🔔 Best buy regular savings account from Nationwide to be withdrawn

Nationwide Building Society has announced that it will withdraw its Flex Regular Online Saver account from sale from Friday 5th April.

It’s particularly disappointing to see this regular savings account being withdrawn, especially as it is linked to the FlexDirect current account, which also pays 5% AER on deposits of up to £2,500 for the first 12 months.

The combination of the top-paying current account and regular savings account offered beleaguered savers a chance to squeeze a little extra out of at least some of their savings.

Regular savings accounts are a great way to get new savers into the savings habit – however, there are terms and conditions that need to be adhered to, otherwise you could find yourself earning less than you expected.

There are other regular saver accounts available paying 5% AER - but once again these are linked to current accounts, though these ones don’t pay interest and could potentially charge a fee.

For example, HSBC, Marks & Spencer and First Direct all pay 5% AER for 12 months on up to £250pm (HSBC and M&S) and £300pm (First Direct) but these are only available if you also hold a current account with the providers – and there are different terms and conditions that need to be adhered to, including potential fees (First Direct). It makes sense to check that the current account is suitable before choosing it simply in order to have access to the regular savings account.

There are regular savings accounts that are not linked to a current account. Yorkshire Building Society’s Monthly Regular Saver Issue 2 is paying 2.50% AER for 12 months on contributions of between £25 and £250pm – and can be opened by post as well as in branch.

For those with a Virgin Money branch nearby, they can earn a little more – 3% AER on deposits of between £25 and £250 until the maturity date of 1 May 2020. This does need to be opened via branch though.

For more information, take a look at our Regular Savings Account best buy table – or call one of our savings experts on 0800 011 9705.

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