Nationwide flex regular online saver review năm 2024
NATIONWIDE are offering 2.5 percent interest on their Flex Regular Saver account, but they have warned customers it's for "a limited time only".06:00, Thu, Mar 10, 2022 | UPDATED: 13:34, Thu, Mar 10, 2022 Show
Martin Lewis provides advice on savings accountsWith inflation on the rise, and the base rate so low, many Britons will be looking for the best interest rates available for their cash savings. The Flex Regular Saver is a regular savings account for Nationwide current account members. Customers can secure a higher rate of interest if they limit the amount of withdrawals on the account. People can save often and make the most of their money. Britons can deposit up to £200 each month for 12 months for 2.50 percent interest. Up to three withdrawals can be made during the 12 month account term without impacting the rate. READ MORE: Martin Lewis shares the ‘top’ easy access savings account - ‘A big best buy!’ Nationwide offer 2.5percent (Image: GETTY) The high percentage is a variable rate meaning it could change at any time. If someone makes four or more withdrawals in the 12 months, their rate will drop to 0.35 percent AER/gross a year (variable) for the rest of the term. Nationwide will then apply the lower rate on the day they make their fourth withdrawal. The account has been designed for Britons who want to be able to save at least £200 each month. DON'T MISS TrendingBecome an Express Premium member
After 12 months, money will be moved to an instant access savings account with a lower interest rate. On the Nationwide website, they gave other examples: It is designed for:
Nationwide will work out a person’s interest daily. People can transfer £200 a month into the account (Image: GETTY) This is then paid into their account on the anniversary of their account opening. If an account is closed early, Nationwide will pay the interest on the day it's closed into another Nationwide current or savings account, or a current account with another UK provider. Interest on a regular saver account is usually calculated daily, and added to your balance either monthly or annually. What’s the minimum deposit?Minimum deposits vary depending on the provider you choose. Some accounts can be opened from £1 per month, while others require you to pay in £25 or more. How much can I deposit each month?When you open a regular saver account, there’s a limit on how much you’re allowed to deposit each month. This varies between providers, with some capping monthly deposits at £150 and others at up to £400. How do I open and manage a regular saver account?Depending on the provider, you can open a regular saver account online, in person, over the phone, via post, or through a mobile banking app. You may be unable to open the regular saver unless you already hold a current account with the provider. Your provider will ask for some personal details, and walk you through the process of setting up a standing order that will fund the account. Once it’s set up, there’s no need to do anything else — your standing order will be paid automatically each month. Some providers also allow you to ‘top up’ the account with additional deposits, or make partial withdrawals. If the account has a fixed term, you’ll receive the full balance plus interest when it matures. You can also close a fixed term account early by contacting your provider, but by doing so you’ll likely lose out on interest. Can I withdraw my cash?Yes, you can access cash held in a regular saver account at any time – but you may pay a price for it. While some accounts allow partial withdrawals, others require the account is closed altogether if you want to access your cash before it matures. If you close a fixed term account early, you’ll miss out on the headline interest rate and may earn no interest on your savings at all. Is money in a regular saver account safe?Under the Financial Services Compensation Scheme (FSC), any cash deposited with an FCA regulated institution is protected up to the value of £85,000 per individual per institution. This means you can claim up to £85,000 if the bank goes bust — or up to £170,000 for joint accounts. Is savings interest taxed?Technically, savings interest is taxed. But basic rate taxpayers can earn up to £1,000 in interest each year without having to pay tax, while higher rate taxpayers can earn up to £500. This limit is known as your Personal Savings Allowance (PSA). Additional rate taxpayers do not receive a PSA. Each individual can also pay up to £20,000 into an ISA (Individual Savings Account) each year, without paying any tax on the interest earned. What other kinds of savings account could I consider?There are several different types of savings accounts to choose from, and when selecting one, savers should consider whether they need instant access to their cash, and how much they can put away. Easy access accounts As the name suggests, easy access accounts allow savers to add or withdraw cash at any time without penalty. While they don’t pay top rates of interest, they do offer flexibility. However, some easy access accounts come with certain restrictions, such as a maximum number of withdrawals per year, or a minimum cash withdrawal amount. Returns on easy access accounts are variable, which means they generally go up or down in line with changes to the bank rate. Fixed rate bonds Sometimes known as ‘fixed rate’ or ‘fixed term’ deposit or savings accounts, fixed rate bonds tend to offer high interest rates in exchange for locking away your cash for a fixed period of time. They generally allow for larger deposits than other types of savings account, but you’ll need to pay in cash as a lump sum, which can’t be added to or withdrawn until the end of the term — usually one to five years. However, terms can be as short of six months and as long as seven years. Notice savings accounts Notice accounts don’t allow savers to instantly access their funds. Instead, the bank or building society must be given advance notice whenever a withdrawal is made. Notice periods are typically 30, 60 or 90 days. Interest rates on these accounts tend to be higher than those offered by easy access accounts, but they don’t allow quick access to your savings. Cash ISAs Each adult in the UK can save up to £20,000 in an ISA every tax year without paying tax on any interest generated. In the past, this meant that a cash ISA was the ideal place to start saving. But since the introduction of the Personal Savings Allowance in 2016, individuals have been able to earn a set amount of interest on savings without paying any tax. That said, ISAs can still be a tax-efficient option for people with high levels of savings. Cash ISAs can be easy access, notice or fixed. What is a flex regular saver Nationwide?This is an online account - you can manage your money through the Internet Bank or Banking app. You don't have to pay money in each month, but the maximum you can increase your balance by each calendar month is £200. You can't pay in or take money out by cash or cheque. You'll find your statements on the Internet Bank. What is Flex Online Saver?This account is designed exclusively for our current account members who want to save regularly but also need access to their money and want to manage their account online. Are regular savers worth it?If you usually save little and often, regular savings accounts can offer top rates of up to 8% for feeding them every month – we've all the top picks in this guide, plus tricks to maximise interest. This guide was originally written by Martin Lewis and is now updated by the MSE Money Team. What is the new 8% saving account for Nationwide?The 8% interest rate lasts for a year, and customers can save up to £200 a month in the online-managed account, which permits up to three withdrawals within the 12 months. If four or more withdrawals are made, the rate on the account will drop to 2.15%. |
