Nationwide Flexclusive Regular Saver.  5% interest for a year, max £500 a month. **Do Not Offer  / Request Referrals**
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Nationwide Flexclusive Regular Saver. 5% interest for a year, max £500 a month. **Do Not Offer / Request Referrals**

277
Found 1st Dec 2015
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.

277 Comments

Sounds decent

Must hold a nationwide account to qualify and have paid in £750 per month for 3 months into it.

Obviously, your accrued interest over the year won't be equivalent to 5% of the balance after the 12 months.

5% interest on savings, reminds me of the old days!

Tempting to switch accounts so I can take advantage of this, but then switching to other accounts, such as First Direct would get a cash bonus - which is best value? The maths gets a bit complicated and i end up staying where I am...

Original Poster

questionnaire

Must hold a nationwide account to qualify and have paid in £750 per month … Must hold a nationwide account to qualify and have paid in £750 per month for 3 months into it.



It reads that the £750 requirement is only for the Flexaccount and Flexone account, not the Flexdirect or Flexplus.

questionnaire

Must hold a nationwide account to qualify and have paid in £750 per month … Must hold a nationwide account to qualify and have paid in £750 per month for 3 months into it.



If think thats only if its a FlexAccount - simply having a FlexDirect or FlexPlus account qualifies you. But so many accounts with similar slightly silly names!

M_z

5% interest on savings,...



It isn't.

6% at first direct and I think m&s

That equates to an interest rate of 2.5 % over the year, if you had the £6k cash to put in, and could only deposit £500/month.

Ok opened thanks op

Edited by: "pablomalin" 1st Dec 2015

Original Poster

ebrianh45

That equates to an interest rate of 2.5 % over the year, if you had the … That equates to an interest rate of 2.5 % over the year, if you had the £6k cash to put in, and could only deposit £500/month.



That's not proper maths. It is 5% PA from the moment you pay the money in, although the deposit limits mean most of it cannot be there for a full year. Until the money is paid in it could be earning interest elsewhere.
Edited by: "MarkShopper" 1st Dec 2015

terriclarkfan

Obviously, your accrued interest over the year won't be equivalent to 5% … Obviously, your accrued interest over the year won't be equivalent to 5% of the balance after the 12 months.

You pass your 11+.......?

ebrianh45

That equates to an interest rate of 2.5 % over the year, if you had the … That equates to an interest rate of 2.5 % over the year, if you had the £6k cash to put in, and could only deposit £500/month.

Rubbish!

if you can deposit £500pm for the full year, I think its about £130 after tax
Not to bad

FreeDeal

if you can deposit £500pm for the full year, I think its about £130 after … if you can deposit £500pm for the full year, I think its about £130 after taxNot to bad



Is that if you deposit £500 every month, £130 after tax at the end of the 12 months?

M_z

Is that if you deposit £500 every month, £130 after tax at the end of the … Is that if you deposit £500 every month, £130 after tax at the end of the 12 months?


Yeah, I worked out 4% after tax £500pm
500x4%/12*12, 500x4%/12*11 and so on

If you have the money, open a Santander
123 current account. It gives 3% on your
money up to £20,000.

Banned

Joint account holders are only able to have one of these. No doubling up either. £500 is maximum.

I have the nationwide account and their mobile banking is really good, with the ability to see your balances without even logging in! The customer service is second to none too. Get in touch if you want to open an account!

Decent compared to some of the rubbish rates out there at the moment

If you have 5k to invest, Lloyd's current account will pay more interest than this over the 12 months. Something like £160 over the 12 months. You can also get 6 free cinema tickets at vue or other benefits. Of course if you have 2 of these account you can't open a third.

Many thanks mate was looking for something like this to park some cash temporarily

I work out its about £160 before tax, so on average is about 2.5% interest. I'll stick with premium bonds

Banned

Once again, further proof that financial education needs to be part of the UK's school curriculum with proper exams instead of trigonometry and pythagoras' theorem....which I haven't used over the last 40 years since finishing secondary school.



terriclarkfan

Obviously, your accrued interest over the year won't be equivalent to 5% … Obviously, your accrued interest over the year won't be equivalent to 5% of the balance after the 12 months.

M_z

5% interest on savings,...

paul.jacobs

I work out its about £160 before tax, so on average is about 2.5% … I work out its about £160 before tax, so on average is about 2.5% interest. I'll stick with premium bonds

gluke21

If you have the money, open a Santander123 current account. It gives 3% … If you have the money, open a Santander123 current account. It gives 3% on yourmoney up to £20,000.





It's a 5% savings account! How on earth do you think it's a 2.5% interest savings account? You put in £500 and get 5% on that. The next month you add another £500, now you're getting 5% on a £1000 and so on. You do not get 5% on a balance of £6000 for a whole year - that is just being silly. Or were you expecting to get interest on non-existent money?!



OR if you have the money, open a Nationwide FlexDirect account to earn 5% on £2500, put the remaining £17,500 into the 123 account and drip feed £500/month in to Nationwide's 5% Regular Saver. You're practically throwing money away if you're ignoring better products with higher interest rates.

