
MarioMan
Mrepg
Can I deposit 60k?
Sure always happy to help, I can PM you my bank details :)

Sending them over now X)
#16
You also get 5% on a regular saver at first direct.

Edited By: Dr_Lovegod on Dec 28, 2016 10:24
1 Like #17
Zontes
Don't want to be a deal spoiler, but this has been around for years. I am on my second or third year of doing this. Still a good deal for anyone who does not know about it.
It was introduced 1 December 2015 ;)
#18
oddballjamie
It's good for regular saving, however if you have a lump sum the interest averages around 2.3 % over the year.
Yes, but you keep the lump sum elsewhere earning interest in the meantime.
#19
Ashe
Zontes
Don't want to be a deal spoiler, but this has been around for years. I am on my second or third year of doing this. Still a good deal for anyone who does not know about it.
It was introduced 1 December 2015 ;)
I am pretty sure there were similar savings accounts, probably in another name, because I have been doing this for several years. This was one going back a few years, but they usually have something, just this present one was introduced last year, but probably replaced something similar. Anyway, not wanting to be a pedant, so I'll stop now.
http://www.thisismoney.co.uk/money/saving/article-2186075/Nationwide-offers-6-regular-savings-rate-customers.html
#20
Link just takes you to NWs home page, and I'm on phone, so I'm going to be useless and ask for a link detailing this account.

I have a flexaccount that gives me travel cover etc, can I move £500 from that account to the flex saver account every month?

Also, when you close the saver account after 12 months, are you not restricted in reopening a saver account for another x months?
#21
voted hot just for the reminder, with regards to 'Wink wink (I've been a HUKD for many years and never made it past 2500 :( )', you receive a hot spot badge if a deal passes 1500, so no need to be too ambitious :p
1 Like #22
madeofbraille
Link just takes you to NWs home page, and I'm on phone, so I'm going to be useless and ask for a link detailing this account.
I have a flexaccount that gives me travel cover etc, can I move £500 from that account to the flex saver account every month?
Also, when you close the saver account after 12 months, are you not restricted in reopening a saver account for another x months?
You have same account as me with the free travel insurance. All you do is open the account via your online banking. Transfer £500, or whatever every month, either manually or by direct debit. On maturity the account closes, so just open a new one, assuming they still offer it next year. But have been offering this kind of account in one guise or another for years now.
http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

Edited By: Zontes on Dec 28, 2016 12:30
#23
Ashe
oddballjamie
It's good for regular saving, however if you have a lump sum the interest averages around 2.3 % over the year.
Yes, but you keep the lump sum elsewhere earning interest in the meantime.
If the other account is earning at least 2% then you may as well leave it there.

It still doesn't change the facts.
#24
oddballjamie
Ashe
oddballjamie
It's good for regular saving, however if you have a lump sum the interest averages around 2.3 % over the year.
Yes, but you keep the lump sum elsewhere earning interest in the meantime.
If the other account is earning at least 2% then you may as well leave it there.
It still doesn't change the facts.
This is completely wrong. Gradually moving money from a 2% account to a 5% regular saver account will make more interest than leaving it all in a 2% account.
#25
Ashe
oddballjamie
Ashe
oddballjamie
It's good for regular saving, however if you have a lump sum the interest averages around 2.3 % over the year.
Yes, but you keep the lump sum elsewhere earning interest in the meantime.
If the other account is earning at least 2% then you may as well leave it there.
It still doesn't change the facts.
This is completely wrong. Gradually moving money from a 2% account to a 5% regular saver account will make more interest than leaving it all in a 2% account.
Won't make a huge difference.

You will only be earning 5% on the amount that is in the higher interest account.

The 5% is a headline figure you will only earn a true 5% on the complete sum for a matter of days before the account drops in interest.
#26
oddballjamie
Won't make a huge difference.
Er, it'd earn someone nearly twice as much interest on a total sum of £6000, as opposed to keeping it all in a 2% account for the entire year?

And that's completely disregarding the fact that most fee-free (as well as those with a fee) bank accounts have a limit on the amount they pay interest on, which will be typically far less than £6000 at 2%...

You will only be earning 5% on the amount that is in the higher interest account.
The 5% is a headline figure you will only earn a true 5% on the complete sum for a matter of days before the account drops in interest.
I completely understand this, nothing I've said should indicate otherwise.


Edited By: Ashe on Dec 28, 2016 18:03
#27
Ashe
oddballjamie
Won't make a huge difference.
Er, it'd earn someone nearly twice as much interest on a total sum of £6000, as opposed to keeping it all in a 2% account for the entire year?
And that's completely disregarding the fact that most fee-free (as well as those with a fee) bank accounts have a limit on the amount they pay interest on, which will be typically far less than £6000 at 2%...
You will only be earning 5% on the amount that is in the higher interest account.
The 5% is a headline figure you will only earn a true 5% on the complete sum for a matter of days before the account drops in interest.
I completely understand this, nothing I've said should indicate otherwise.
How would you be earning twice the interest?

As the amount in the 5% goes up the 2% account goes down.

I'll work it out on a spreadsheet for you later.

