Nationwide £200 bank switch (get it 3 times) & 8% regular saver (September 2023 update)
TLDRIn this insightful video, the focus is on two lucrative offers from Nationwide Building Society: a bank switching deal potentially yielding up to £600 and a groundbreaking regular saver account with an 8% interest rate. The video guides viewers through the nuances of maximizing these opportunities, emphasizing the need for two active direct debits for the switching deal and the potential to earn substantial interest with the regular saver. For those eager to delve deeper or keep updated, the host directs viewers to becleverwithyourcash.com, promising continuous updates and more detailed analyses. Additionally, the possibility of additional earnings through individual and joint accounts is explored, alongside a comparison with other high-yield savings options.
Takeaways
- 🏦 Nationwide is offering a bank switching deal with a bonus of £200, potentially up to £600.
- 💰 The switching bonus is paid quickly, within 10 days after completing the switch.
- 🔄 To qualify, you must open a new Nationwide current account (Flex, Flex Direct, or Flex Plus) and switch from a different bank.
- 📋 Ensure to tick the box indicating the closure of the old account during the switch process.
- 💳 Two direct debits must be active and transferred from your old account to the new Nationwide account.
- 🚫 The switch does not require any cash deposit or checking of online banking.
- 🕒 The switch must be completed within 60 days of opening the new account to be eligible for the offer.
- 🤝 The offer can be availed again for a joint account if one person hasn't used the switching deal before.
- 💎 The new Nationwide Flex Regular Saver offers an interest rate of 8%, the highest currently available.
- 🗓 The Regular Saver has a monthly limit of £200, and the 8% interest applies to the account balance each month.
- 🔐 The 8% interest rate is maintained unless four or more withdrawals are made, after which it drops to 2.15%.
Q & A
What are the two major deals offered by Nationwide Building Society mentioned in the transcript?
-The two major deals are a bank switching deal offering up to £600 and a new regular saver account paying 8% interest.
How much is the switching bonus from Nationwide and what is the potential maximum amount one can get if they switch multiple times?
-The switching bonus from Nationwide is worth £200, and potentially up to £600 if one manages to switch more than once under certain conditions.
What types of Nationwide current accounts qualify for the bank switching deal?
-The qualifying current accounts for the bank switching deal are the Flex Account, the Flex Direct, and the Flex Plus.
What is required to ensure the old bank account is fully switched to the Nationwide account?
-During the application for the new Nationwide account and the switch process, one must tick the box to close the old account to ensure it's a full switch and to receive the bonus.
What are the direct debit requirements for the Nationwide bank switching deal?
-Two direct debits must be moved over from the old account to the new Nationwide account as part of the switch, and they must be active before the transfer.
Is there a timeline within which the bank switch must be completed to be eligible for the offer?
-Yes, the switch must be completed within 60 days of opening the Nationwide account to be eligible for the offer.
What is the interest rate of the new Nationwide regular saver account and how does it compare to the current inflation rate?
-The new Nationwide regular saver account offers an 8% interest rate, which is higher than the most recent inflation rate of 6.7%.
What is the monthly limit for deposits in the Nationwide Flex Regular Saver account?
-The maximum amount one can deposit into the Nationwide Flex Regular Saver account each month is £200.
How does the 8% interest rate work in the Nationwide regular saver account, and what happens if withdrawals are made?
-The 8% interest rate applies to the balance in the account each month, but if four or more withdrawals are made, the rate drops to 2.15% from the date of the fourth withdrawal onwards.
Are there any additional requirements to open the Nationwide Flex Regular Saver account?
-Yes, one must have a Nationwide current account, be over the age of 16, and deposit at least £1 within 28 days of opening the account.
What happens if you don't use the full £200 monthly allowance in a given month?
-If you don't use the full £200 monthly allowance in a given month, you lose the potential to add that maximum amount for that month; it does not carry forward to the next month.
How can one maximize their savings with the Nationwide regular saver account compared to other similar accounts?
-To maximize savings, one should consider depositing the full £200 each month and avoiding withdrawals to maintain the 8% interest rate. Comparing with other accounts like First Direct and Lloyds Club accounts, one might choose the Nationwide account for its higher rate, but also consider the deposit limits and potential switch bonuses of other accounts.
Outlines
💰 Nationwide Bank Switching Deal
This paragraph discusses a bank switching deal from Nationwide Building Society, highlighting the potential to earn up to £600. It explains the process of switching banks, the requirements for eligibility, and the importance of closing the old account during the switch. The speaker also mentions the necessity of having two active direct debits from the old account as part of the switch. The deal is presented as quick-paying, with the bonus received within 10 days after the completion of the switch. The paragraph further details the steps for existing Nationwide customers and the timeline for completing the switch to qualify for the offer.
🏦 Introduction to the Nationwide Regular Saver
The second paragraph introduces the Nationwide Regular Saver account, which offers an interest rate of 8% at the time of recording, making it one of the highest paying savings accounts available. The speaker clarifies common misconceptions about Regular Savers, emphasizing that the 8% interest rate applies to the account balance each month, not annually. The account's features are detailed, including the maximum monthly deposit limit, the lack of a minimum deposit requirement, and the allowance of three withdrawals without penalty. The paragraph also compares the Nationwide Regular Saver to other competitive accounts and encourages viewers to visit the speaker's website for more information and analysis.
🎉 Conclusion and Future Updates
In the final paragraph, the speaker, Andy, wraps up the discussion on the Nationwide bank switching deal and the Regular Saver account. He expresses his intention to open an account with the 8% interest rate and encourages viewers to explore the options based on their preferences. Andy also mentions his plans to provide an October update on the best savings accounts and current account deals, inviting viewers to stay tuned for more information. He concludes by thanking the audience for watching and directs them to his website for additional resources and future updates.
Mindmap
Keywords
💡Nationwide
💡Bank switching deal
💡Regular saver
💡Direct debits
💡Flex account
💡Interest rate
💡Inflation
💡Switching incentive
💡Active direct debits
💡Calendar month
Highlights
Nationwide Building Society offers a bank switching deal worth £200, potentially up to £600.
There is a new regular saver paying 8% interest.
The switching bonus from Nationwide can be received more than once.
The bonus is paid quickly, within 10 days after the switch is completed.
To qualify for the bank switching deal, one must open a new Nationwide current account and switch from a different bank.
Existing Nationwide customers can use their current account for the switch.
Two direct debits must be active and transferred from the old account as part of the switch.
The offer requires the switch to be completed within 60 days of opening the new account.
One cannot have received switching money from Nationwide since August 18, 2021.
The regular saver allows a maximum of £200 per month to be deposited.
The 8% interest rate applies to the account balance each month, not the total annual balance.
The 8% rate is maintained unless four or more withdrawals are made, after which it drops to 2.15%.
To open the regular saver, one must have a Nationwide current account and be over 16 years old.
At least £1 must be added to the regular saver within 28 days of opening the account.
The regular saver can be opened even if one already has an older version of the account.
The Nationwide regular saver offers one of the highest interest rates currently available.
The regular saver can be a valuable tool for beating inflation, which was recently at a rate of 6.7%.