Nationwide £200 bank switch (get it 3 times) & 8% regular saver (September 2023 update)
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- Опубліковано 3 жов 2024
- Nationwide has announced a huge bank switching deal - you might be able to get it three times! Plus there's a 8% paying regular saver.
Here's who can get them and how
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Started my switch this morning I’ve also got the TSB switch in progress 🎉 😊 I’m surprised at how many people don’t understand the 8% regular saver properly. If you have 2,400 in a 5% easy access account for the full 12 months, yes you will earn slightly more, but if you transfer 200 per month into an 8% reg saver, you will earn even more on that same 2,400. If you don’t have 2,400 laying around but can save 200 per month then this 8% reg saver is better than ANY easy access account. It’s that simple, you just got to know how to work the system to your advantage.
It’s such a small amount of money on £2k it honestly doesn’t matter. The £200 bonus is where the real money is at!
If you understood, you would drip feed the regular saver which gives half the advertised rate, from a higher rate saver.
You are better with any account over 4% such as chase, or santander 5.2% as you get far more than with the 4%AER 8% regular saver from Nationwide.
Got the nationwide deal. Literally got the money two days after switch completed. Made almost £1k this year from just switching!
Hi did you have the direct debits already paid out on the previous ac or just active?
@@mohammadrazack1588 the former
What do you do about your salary going in ? Does it always go in to your new bank
@@WoodyWanderer no I keep that bank account open with Barclays. I created a monzo account and then used to start switching
Even if u had switching money from them before give it a try nothing to loose a lot of banks says that but somehow paying out more than ones , saying from experience 👊😀
I joined last year and took advantage of the £1500 saving deal that matures next month. So today I got my wife to sign up which was easy and accepted. So I need more information on the joint account, what are the terms and restrictions. We are maxed out with direct debits , we don't have many, I have 4 and my wife has 2. What I really want to know, if I have a lump sum to invest, where is the best place.
I noticed you haven't mentioned Yorkshire building society's regular saver for existing customers. I am now eligible from when you last spoke about it. You can deposit up to £500 a month with a rate of 7%. I think I will do this one and maybe the Nationwide one. Just have to watch the the annual savings allowance limit is all :)
Sorry Andy, where is your easy DD video you mentioned I didn’t get the link showing on my UA-cam and couldn’t find it….Thank you
What's requirements for joint account, do we both have separate accounts with 2 direct debits each??
Thanks for this Andy 8% too good to miss, jumped right on it 👍
You will get less than 4% on the total amount you save in 12months. It's best to go with a easy access saver. Plenty well above 4%. I have a santander at 5.2%.
Why would you only get 4%?
@@themsmeek1 I think he’s referring to compound interest due to the restrictions on the amount of money you can put in - still a good deal though I wouldn’t let it put you off - I have a no limits on deposit savings account at 4.75% which I use but I don’t see any harm in syphoning off 200 quid to this account each month too.
@@Dessan01 ah I see thanks. That's what I'm trying to work out if it's worth using this or sticking with my 4.1% which I have quite a bit in already 🤷♂️
@@themsmeek1 Even if you just transfer £200 from your main saver into this each month, that'll be worth it. Think people call it drip saving, gradually moving money from a main savings account to a regular saver, you'll make a bit more in the long term
Not sure if anyone noticed however during the video you accidentally put Lloyds instead of nationwide
On the chapters... Only visible, I think if you fast forward... 🤔
Just a heads up
Same issue my side
I switched away from Nationwide only because their online payments system drove me to distraction. If they do away with the card reader then it's a good account
You don't need the card reader if you use the app
You do with a new payee
@@robdeagan9640 sometimes, not always. I recently didn't have to. Can't remember the last time I used the card reader.
@@robdeagan9640 that was certainly my experience - also, unless it's now changed a change of reference number for an existing payee. The website now refers to needing the card reader 'for certain payments '
Completely agree, they have to get shut. I hated it. They don't even prevent fraud.
do anyone read the comments from Be Clever With Your Cash ?
Think I may have messed this up slightly.. I transferred my sole account and received 200 pounds.. then we did the joint account and got another 200, my wife was going to do her sole account for another 200 but we was waiting for her direct debits to setup . Does this now mean my wife wouldn't be eligible as we had 200 joint already? Bummer... Guess she won't bother switching her sole account then now..
A lot of people that follows you are UK residents but are not UK nationals, especially in London.
It would be very useful to know which of the banks and switches are possible while holding a working visa.
Annoyingly that's usually the last step of application, so it's very time consuming just to end up disappointed.
