Nationwide Flexdirect

[Paultry]

This account is offering 4.89% per year

Pay in £1,000 each month (and withdraw it) on balances up to £2,500

Me and the missus have opened one each plus a joint one, netting £30 per month in total.

Valid for one year, no direct debits required.

Paul

[jackdaww]

This account is offering 4.89% per year

Pay in £1,000 each month (and withdraw it) on balances up to £2,500

Me and the missus have opened one each plus a joint one, netting £30 per month in total.

Valid for one year, no direct debits required.

Paul

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sounds worth a look .

[DrBunsenHoneydew]

And it also gives access to a 5% £250 monthly saver account (one each or one joint and one single).

[jackdaww]

And it also gives access to a 5% £250 monthly saver account (one each or one joint and one single).

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i think with regular savings the effective interest rate is about half the headline rate .

[DrBunsenHoneydew]

And it also gives access to a 5% £250 monthly saver account (one each or one joint and one single).

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i think with regular savings the effective interest rate is about half the headline rate .

The "effective rate" of 5% is the APR. People who say that that is "really" only 2.5% is understandable.

[Stompa]

i think with regular savings the effective interest rate is about half the headline rate .

Well, it's certainly true to say that the amount of interest you receive will be slightly more than half the quoted rate on the final balance. But then that's to be expected as the full amount hasn't been deposited for the entire duration. Nonetheless, your money will be earning interest at 5% while it is with them.

[feder1]

This flexaccount offer lasts one year only then the interest reverts to zilch.

The regular saver is not limited to one year.

[Loup321]

The FlexDirect account goes to 1% after the first year. And then you can't ever get the headline rate ever again (even if you switch back to a Flex account - they closed that loophole a couple of years ago). For a Building Society that doesn't keep its best rates for its new customers, that doesn't sound correct, but they only say that on their mortgages webpage (and I can't even find it there today).

[Eboli]

feder1 said:

The regular saver is not limited to one year.

That's a bit disingenuous! The product is a 12 month product and at the anniversary date it transfers into an instant access account paying 0.1%. It may not be limited to a year but even Nationwide have other products paying a better rate than that. So if you carry on saving you should (a) close the account and transfer the balance to an account paying more than 0.1% and (b) open a new regular saver.

A couple of years ago the maximum monthly amount was £500 and they reduced it to £250 sometime in the autumn of 2017 I think. With the £250 limit it's hardly worth the bother for an estimated £80 after a year at maximum deposit amounts.

Eb.

[pochisoldi]

feder1 said:

The regular saver is not limited to one year.

That's a bit disingenuous! The product is a 12 month product and at the anniversary date it transfers into an instant access account paying 0.1%. It may not be limited to a year but even Nationwide have other products paying a better rate than that. So if you carry on saving you should (a) close the account and transfer the balance to an account paying more than 0.1% and (b) open a new regular saver.

A couple of years ago the maximum monthly amount was £500 and they reduced it to £250 sometime in the autumn of 2017 I think. With the £250 limit it's hardly worth the bother for an estimated £80 after a year at maximum deposit amounts.

Eb.

It's 10 minutes work (to open the account, and setup a standing order) to get 5% on money that would ordinarily be earning no more than 1.5%.

À chacun son goût...

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You can use the refer a friend bonus with this too