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.
Top comments
snack_attack to terriclarkfan
1 Dec 1591#24
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.
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).
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.
questionnaire
1 Dec 159#2
Must hold a nationwide account to qualify and have paid in £750 per month for 3 months into it.
All comments (276)
LetoKynes
1 Dec 151#1
Sounds decent
questionnaire
1 Dec 159#2
Must hold a nationwide account to qualify and have paid in £750 per month for 3 months into it.
MarkShopper to questionnaire
1 Dec 151#5
It reads that the £750 requirement is only for the Flexaccount and Flexone account, not the Flexdirect or Flexplus.
M_z to questionnaire
1 Dec 15#6
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!
terriclarkfan
1 Dec 15#3
Obviously, your accrued interest over the year won't be equivalent to 5% of the balance after the 12 months.
mcormack to terriclarkfan
1 Dec 152#12
You pass your 11+.......?
snack_attack to terriclarkfan
1 Dec 1591#24
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.
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).
M_z
1 Dec 15#4
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...
pibpob to M_z
1 Dec 151#33
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.
jwc061 to M_z
1 Dec 15#56
reffer a friend bonus with nationwide might help. think they were doing £100 each. you need a friend who is a customer
fizzy_logic to M_z
1 Dec 15#87
I'm fairly sure if someone recommends you to nationwide you both get £100 incentive for switching to them.
terriclarkfan
1 Dec 15#7
It isn't.
eslick
1 Dec 151#8
6% at first direct and I think m&s
ebrianh45
1 Dec 151#9
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.
MarkShopper to ebrianh45
1 Dec 1512#11
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.
mcormack to ebrianh45
1 Dec 153#13
Rubbish!
Besford to ebrianh45
1 Dec 15#84
Oh dear! Better let a grown up do your financial management for you.
Besford to ebrianh45
1 Dec 15#90
Could it be that they're not keep on paying interest on money they don't have on deposit (yet)?
I used to wonder why so many people reckon personal finance should be taught in school. After reading this thread I have no doubts that they are correct! probably still wouldn't help for the really hard of thinking though.
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Opening post
Top comments
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).
http://bankaccountsavings.co.uk
All comments (276)
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).
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...
I used to wonder why so many people reckon personal finance should be taught in school. After reading this thread I have no doubts that they are correct! probably still wouldn't help for the really hard of thinking though.