If you deposited the maximum amount each month and didn’t make any withdrawals, you would earn £84.50 over the course of the year. Your interest earnings are paid into your account at the end of the term.
The bemused customer was having issues signing up for a new account, as they already had one open and it had only just matured. They asked: “If the term has ended, the funds have been moved and the account type has changed, why does it say I’m not eligible for a new regular saver as I already have one?”
They shared a screengrab of a message they had received from Nationwide explaining that their Flex Regular Saver Issue 3 had finished its term and had been moved to an Instant Access Saver 10. This account currently pays a rate varying from 1.1 percent to 1.35 percent, depending on how much you have deposited.
Nationwide responded to offer a reason why the customer might not be able to sign up for a new account yet. The group said: “If the account has matured today, the maturity completes fully at the end of the day.
“If the account has matured previously to today, please start a chat on your banking app, through your internet banking, or by visiting our website.” Another rule to note with the Flex Regular Saver is that although you can make withdrawals whenever you like, this can affect the interest rate.
You can make up to three withdrawals and keep the 6.5 percent rate, but once you make your fourth withdrawal, the rate falls to 1.05 percent.
To open the account, you must be aged 16 and over and be a UK resident. You also need to have a current account with Nationwide.
You can open the account in a sole name or jointly. Once you open the account, you have to make a deposit within 28 days or the account will close.