In the meantime a simple loan repayment and savings calculator will do.
#28
oddballjamie
[How would you be earning twice the interest?
As the amount in the 5% goes up the 2% account goes down.
I'll work it out on a spreadsheet for you later.
In the meantime a simple loan repayment and savings calculator will do.
Simple figures. Also, I said "nearly twice" the interest - you said "won't make a huge difference"

a)

6000 x 0.02 = £120 interest in a 2% account

b)

£500 per month in a 5% regular saver earns £161 approx
£6000 in a 2% account depleting by £500 each month earns approx £40-45 (not going to work out exact amount)

So about £200 compared to £120. And you've ignored the point about there being a lack of bank accounts paying 2% on £6000.


Edited By: Ashe on Dec 28, 2016 18:19
#29
Thanks for posting. It's a great rate and I've just opened it online.
1 Like #30
I do this

I've got the £6k from last year in 2 Tesco Current Accounts that pay 3% on balances up to £3k. Then I drip feed the £500 into the Nationwide 5% as above.

Can have 2 Tesco Current Accounts in Sole Name. Don't need to be joint. No minimum pay in or direct debits.
3 Likes #31
i recommend the flexplus bank account for £10/month. stick £2500 in the account, earn a market leading £6/month interest so net cost is only £4/month. This £4 gets you car breakdown cover, worldwide travel insurance, mobile phone cover and an extra year warranty on certain household purchases. use refer a friend and earn £100 each also. all in all its exceptional value and meets the eligibility criteria for the regular saver on this post without needing £750 deposited each month. superb account and service - ive used the phone insurance for water damage once and breakdown cover for flat tyres twice and service was great

Edited By: Chet on Dec 29, 2016 11:02
#32
Thanks OP, this seems to be the only one offering £500 regular saving
#33
EMM386
I do this
I've got the £6k from last year in 2 Tesco Current Accounts that pay 3% on balances up to £3k. Then I drip feed the £500 into the Nationwide 5% as above.
Can have 2 Tesco Current Accounts in Sole Name. Don't need to be joint. No minimum pay in or direct debits.


Sorry what????

Why not move the 6k into this, and get 5%??
#34
MarioMan

5% regular savings for Nationwide main account holders. Unlike some banks which limit monthly deposits to £250, Nationwide let their customers save £500 a month so you could get £6,000 in here over a year.
Here is the 1 year old thread which got over 1000!!!
heat.http://www.hotukdeals.com/deals/nationwide-flexclusive-regular-saver-5-interest-for-a-year-max-500-a-month-do-offer-2339322
Wink wink (I've been a HUKD for many years and never made it past 2500 :( )
i gave you a like just for that :-P
#35
MarioMan
EMM386
I do this
I've got the £6k from last year in 2 Tesco Current Accounts that pay 3% on balances up to £3k. Then I drip feed the £500 into the Nationwide 5% as above.
Can have 2 Tesco Current Accounts in Sole Name. Don't need to be joint. No minimum pay in or direct debits.
Sorry what????
Why not move the 6k into this, and get 5%??
You can't just "move the 6k into this". You can only deposit £500 per month.
#36
MarioMan
EMM386
I do this
I've got the £6k from last year in 2 Tesco Current Accounts that pay 3% on balances up to £3k. Then I drip feed the £500 into the Nationwide 5% as above.
Can have 2 Tesco Current Accounts in Sole Name. Don't need to be joint. No minimum pay in or direct debits.
Sorry what????
Why not move the 6k into this, and get 5%??
Because it takes a year to move that amount in
#37
snoopy18
MarioMan
EMM386
I do this
I've got the £6k from last year in 2 Tesco Current Accounts that pay 3% on balances up to £3k. Then I drip feed the £500 into the Nationwide 5% as above.
Can have 2 Tesco Current Accounts in Sole Name. Don't need to be joint. No minimum pay in or direct debits.
Sorry what????
Why not move the 6k into this, and get 5%??
Because it takes a year to move that amount in



Is it not upton 2.5k per month?

"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months"
#38
MarioMan
snoopy18
MarioMan
EMM386
I do this
I've got the £6k from last year in 2 Tesco Current Accounts that pay 3% on balances up to £3k. Then I drip feed the £500 into the Nationwide 5% as above.
Can have 2 Tesco Current Accounts in Sole Name. Don't need to be joint. No minimum pay in or direct debits.
Sorry what????
Why not move the 6k into this, and get 5%??
Because it takes a year to move that amount in
Is it not upton 2.5k per month?
"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months"
Oh dear lord....
#39
Houstieboy
MarioMan
snoopy18
MarioMan
EMM386
I do this
I've got the £6k from last year in 2 Tesco Current Accounts that pay 3% on balances up to £3k. Then I drip feed the £500 into the Nationwide 5% as above.
Can have 2 Tesco Current Accounts in Sole Name. Don't need to be joint. No minimum pay in or direct debits.
Sorry what????
Why not move the 6k into this, and get 5%??
Because it takes a year to move that amount in
Is it not upton 2.5k per month?
"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months"
Oh dear lord....

Sorry please explain

I thought it's 5% savings you get on a minimum £500 into the account every month
Up to a maximum of £2,500??
#40
It should be noted in the OP that this is a 12 month term and after that period the rate reduces to something like 0.6% or something awful like that

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