Thanks for all the good info otherwise!
Hi Andy, recently started watching your videos and have to say they are a pleasure to watch and have learned a few new things here. Just a quick question regarding switching offers. Last month I opened a rewards current account with Halifax and they sent £150 REWARD payment a little more than 3 weeks after opening the account. I wasn’t expecting it because I wasn’t aware of any offers and never completed any switching process or closed any other bank account. My question is am I eligible for switching reward with Lloyds as I already have a club Lloyd account and don’t want to downgrade if I’m not eligible for the switching offer. I opened both my club Lloyds account and Halifax reward account last month. Thanks again for these great videos.
I got paid for opening a nationwide student account in 2022, to ask a silly question does that count as a switch so I would be ineligible.
If you got a switching bonus for any bank since 2021, you’re ineligible.
Any idea when the switch deal will be back in 2024?
What are the conditions of opening a joint account and how soon after being accepted for a flex account that you can apply?
If you are extremely poor, and only have E400 or so this saver is fantastic. Otherwise put your money into an account that pays around 5%
Just received my £200 for nationwide joint account within 24 hours 😎
Please can I have £30
@@name5832 that’s was 2 months ago already spent on cost of living !sorry 🙏
Just want to check that i will get the Nationwide £200 by switching from First Direct as ive heard some current accounts arent accepted
Hi, I am switching from chase to nationwide. I got a message from chase that if I don’t want to go permanently I can add another current account before the switch happens.
My question is, if I open another current account With same bank will I be getting the switching bonus from nationwide or not?
I’ve got a question, is it worth opening a current account with any bank just to make use of these switching offers? Could I just keep swapping from one to the next to the next?
Yes , that is called a dummy account. Keep 2 direct debits of a £1 each to a charity on it. Switch to your heasrts content
What would you recommend for dummy account monzo or starling ?
It's not true. You can't get Nationwide switching bonus more than once.
Does that withdraw limit the amount of money?like does it make different if I take 1000 or 5000?
Heres a question for you. If for example I got £1000 every month and that is used for bills, food etc etc. IF that £1000 is consumed linilarly (so £200 the first week, £200 the 2nd week etc), that means for 2 weeks out of the 4 there is £500 in the current account earning nothing every month. If the person is willing to do it, is there any merit in holding that £500 each month in a instant access saving account then moving it to the current account for the last two weeks. THen the next month transfer £500 back into the instant access savings account for the first 2 weeks.. etc etc? would I get much interest if its say 4%. Im using roung figures here for example. many thanks
I think you can only get the switch offer once. I opened 3 of the available accounts for switching offer, got the first but didn’t get the second and probably won’t get the third either.
I am not sure about the legal status of a switch, is opening an account is similar or a switch would mean you cannot keep your current bank account ?
The regular saver pays 4% if you calculate it. They always pay half the advertised rate as shown in the terms and conditions.
Please can you specify the nationwide
I switched and received the £200 last year would I be eligible to back
Make £104 a year with no chance of compounding. £200 at 8% then they close the account after 12 months, I feel like the banks are now playing the system to their advantage and our loss
Where do you think you'll better 8% for more than 12 months? In your dreams, not in a savings account.
They always have done... they want to keep us broke
You miss the point on how interesting is calculated on regular savers. Over 12months of saving £300/month on a first direct 7% I got £136. That is not 7%, it is about 3.3%.
Had I put the money in a 4.5% ford money Easy Access Saver each month for a year I would have made a lot more.
You assume that everyone already has £2.4k laying around to put away for 12 months from the start date. For people who want to actually save £200 monthly, this is still market leading
@@OH2023-cj9if But if you put it in the easy access saver and then drip feed it into the regular savers you'd get more. That's what I do.
What happens in the second year with the 8% account?
What is the max we can deposit the moment we start this account.. Can we put a 10K and leave it in the account to get the benefit.. No one has mentioned that so far.
Surely the best one is santander 5.2% easy access with no limit to put in no.???
Would this £200 go against the £1000 that can be made in interest each year before having to pay tax on savings? Thankyou in advance Andy 👍
No.
It is a payment from the bank.
Bonus, not interest.
There is no tax on savings my guy
Hi, if l open regular savings account today or at the end of October will I still qualify for the 8% if I put £200 pound in . Thanks again
@Becleverwithyourcash
Hi, when the offer says "Start the switch by 30th Nov" for example the current Barclays Bank Acc offer (£175). As long as you start the switch before this date and delay the actual switch until you feel the DD will debit the account (despite showing as active). Will you still receive the offer. Thanks Jazz
Do i need to have a salary going into my account for it to be eligible?