In fact, what you should be doing is opening a TSB account and a Nationwide account earning 5% on £4,500. Then open a Lloyds account earning 4% on £5000. Add to that M&S bank, First Direct and HSBC's regular saver - that's £800/month earning 6% and now Nationwide have invited themselves to the party with their 5% regular saver.

With internet banking and online applications, it's so much easier these days than it was a couple of decades ago. A few hours of work and once you've set up some automatic standing orders, you're laughing (all the way to the bank).

Edited by: "snack_attack" 1st Dec 2015

gluke21

If you have the money, open a Santander123 current account. It gives 3% … If you have the money, open a Santander123 current account. It gives 3% on yourmoney up to £20,000.

And pay £60 per year for the facility!

mistermoneysaver

If you have 5k to invest, Lloyd's current account will pay more interest … If you have 5k to invest, Lloyd's current account will pay more interest than this over the 12 months. Something like £160 over the 12 months. You can also get 6 free cinema tickets at vue or other benefits. Of course if you have 2 of these account you can't open a third.



People often dismiss Regular savers as if you have to make a choice between them and a standard savings/current account. You don't.
In this scenario, you would put £4500 into Lloyds (or whatever is best) and £500 into regular saver. Then every month you move a further £500 out of Lloyds into the regular saver.
At the end of it, you'll have more money than had you just left it all in Lloyds (assuming rates don't change etc etc).

Do you have to put in £500 per month or can u put in a lump sum at the beginning.

Coffee100

Do you have to put in £500 per month or can u put in a lump sum at the … Do you have to put in £500 per month or can u put in a lump sum at the beginning.



£500 per month max. You accumulate to £6K at the end of the year and get interest as advertised.

Coffee100

Do you have to put in £500 per month or can u put in a lump sum at the … Do you have to put in £500 per month or can u put in a lump sum at the beginning.



Min £1, Max £500 per month.

They also unusually allow unlimited withdrawals whilst all the other regular savers with high interest only give you access after the year.
Edited by: "kiish" 1st Dec 2015

snack_attack

It's a 5% savings account! How on earth do you think it's a 2.5% interest … It's a 5% savings account! How on earth do you think it's a 2.5% interest savings account? You put in £500 and get 5% on that. The next month you add another £500, now you're getting 5% on a £1000 and so on. You do not get 5% on a balance of £6000 for a whole year - that is just being silly. Or were you expecting to get interest on non-existent money?![



He's comparing it to putting £6k upfront on day one into an account, which, at 2.5%, would return the same as this regular saver over a year.

He's missing that you can use the waiting money on this deal for other things when it hasn't yet been paid into the regular saver.

mcormack

And pay £60 per year for the facility!


Indeed, but worth pointing out that you get cashback on quite a lot of bill payments, which you can offset against this.

kiish

Min £1, Max £500 per month. They also unusually allow unlimited w … Min £1, Max £500 per month. They also unusually allow unlimited withdrawals whilst all the other regular savers with high interest only give you access after the year.



I'm a bit lazy though, do u have to put regular deposits into the account, or can you just put one lump sum in at the beginning? I take it as the former?

M_z

5% interest on savings, reminds me of the old days! Tempting to switch … 5% interest on savings, reminds me of the old days! Tempting to switch accounts so I can take advantage of this, but then switching to other accounts, such as First Direct would get a cash bonus - which is best value? The maths gets a bit complicated and i end up staying where I am...


You don't have to switch accounts - you just set up a standing order from your main account to transfer £750 to Nationwide every month, and two standing orders from Nationwide a couple of days later to transfer £500 to the savings account and £250 back to your main account.

Coffee100

I'm a bit lazy though, do u have to put regular deposits into the … I'm a bit lazy though, do u have to put regular deposits into the account, or can you just put one lump sum in at the beginning? I take it as the former?



It's a "regular saver", if the max is £500/mo how do you expect to put £6k in it at one time
Edited by: "kiish" 1st Dec 2015

Coffee100

I'm a bit lazy though, do u have to put regular deposits into the … I'm a bit lazy though, do u have to put regular deposits into the account, or can you just put one lump sum in at the beginning? I take it as the former?


The reason why people can get good interest rates is because they are subsidised by the lazy who can't be bothered to put in a small amount of work just once a year (see my posting above).
Edited by: "pibpob" 1st Dec 2015

Coffee100

I'm a bit lazy though, do u have to put regular deposits into the … I'm a bit lazy though, do u have to put regular deposits into the account, or can you just put one lump sum in at the beginning? I take it as the former?



Setup a standing order and you shouldn't need to worry about it every month...

If you pay in the full £500 for twelve months at 5% and make no withdrawals total interest is £136.29 .

Can you open on the phone or only online/branch?

danby22

Setup a standing order and you shouldn't need to worry about it every … Setup a standing order and you shouldn't need to worry about it every month...


Maybe the same with a lot of stuff, Aa renewal, insurance etc
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