Nationwide 5% Gross, 4% Net Interest £500 pm Max, Flex regular Saver account for main current account holder
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Nationwide 5% Gross, 4% Net Interest £500 pm Max, Flex regular Saver account for main current account holder

91
Found 16th Jan 2016
Flexclusive Regular Saver

If you are a Nationwide main current account customer*, our Flexclusive Regular Saver offers our highest instant access savings rate. Could this be just the encouragement you need to start saving?
Flexclusive Regular Saver lets you increase your balance by up to £500 each month for 12 months, with the reassurance of unlimited instant access to your money and easy management online, via our Mobile Banking app, or in branch.

Flexclusive Regular Saver is for individuals aged 18 or over who meet one of the following two criteria:
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 3 months (excluding 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.
You can hold only one Regular Saver or Flexclusive Regular Saver account, which can be held in either sole or joint names. Only one account holder must meet the eligibility criteria.
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Banned
This has been available for a wee while. Sure it was posted here before. Been saving in it since December 1st.
This account has been around for a few months now.
Already got mine too
Original Poster
Thanks guys, I did check but no posts found.

This rate is effective from 01-Dec-2015 only.

I just found out about this yesterday and opened it. Its showed on my online banking today and I posted here to share.
Thanks Op
thank you for this..I have flex plus account and it took me two minutes to open this saving account using internet banking
Heated. Bear in mind that from April there will be a tax-free interest allowance, so 5% net interest.
Cheers OP, hadn't seen this.
the £10/month flexplus option on this account is fantastic. Includes mobile phone insurance, breakdown cover, worldwide travel insurance and an extra years warranty on certain home products. And becoming a flexplus customer means no need to have £750 flowing through the account each month to benefit from the 5% interest and regular saver rate.

Excellent account and service - I claimed on the mobile phone insurance last month due to water damage - sorted within a week without any issue. Highly recommended
crocobaur

Heated. Bear in mind that from April there will be a tax-free interest … Heated. Bear in mind that from April there will be a tax-free interest allowance, so 5% net interest.


Is the 5% isa the one thats only available to first time buyers?
Original Poster
tammy26

Is the 5% isa the one thats only available to first time buyers?


I guess 'Chet' meant, new tax change from April 2016 means no tax on interest earned unless you are a higher rate tax payer with lots of savings.. Upto £1000 interest tax free for basic earner and £500 for higher rate payer.. Bank won't be deducting automatic tax on interest as they do now. ISAs rule and allowance remain as its is. see Gov.uk for details.

Edited by: "upsy" 16th Jan 2016
thanks , how longshould it take to show on internet banking/app
Original Poster
russblade

thanks , how longshould it take to show on internet banking/app


1 Day
thanks OP - incase anyone was wondering how much different it is to Santander 123 account you end up with £174 more because the interest is paid after a year so you get it all tax free (if its your first £1000 of interest) as of April 2016
Chet

the £10/month flexplus option on this account is fantastic. Includes … the £10/month flexplus option on this account is fantastic. Includes mobile phone insurance, breakdown cover, worldwide travel insurance and an extra years warranty on certain home products. And becoming a flexplus customer means no need to have £750 flowing through the account each month to benefit from the 5% interest and regular saver rate. Excellent account and service - I claimed on the mobile phone insurance last month due to water damage - sorted within a week without any issue. Highly recommended



thanks for this, had no idea they had this account at Nationwide!
Why would anyone save money in a bank, that is a completely hopeless return.
fishmaster

Why would anyone save money in a bank, that is a completely hopeless … Why would anyone save money in a bank, that is a completely hopeless return.



You're right, the money under my mattress has been earning so much...
fishmaster

Why would anyone save money in a bank, that is a completely hopeless … Why would anyone save money in a bank, that is a completely hopeless return.


All mine is in Santander 123, what do you suggest
So...

If I pay 500 in the first month I get 4% interest which is £20.
Then the next month I put another 500 in giving me 1020 (inc last months interest) which should give me £40 in interest.

Does it roll on like that each month for 12 months? I am sure I have got that wrong as it will mean you get in excess of £1.5k in interest?!
Thank you for posting. That helps me.
fishmaster

Why would anyone save money in a bank, that is a completely hopeless … Why would anyone save money in a bank, that is a completely hopeless return.


Yeah much better in high yield equities - pity their price has dropped 10% this year
Banking_Noob

So...If I pay 500 in the first month I get 4% interest which is £20.Then … So...If I pay 500 in the first month I get 4% interest which is £20.Then the next month I put another 500 in giving me 1020 (inc last months interest) which should give me £40 in interest.Does it roll on like that each month for 12 months? I am sure I have got that wrong as it will mean you get in excess of £1.5k in interest?!



You have got it wrong. That's the annual interest. So a monthly payment will be about 1/12 of 4%
adwils

Yeah much better in high yield equities - pity their price has dropped … Yeah much better in high yield equities - pity their price has dropped 10% this year



So negative 10% is better than 5%?
JayG

So negative 10% is better than 5%?


Aswils was being sarcastic.
Still waiting for fishmaster to show a better deal; else assume they are just trolling

Edited by: "juniper" 16th Jan 2016
upsy

Thanks guys, I did check but no posts found.This rate is effective from … Thanks guys, I did check but no posts found.This rate is effective from 01-Dec-2015 only.I just found out about this yesterday and opened it. Its showed on my online banking today and I posted here to share.