Hi Andy, thanks for another wonderful video!! Did Nationwide say when their switch offer is ending? I have noticed that TSB, Lloyds and FB also have their switch offers on the go, and it's always tricky for everybody to make up a timeline for switching between them. e.g. If I switch to Lloyds now and wait for the bonus till 14th Nov then I will miss the ddl to switch to TSB and vice versa; If I stay with TSB and wait for the bonus till 30th Nov then there is a risk that Nationwide would end their offer earlier. Does it mean that we have to make a decision on which one to go for and just give up on the others? Or do we need to have plenty of idle or dummy accounts on hand in order to get all the switch bonuses?
What about if you open the regular saver on 23 Sep with £200, say, can you pay the next £200 on the 1 Oct and is it worthwhile doing this?
I woudn't trusr rhem there is a banking crisis at the moment
I get 4.5% on lightyear with no restrictions.
Hi Andy, if I have two separate credit cards and set up direct debits for both via my existing ‘dummy’ current account, will that qualify for the two active direct debits?
I opened a joint account nationwide 8% saving can i put 400 in each month as its joint.?
Isn’t it only once you can switch an get the money
Personal and joint (donor) accounts have to be on different banks? i.e can I switch my personal and joint account from natwest to nationwide? And do you need 2 direct debits each?
Hi thank you for your videos. I have had a bonus from nationwide for switching my sole account from NatWest. Can we get another bonus for switching our joint account from HSBC to Nationwide with two direct debits set up or not? Thank you.
Did you find out the answer?
Can you do this switch if youve recently done another switch? E.g., I switched to Halifax and got £100 a few months ago, can I now do it with Nationwide from Haliax or would i need to pay Halifax back?
No you do not need to pay back Halifax. You can switch to nationwide!
If you open a nationwide joint account ,do you only need to switch one bank account.
very good work andy !
Has anyone managed to get the £600
I am already with Nationwide (FlexDirect Account) can I swap one of my other dummy accounts to another Nationwide account to earn £200? Last time I earned a Nationwide deal was pre 2021.
Yes you can
Unfortunately I had a nationwide switch last year
@andy - how big is your team?
I already have a nationwide account but I have a Lloyds account and Starling too, can I get it by switching those or will I not be valid?
I think so. When I switched yesterday, using the online system rather than the app, the system assessed my suitability there and then and within minutes told me the account I was switching from was suitable. A few minutes on the website should let you know if your account will be acceptable.
I setup 2 direct debits on my monzo account but they’re not active yet. Is it safe for me to transfer this account to Lloyds and then once they’re active switch to nationwide ? Will I lose the direct debits when switching to Lloyds if my direct debits aren’t active yet in my monzo dummy account?
I did Lloyds with another account whilst I wait for my direct debts to become actice
I was with Nationwide until earlier in the year and switched elsewhere. Not all that happy with my new bank so am considering switching back. Would I still qualify for the £200 since I have already been a customer with them? I haven’t had any switch bonus from Nationwide previously to be clear.
Probably a daft question but thought I’d ask anyway.
Yeah you will still be eligible. The bonus is open to new and existing customers
No it is not, read the terms and conditions first. You only get the switching bonus if you have not held an account after 2021. If you already had the interest on current account balance you never get it again.
Love your channel. Just to add a active direct debit is deemed a direct debit which has had a transaction in the last 13 months or a new direct debit which has a payment pending.
So if i am waiting one of my dd (have 4 in total, but only one was paid out and other 3 pending)to be paid out on my old account i can start my switch now? Just set the switch date after my dd (2nd, 3rd or all) will deffo be paid out. I hope my question make sense😂 thanks
I just apply for switching to Lloyds yesterday. 🥵
Then switch to nationwide once the Lloyds is completed
It says in your video that you can get £200 on an individual account and then also in you switch your joint. This is not the case. I have switched our joint account and was told that as I have already received £200 for my sole account we were not eligable for our joint account.
Put in a complaint to Nationwide. It’s been confirmed to me my their press office on multiple occasions that it’s ok
@@BeCleverWithYourCash thanks for responding. I'll give them a call tomorrow 👍
Hey Andy, thought Id give you an update. Got in touch and put in a complaint about this. Ive received a call back and they've said as Ive benefited with my personal account it isn't possible for the joint account incentive to be honored.
Guess we know when you’ll be switching away from Nationwide then!
