It’s your last chance to open up a 5% Regular Saver, with the Building Society scrapping the high-interest savings account on the 5th April.
- What’s happening
- Who can open a Nationwide Flex Regular Online Saver
- How to open a Nationwide Flex Regular Online Saver
- Alternative 5% regular savers
- Bank switching incentives
- Savings rates to beat inflation
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I’m a huge fan of Nationwide’s FlexDirect account. The biggest selling point is you get 5% in interest for one year on savings up to £2,500. There’s also can get a £100 cash bonus if a friend refers you to join – and you can get more if you refer friends.
But one of the unsung benefits of this and other Nationwide Flex accounts is the 5% regular saver. You can pay in up to £250 a month for 12 months, and if you do transfer in the full amount you’ll make £81 odd in interest. It’s a great option for people who are saving what they can month by month.
Sadly this Flex Regular Online Saver is being closed down on Friday 5th April, and there are currently no plans to replace it. So ACT NOW if you have a Nationwide account. It’ll be withdrawn at 11.59pm.
It’s worth it even if you don’t think you can pay in £250 every month. The minimum is just a tenner. So opening up the account before the deadline with just £10, and at least you have the option to pay more in if you’ve extra cash in other months.
Which Nationwide customers can open a Flex Regular Online Saver?
To open the account you not only need to be a Nationwide customer, you also need to have one of the following accounts:
- FlexPlus account
You can also open one if you have a FlexAccount and have been paying £750 in a month for the last three months.
Also, and this might be a frustration to some of you who already have one of these accounts, you can only have one open at a time. So if you’re part way through your 12 months you can’t open another.
My account from last year came to the end of its 12 months two weeks ago, with the interest paid on the anniversary of opening it. So I’ve been lucky as far as timings go.
How to open a Flex Regular Online Saver?
I’ve just clicked through to open a new one for the next year and it was very easy. You need to follow the link below and you’ll be asked to log into your Nationwide account. Then it’s just a few clicks to confirm your details and agree to the Ts&Cs.
Once you’ve been accepted you’ve got to transfer over your first month’s deposit. Personally I set up a standing order to make sure I don’t forget to pay money in each subsequent month.
Alternative regular savers
If you don’t have a Nationwide Account, there are other similar regular savings accounts also paying 5%.
First Direct Regular Saver
You can pay in up to £300 a month, which makes it the best of the regular savings accounts. You do need to have a First Direct current account – you can get a £100 bonus if you switch over.
HSBC Regular Saver
Similarly, you’ll need to be an HSBC customer. The monthly maximum you can pay in is £250.
Marks & Spencer Monthly Saver
Another with a £250 monthly limit. And, yep, you need to be a M&S Bank customer to open one. There’s also a switching offer for M&S vouchers if you switch your current account over.
Not actually a regular saver, this app lets you pay in up to £100 a day, six time a month. Though most people start with 1% interest, you can get a head start at 3% for a year with the code CLEVER3. To get up to 5% you’ll need to refer two further friends with your own code. Here’s my review.