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

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

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.

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.

Thanks op. Anyone want to earn £100 and recommend me? Send me a PM :smiley:

Slightly off subject but worth noting. Nationwide have removed the free travel insurance for new applications for their FlexAccount from the 15th December 2016. Existing account holders keep this benefit. LINK

I'm not really interested in the current accounts themselves (Although I did get healthy switch incentives for opening each one)

But most of these 5% regular saver account are a perk for customers holding a current account.

Any money hitting a regular saver stays their.

Basically start with a big amount (at least to me), my pay.

Move it into a current account then to another then another. Each time it moves a little comes off and goes into a regular saver where it stays for a year.

A lot of the current accounts have minimum pay in a month. So if you don't put £1000 in m&s you don't get a monthly £10 gift card. if you don't put £1000 in first direct they'll charge you£10. If you don't put £1750 in HSBC I think they close your account.

I do income into HSBC (must be minimum of £1750 pay in) [got £150 switch incentive]
£250 to their 5% Regular Saver

£1350 to First Direct (must be minimum of £1000 pay in) [got £100 switch incentive]
£300 to their 5% Regular Saver

£1050 to M&S (must be minimum of £1000 pay in) [got £100 voucher switch incentive + £10 a month]
£250 to their 5% Regular Saver

£800 to Coop (must be minimum of £800 pay in) [got £150 switch incentive £4 a month]
£250 to Leeds Building Society (3.05% closing in Feb due to rate change)

£550 to Nationwide [will have got a switch incentive back in the day but can't remember what]
(got £100 for recommending my wife switch and so did she)
£500 to their 5% Regular Saver
£50 Minimum payment to my 0% purchase reward credit card


My Tesco Account holding the £6k from last years NW Regular Saver pays my wife for utility bills etc
And also does
£500 to TSB (must be minimum of £500 pay in) [will have got a switch incentive back in the day but can't remember what - £100 probably]
£250 to their 5% regular saver

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 ?

a tesco savings account does transfer via direct debit. setup £1 to transfer regularly. check money-saving expert for details

I have 6 in total

4 for coop and 2 for m&s

nationwide don't need any
nor do tesco
hsbc accepts 2 standing orders
first direct needs none.
nor tsb
:-)

in Feb when hopefully my quidco for coop pays out I'm gonna switch it to bank of Scotland for 3% on balances of £3-5k as I need it due to Leeds and tsb regular closing

then take 2 dds from that account to open a Halifax netting another £100 switch bonus and £3 monthly bonus

Nationwide may be sorry if they've paid me 23p too much MarioMan but I'm not going to argue with them....lol
Octopus it could be that I've been a day or so late transferring my £500 some months so the £162.50 is probably correct.

not on the regular saver

as s/he only had 500 in it in the first month (500 x 0.05) / 12 + 500 = 502.08

1000 on the second (1002.08 x 0.05) / 12 + 1002.08 = 1006.26

etc

Due to the maximum pay in of £500 a month

If it was the current account and s/he had ensured it had never dipped below £2500 in 12 months that would be £125

From Flexclusive Regular Saver summary box:

The balance on 12 monthly deposits of £500 paid on the first day of each calendar month with an interest rate of 5.00% gross p.a./AER (variable) would be £6,162.50.

Just got £160.23 interest on my Regular Saver 5% paying in £500 and ending up with £6000 in there. Now started a new one to get 5% for another year.

You're getting the terms of the 2 accounts confused with each other. Read the post from EMM386, 2 posts up.

Who cares?

If you open a Nationwide FlexDirect or FlexPlus Current account you get 5% on balances of £2500 for the first year.

It's completely separate from the Regular Saver which you can only deposit £500 a month and only if you currently hold a Nationwide Current Account.

As my year is over I have to wait a year on a different type of account before I can change back to FlexDirect and get the promo year rate.

Your deal above says max £500 a month

i would if i had the time but money is in many accounts and they feed each other in a little merry go round every month, tesco 2 acc at 3% - dont touch this money max it out, then you have m+s bank £250 @5% hsbc same as, 1st direct £300@ 5% nationwide £500% 5%, santander [email protected]%, club lloyds current 4% dont touch this either lloyds £400 @ 4%, tsb £250 @ 3%(i think) rest of money sits in santander 123 acc @ 1.5% there might be a few errors here but all from memory

cold - Re post

sometimes i wonder when i read some posts lol
a number of banks do these monthly savers, i use all of them.
if you have £500 in an account earning 2% that month and you move it to an account paying 5% a month its better than leaving it at 2% - however you cant just calculate 12x500=6000 x 5% interest as in month 1 there is 500+5% interest then month 2 there is 500+interest+500 x 5% then month 3 there is 500+interest+500+interest+500 x 5% and so on - i think the terminology is compound interest

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

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??

Oh dear lord....

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"

Because it takes a year to move that amount in

You can't just "move the 6k into this". You can only deposit £500 per month.

i gave you a like just for that :-P

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.

Thanks OP, this seems to be the only one offering £500 regular saving

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

Thanks for posting. It's a great rate and I've just opened it online.

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.

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.

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%...

I completely understand this, nothing I've said should indicate otherwise.

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.

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.

If the other account is earning at least 2% then you may as well leave it there.

It still doesn't change the facts.

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?

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 :disappointed: )', you receive a hot spot badge if a deal passes 1500, so no need to be too ambitious :stuck_out_tongue:

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

It's good for regular saving, however if you have a lump sum the interest averages around 2.3 % over the year.

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.

You also get 5% on a regular saver at first direct.

Sending them over now :laughing:

Can I deposit 60k?

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.

Many thanks for clarifying and my apologies for my laziness, it was on my to do list for the new year.

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.

No worries :smiley:

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?

Sorry, I did not wish to sound negative, I did acknowledge that it would be helpful for anyone who was unaware of this.

% 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