Here is the 14 page deal posting you were looking for ;-)
hotukdeals.com/dea…322

BTW, this custom HUKD search page is really useful hukd.garyrip.com/sea…ch/
Edited by: "juniper" 16th Jan 2016
A monthly saver ends up with an Apr about half the headline rate.
Thanks for this, am a Nationwide customer and had missed it. Much appreciated!
bobmccluckie

A monthly saver ends up with an Apr about half the headline rate.


The APR is the APR. I think you mean that you end up with about have the £interest that you would have if e.g. the full £6000 (12 x £500) had been in the account for the whole time. £500 at the end of the 1st month; £6000 at the end of the 12th month. Average is £3000.
Banking_Noob

So...If I pay 500 in the first month I get 4% interest which is £20.Then … So...If I pay 500 in the first month I get 4% interest which is £20.Then the next month I put another 500 in giving me 1020 (inc last months interest) which should give me £40 in interest.Does it roll on like that each month for 12 months? I am sure I have got that wrong as it will mean you get in excess of £1.5k in interest?!



No, its 4% annually
juniper

Aswils was being sarcastic.Still waiting for fishmaster to show a better … Aswils was being sarcastic.Still waiting for fishmaster to show a better deal; else assume they are just trolling



Not trolling, was being serious. As for showing a better deal, there's no good deals saving in banks as far as I'm concerned. Spend time and research stock and shares funds, you can drip feed the money in or invest a lump sum up to £15,000 a year. There's risk but risk affords you gains. Saving in banks is for mugs. It's safe but you don't gain hardly anything on the investment, so it's just not worth it. Traditionally the stock market has performed way above banks, this is where you should put money for long term saving. Alvin Hall had a simple formula for working out how much risk to take based on age. It's not rocket science making money. 4% gain on savings, surely that's a joke.
fishmaster

Not trolling, was being serious. As for showing a better deal, there's no … Not trolling, was being serious. As for showing a better deal, there's no good deals saving in banks as far as I'm concerned. Spend time and research stock and shares funds, you can drip feed the money in or invest a lump sum up to £15,000 a year. There's risk but risk affords you gains. Saving in banks is for mugs. It's safe but you don't gain hardly anything on the investment, so it's just not worth it. Traditionally the stock market has performed way above banks, this is where you should put money for long term saving. Alvin Hall had a simple formula for working out how much risk to take based on age. It's not rocket science making money. 4% gain on savings, surely that's a joke.


I understand the sentiment, and have a spread of risk myself, but for many people that do not have the time or inclination for research, or the appetite for risk, 5% is a good rate. And it does of course, carry no risk. Show us an equity based savings vehicle with a guaranteed return in excess of 5%, and we will be impressed.
juniper

I understand the sentiment, and have a spread of risk myself, but for … I understand the sentiment, and have a spread of risk myself, but for many people that do not have the time or inclination for research, or the appetite for risk, 5% is a good rate. And it does of course, carry no risk. Show us an equity based savings vehicle with a guaranteed return in excess of 5%, and we will be impressed.



I'll demonstrate it this way :

£10K invested @ 5% in 1985 £44,677.44

£10K invested in the stock market in a single Fidelity fund in 1985 £120,000 (fund now closed to new adopters)

Both the above are the theoretical, in fact one is true the other isn't, the first isn't as the rate hasn't been 5% continuously for 30 years. the second one is true.


Edited by: "fishmaster" 16th Jan 2016
juniper

Aswils was being sarcastic.Still waiting for fishmaster to show a better … Aswils was being sarcastic.Still waiting for fishmaster to show a better deal; else assume they are just trolling


To be fair to fishmaster he talks more sense than most on this site
fishmaster

I'll demonstrate it this way :£10K invested @ 5% in 1985 £44,677.44£10K in … I'll demonstrate it this way :£10K invested @ 5% in 1985 £44,677.44£10K invested in the stock market in a single fund in 1985 £120,000


OK, everyone knows that that that will probably happen in the long run, but where can you get the same 8.4% APR as that guaranteed, which is more of interest to the majority of HUKD savers?

Apologies for the massive off topic, but at least we are being civilised :-)
Edited by: "juniper" 16th Jan 2016
snoopy18

To be fair to fishmaster he talks more sense than most on this site


Acknowledged.
juniper

OK, everyone knows that that that will probably happen in the long run, … OK, everyone knows that that that will probably happen in the long run, but where can you get the same 8.4% APR as that guaranteed, which is more of interest to the majority of HUKD savers? Apologies for the massive off topic, but at least we are being civilised :-)



Death is guaranteed, so make the most of your life whilst you're here, if you're happy with average then so be it, I'm not and never will be

I must say I'm grateful and fortunate to be allowed the freedom of the western world, plenty of other people in this life are forced to accept even less than average.

Edited by: "fishmaster" 16th Jan 2016
Is this better than the 123 account for saving them? Or is it worth waiting until April when the rules change?
That information is really useful. Now let me just get in my time machine to go back to 1985 so I can invest some money
Thanks op. I'd seen this before but this was the prompt I needed to open the account - cheers!
fishmaster

Why would anyone save money in a bank, that is a completely hopeless … Why would anyone save money in a bank, that is a completely hopeless return.



Usually, yes. That is why this account is so interesting, because the 5% interest is a good return.
Edited by: "LongPockets" 16th Jan 2016
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