@@AaaaandAction well, I have prepped to switch back to my old bank but Nationwide has then honoured the switching incentive. Really messy and conflicing messages.
NOTE: anyone who has £2400 in say Chase at 4.1% there is NO point in paying monthly into the Nationwide Flex regular saver. You would only end up with £5.60 more over one year of tying your money up for the whole year. Just leave it in Chase or any other paying 4.1% or more for the year. Otherwise, Andy is of course right, this 8% is superb and very well worth while doing if you can afford to 👍🏻😄
not true, unless the funding account is dead money earning no interest. Set up the £200 monthly D/D from (in this case Chase @ 4.1% with £2400 in it) and in addition to the interest of £104 on the N'wide a/c you will still earn over £46 at Chase over the 12 month period. So, not £5 better off, over £50 to the good.
@@bizzy5678 that’s a great point 👍🏻 of course I’m missing that for sure. Thx 🙂
The 8% regular saver is a 4% AER.
Glad you mentioned the First Direct. If you’ve £300 spare a month that’s the better account as you get a higher switch value and the regular saver allows you to pay in the full amount later if you miss a month
No it does not. I had the 7% regular saver that worked out as a 3.2% return. I paid in £200 on the first month, then decided to increase to £300 a month, so paid in £400 on month 2. £300 plus the £100 I wanted to add for month one.
The £400 was rejected and after complaining, first direct said you can not use up any unused allowance in this way, so I was only allowed to pay £200 x1 and £300 x11. The interest I got was 3.2% on £3500, which is rubbish. I should never have done it as putting that money in chase, kroo or elsewhere would have made far more.
The 8% one gives you 4% on £2400, so it is not worth it.
Banks deliberately mislead and people fall for this, as I did, because I believed misleading financial and product advice.
@@OH2023-cj9if the regular savers are at a higher interest rate so you earn more for the additional money you pay in on a monthly basis. Paying £300 into a saving account every month at 7% interest nets you more than £300 per month at 4% interest. Even if started with £3,600 in a Chase account at 4% and moved £300 per month into your regular saver you still net more than if you left it in the Chase account at 4%.
Not worth the hit on your credit score
Its not going to hit your Credit score that much. I think I would prefer £200 for a few point deduction on my credit score.
If you're apply for a mortgage in the next month then it wouldn't be worth it...
But credit score is there to be used, may as well get £200 for letting some dumb number go down that'll go back up in a couple months lol 😂
Hello, was wondering can I pay a car loan off using a 0% money transfer credit card and then pay that money transfer card off using a 0% balance transfer card
(Since i can’t directly pay a loan off with a balance transfer credit card. I also can’t use a purchase card cos I need the money for a bank transfer, but I need the longer period than what a money transfer card offers) thank you !❤
Yes, if you are cautious and do not go above credit limits and pay on time. You could do a balance transfer to a new 0% if you are lucky when the first is due to expire.
Do Nationwide do a hard credit search ?
Yes, for new current accounts.
£200 for a hard search on your credit report... doesn't seem worth it to me ¯\_(ツ)_/¯ @@OH2023-cj9if
I have a joint account with nationwide already, can i open a joint account with tsb and then switch it to nationwide to get the £200
Me and my wife are already doing the individual switch
Can you create a second nationwide current account? I don’t want to lose my dummy account by switching it to an account I already have.
Yes I'm doing just this... infact I now have 3 lol
@@lukesaunders9321 Are they Flex Direct or the bog standard one you can have multiples of? Thought they were limited to one.
@@lukesaunders9321i recently switched from nationwide to first direct .can i open another flex account with nationwide?
Are there any exclusions? I already did a Royal Bank of Scots switching deal 3 months ago.
Whats the partner bank of Nationwide?
Natwest is with RBS, not Nationwide
@@Alexroberts666 ok thanks. does Nationwide have any affiliated bank? I couldt find any on Google.
It's a building society rather than a bank, so you're a member. It doesn't have a partner.
Regular Savers are mis-adverised. You get HALF of the advertised interest rate.
You get more in a easy access saver by adding money each month.
Don't waste your time on Regular Savers as you lose money like I did on First Direct. I could have put £300/month in a 4.35% Easy Access and made a lot more than the 3.3% on the 8% First Direct one.
Incorrect. It is 8% for time the money is with the bank. Drip feed it from an easy access account and you'll earn more interest
8% is 8% 😂 if you have 2,400 in an easy access earning 4.65% transferring that over 12 months will earn you more, it’s a higher rate there is no way around that lol
Just opened the account with 200 quid 👍