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Nationwide 5% Regular Saver closing Fri - workaround here

Posted: Wed Apr 03, 2019 9:45 am
by parchedpeas
The Nationwide 5% Regular Saver account is closing on Friday - it pays 5% on £250 increments each month, for 12 months. If you have one and it matures after Friday, you won't be able to open a new one.

Here's the fix to lock in another (final) 12 months:

Close it today. You can do this online: they pay the balance + interest out to an account of your choice.
Wait - some have waited 8 hours, others 24 hours.
Open a new one. You've now got 12 months of regular saving locked in.

Good luck.

Re: Nationwide 5% Regular Saver closing Fri - workaround here

Posted: Wed Apr 03, 2019 7:40 pm
by AAAlphaThunder
Cool idea.

Re: Nationwide 5% Regular Saver closing Fri - workaround here

Posted: Thu Apr 04, 2019 12:04 pm
by tonyg
Closed account yesterday and got email this morning to confirm closed. Then able to open a new account online :thumbup:

Re: Nationwide 5% Regular Saver closing Fri - workaround here

Posted: Sun Apr 07, 2019 5:58 pm
by myfyr
May be in vain as the rate of 5% is variable. Wonder how long before cut to, say, 3%???

Re: Nationwide 5% Regular Saver closing Fri - workaround here

Posted: Sun Apr 07, 2019 6:11 pm
by William Joseph1
myfyr wrote:
Sun Apr 07, 2019 5:58 pm
May be in vain as the rate of 5% is variable. Wonder how long before cut to, say, 3%???
Well its only available for a year. If they did cut the rate to 3% it would still be a reasonable return in the current market. If it did become uncompetitive then it is not a notice account and people are free to move their money to a better account at any time.

Re: Nationwide 5% Regular Saver closing Fri - workaround here

Posted: Sun Apr 07, 2019 9:40 pm
by planteria
i'd be very surprised if they reduced the rate on existing regular savers.