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Thread: Nationwide - new 5% saver rate

  1. #1

    Default Nationwide - new 5% saver rate

    Nationwide have just released a Flexclusive saver, which gives 5% interest for 12 months. You can pay in up to 500 per month, withdrawals are allowed and it's instant access.

    It's available to Flex Direct and Flex Plus account holders. Could be useful for some people on here. I've opened mine today.

  2. #2
    Join Date
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    I've opened this too; it's a pity they're replacing the existing Regular Savings account, which had several advantages over the new account despite its lower interest rate, but at least we're being notified a year in advance and they're allowing Regular Savings customers to hold both accounts in the meantime.

  3. #3
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    we have been away and so far I've not seen any emails from Nationwide regarding this new account

    I opened the loyalty saver a few years back and the interest rate was excellent to start with but then it plummeted so I've been gradually shifting the contents across to a regular saver which at least pays 2% - that was 2.5%The old loyalty saver is now empty

    At the moment I have 2 Flexdirects - I am wondering if the system will allow me to open 2 of the new 5% saver rates
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

  4. #4
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    if you put 500 in at the start of each month you earn 107 interest in the year.

  5. #5
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    Quote Originally Posted by mhoc View Post
    I am wondering if the system will allow me to open 2 of the new 5% saver rates
    Sadly, no...

    You can only have one Regular Saver or Flexclusive Regular Saver account at any one time, which can be held in sole or joint names.
    http://www.nationwide.co.uk/products...s-and-benefits

  6. #6

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    Quote Originally Posted by far canel View Post
    if you put 500 in at the start of each month you earn 107 interest in the year.
    I make it 162.50

    The way I worked it out is:

    Your first 500 will be invested for 12 months.
    The next 500 for 11 months, etc., down to
    The last investment will be invested for just one month.

    (12+11+10+9+8+7+6+5+4+3+2+1) = 78.
    Your total invesment (6000) trickled in over 12 months therefore will earn interest equivalent to 500 invested for 78 months, or:
    500 x (78 / 12 ) x 5% =
    500 x 6.5 x 5% =
    3250 x 5% = 162.5

    Given the poor rates elsewhere, its like being given over 100 a year just for being a customer.

    The account is also available to those with bog standard (free) Flex accounts, in addition to those mentioned in the first post.

  7. #7
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    Quote Originally Posted by oldvicar View Post
    I make it 162.50

    The way I worked it out is:

    Your first 500 will be invested for 12 months.
    The next 500 for 11 months, etc., down to
    The last investment will be invested for just one month.

    (12+11+10+9+8+7+6+5+4+3+2+1) = 78.
    Your total invesment (6000) trickled in over 12 months therefore will earn interest equivalent to 500 invested for 78 months, or:
    500 x (78 / 12 ) x 5% =
    500 x 6.5 x 5% =
    3250 x 5% = 162.5

    Given the poor rates elsewhere, its like being given over 100 a year just for being a customer.

    The account is also available to those with bog standard (free) Flex accounts, in addition to those mentioned in the first post.
    My calculations were after tax (only 4%) and were put into a spreadsheet to work out the daily interest earned. each 500 earned 5.5p per day (at 4%) approx. 1.70 each month for every 500 if invested at the start of the month.

    i.e. (500 *.04)/365 = .0548 then the same next day with a running total. next month (1,000 *.04)/365 = .1096 per day added to running total etc, etc.
    Last edited by far canel; 15th December 2015 at 22:43.

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