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I'm not sure if Nationwide have changed at all, but it was one of the banks which did "£x per calendar month", as opposed to £x per month period. So you can deposit on the 30th Sept, then immediately another £200 the next day. Makes a tiny impact to the earnings for the year.
This is the best regular savings account currently on the market, beating FirstDirect's 7% one.
Important to note it's a variable interest rate though, whereas FD's is fixed for 1 year.
>Important to note it's a variable interest rate though, whereas FD's is fixed for 1 year.
What does that mean? They can change the interest rate if they want to before the 12 months are over?
Yeah that's correct. Though on the bright side, if they reduce the interest substationally, you can remove your funds with no penalty, as long as you've not made 4 or more withdrawals.
Yes, the interest rate can go up and down at any point, but they calculate the interest daily so if it goes down you'll still get 8% on the money you've put in up to the point that they change it.
All of the regular savings accounts are the same. High rate but limited deposits so in the end you don't get all that much interest. The trick is to have multiple regular savings accounts and it does mount up
Nationwide also offering £200 to switch your current account. Some stipulations in the link below
[Nationwide Switch](https://www.nationwide.co.uk/current-accounts/switch/)
The FlexDirect also gives 5% interest on balances up to £1.5k for 12 months
Comparing the Chip at 4.84% it looks to be around £40 better over the year. NW at £2,504 vs Chip at £2,464. The Chip interest is paid monthly and so you will earn interest on the interest each month.
Not sure it's overly worth it but I guess it's still free money.
**Your post has been removed.** Your post has been removed to avoid clutter; especially in the immediate hours and days after Bank of England rate news, there's always a flurry of announcements of savings interest rate increases. Please refer to MoneySavingExpert for current top rates. - Savings Accounts: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ - Cash ISAs: https://www.moneysavingexpert.com/savings/best-cash-isa/ - Lifetime ISAs: https://www.moneysavingexpert.com/savings/lifetime-isas/#bestbuys _If you believe your post/comment has been removed in error, please [message the mods](https://www.reddit.com/message/compose/?to=/r/UKPersonalFinance&subject=Please%20review%20my%20post&body=https://www.reddit.com/r/UKPersonalFinance/comments/16o4fbf/-/) explaining why._
Thanks. Do you know if the interest is paid monthly or annually?
Looks like it's annual. Allows three withdrawals per year as well, but then reduces to 2.15% after a fourth withdrawal.
I'm not sure if Nationwide have changed at all, but it was one of the banks which did "£x per calendar month", as opposed to £x per month period. So you can deposit on the 30th Sept, then immediately another £200 the next day. Makes a tiny impact to the earnings for the year.
This is the best regular savings account currently on the market, beating FirstDirect's 7% one. Important to note it's a variable interest rate though, whereas FD's is fixed for 1 year.
>Important to note it's a variable interest rate though, whereas FD's is fixed for 1 year. What does that mean? They can change the interest rate if they want to before the 12 months are over?
Yeah that's correct. Though on the bright side, if they reduce the interest substationally, you can remove your funds with no penalty, as long as you've not made 4 or more withdrawals.
Yes, the interest rate can go up and down at any point, but they calculate the interest daily so if it goes down you'll still get 8% on the money you've put in up to the point that they change it.
So about £100 interest after a year? Not a bad account to have as a little holiday saver or rainy day fund
Where people can only save with excess income each month, it is the best savings account out there.
Not to mention there's no rule against having multiple savings accounts. Prioritising £200 per month into this account is the best you can do.
Disappointing if I can't stick a large lump sump in.
All of the regular savings accounts are the same. High rate but limited deposits so in the end you don't get all that much interest. The trick is to have multiple regular savings accounts and it does mount up
Nationwide also offering £200 to switch your current account. Some stipulations in the link below [Nationwide Switch](https://www.nationwide.co.uk/current-accounts/switch/) The FlexDirect also gives 5% interest on balances up to £1.5k for 12 months
I'm struggling to open the account - I think they're probably getting a huge volume of requests.
Comparing the Chip at 4.84% it looks to be around £40 better over the year. NW at £2,504 vs Chip at £2,464. The Chip interest is paid monthly and so you will earn interest on the interest each month. Not sure it's overly worth it but I guess it's still free money.