Latest news with #FlexRegularSaver
Daily Record
30-07-2025
- Business
- Daily Record
You could be missing out on key benefits unless you do one thing
Scots might not be aware of the benefits they are entitled to but a major banking service could change that Over a quarter of a million Scots are out of work due to long-term sickness or having a disability after a rise caused by the pandemic. The UK Government recently proposed tightening eligibility for disability and sickness benefits. This is in a bid to slow the rate of social security spending. In Scotland, from April 2024 to January 2025, 921,819 people received benefits from Social Security Scotland. But how do people know if they are entitled to benefits? Well, thousands of people have accessed a benefits calculator service provided by Nationwide Building Society in the first month of its launch. The service helps make people aware of the support they could be deserving of. More than 15,000 people have completed a "quick indicator", and more than 4,000 have completed the "full calculator," Nationwide said. The quick indicator gives people a "high level" overview of what they may be eligible for. If the quick indicator shows potential eligibility, people may proceed to the more detailed full calculator step. Kathryn Townsend, Nationwide head of customer vulnerability and accessibility, said: "By offering the choice of an online process and a telephone call, we are hopefully making what can be a daunting and confusing experience that little bit simpler." The 'better off' calculator has been launched in partnership with analytics company Policy in Practice. It is available to non-Nationwide members as well as the society's own customers. People can access the service through Nationwide's website, app, and a dedicated phone line. Calls to the helpline are charged at standard rate, however, a call-back option is available on request. Regular savings accounts typically require a set monthly deposit and limit withdrawals, making them perfect for disciplined savers looking to steadily increase their savings while earning higher interest than standard accounts. Nationwide's Flex Regular Saver can be opened with just £1, and interest is paid each year on the account's anniversary. Monthly deposits are capped at £200, allowing a maximum contribution of £2,400 over the year. At the current interest rate, this would earn £84.50 in interest after 12 months. The account is open to UK residents aged 16 or over who already have a Nationwide current account. And there is another free, confidential benefits calculator that could ease the financial pressure going into summer. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Online benefit calculators quickly work out if you are missing out on any benefits and best of all, they are completely free, independent and confidential to use - so there's nothing to lose. In just a few minutes you could find out how much you may be able to claim in extra support, just by entering details about yourself, your residential status, your working status and any savings you have.
Daily Record
23-06-2025
- Business
- Daily Record
Major bank offers 6.5% interest rate on savings account but you'll need to act fast
The account can be opened with just £1, but is only available to those with a current account Despite the decline in UK savings rates, there is one major bank that still offers competitive returns, making it one of the top choices on the market. With that in mind, savers may want to take note, as there could be benefits aplenty. Nationwide's Regular Saver account still offers competitive returns of 6.5 per cent AER. Regular savings accounts typically require a set monthly deposit and limit withdrawals, making them perfect for disciplined savers looking to steadily increase their savings while earning higher interest than standard accounts. Nationwide's Flex Regular Saver can be opened with just £1, and interest is paid each year on the account's anniversary. Monthly deposits are capped at £200, allowing a maximum contribution of £2,400 over the year. At the current interest rate, this would earn £84.50 in interest after 12 months. The account is open to UK residents aged 16 or over who already have a Nationwide current account. Unlike many regular savings accounts, this option provides more flexibility by allowing up to three penalty-free withdrawals. However, making a fourth withdrawal will reduce the interest rate to 1.5 per cent, reports the Express. "With more bank rate reductions expected this year, those who want to preserve their return must act fast by securing the best deal possible while interest rates remain on the higher side," Alice Haine, personal finance expert at Bestinvest by Evelyn Partners, explained. "This is imperative for anyone with money idling in a current account or an old savings account offering a poor return, which is being slowly eroded by inflation. "Worse still, when savers consider their post-tax net return, they may find their cash is being eroded even faster than they feared." But are there other options available? Well, savers can invest up to £200 per month, allowing the pot to grow to a total of £1,200, and withdrawals are not allowed until the account matures. So, while it may have a market-leading AER, its six-month term limits the total interest earned. With a maximum investment of £200 per month, savers will end up with £1,227.53, including £27.53 in interest. First Direct closely follows with a tempting seven per cent AER over a year, permitting depositors to stash away £300 monthly, totalling an impressive £3,600 across the twelve months. By the end of this period, savers would pocket £3,736.50, with £136.50 earned as interest. Despite First Direct's lower rate, their extended term and more generous limit on deposits could prove a more fruitful choice for building greater savings pots. With Bank of England Base Rate cuts looming, savers are being encouraged to pounce quickly to catch these prime rates before they recede. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'.
Daily Mirror
15-05-2025
- Business
- Daily Mirror
Nationwide offers competitive 6.5% interest savings account
Nationwide's Regular Saver account is helping savers grow their money with minimal effort - and it's one of the best options out there right now according to experts Despite the ongoing decline in UK savings rates following cuts to the Bank of England's base rate, Nationwide Building Society's Regular Saver remains a strong contender, offering savers an almost market-leading 6.5% interest. Regular savings accounts typically necessitate depositing a fixed amount each month and making minimal or no withdrawals. These accounts are ideal for disciplined savers looking to gradually build their savings while enjoying higher interest rates than standard accounts. Nationwide's Flex Regular Saver can be opened with as little as £1, with interest paid on the account's anniversary. Monthly deposits are limited to £200, allowing for a maximum total contribution of £2,400. Based on current rates, this would generate £84.50 in interest over a year. The account is open to UK residents aged 16 or over who have a Nationwide Building Society current account. This account offers more flexibility than what's usually expected from a 'regular' savings account, as up to three withdrawals can be made without penalty. However, after the fourth withdrawal, the interest rate will drop to 1.5% What other options are available? Principality Building Society tops the list for regular savers, offering an Annual Equivalent Rate (AER) of 7.5%. The account runs for six months, with interest paid upon maturity. Savers have the option to invest up to £200 each month, allowing the total sum to reach £1,200, but withdrawals are not allowed until the account matures. Therefore, despite its market-leading AER, the six-month term restricts the overall interest earned. With a maximum monthly investment of £200, savers will accumulate £1,227.53, which includes £27.53 in interest, reports the Express. First Direct trails slightly behind with a 7% AER over 12 months. This account permits a larger deposit of £300 per month, amounting to £3,600 in savings over a year. By the end of the term, savers will possess £3,736.50, inclusive of £136.50 in interest. Although First Direct's interest rate is lower, the longer term and higher deposit limit potentially make it a superior choice for building larger savings.
The Independent
18-02-2025
- Business
- The Independent
How to boost your Nationwide bonus payment chances with this Martin Lewis tip
has shared his key tips for savers to get a free £100 from Nationwide in 2025. For the past two years, the popular retail bank has given its members an exclusive 'fairer share' bonus – and its not too late for customers of other banks, who could even secure as much as £275. Last year, a total £385 million was paid to 3.85 million Nationwide members, up from £340 million between 3.4 million members the year before. The building society has not yet released details of this year's bonus, but criteria for the last two payments gives a good idea of who can benefit. Writing in his weekly email, Mr Lewis says there are some key steps Nationwide members can take to ensure they qualify for the 2025 bonus. Firstly, your Nationwide account must be open by 31 March 2025 at the latest, as this is the last time the bank will check who qualifies. It's also advisable not to close your account after this, as only current members can receive the payment. Next, this account must be used within the first three months of the year. This could mean paying at least £500 in to the account, or making at least ten payments out of it (or both, to be safe). Payments out can include bank transfers and standing orders, but not transfers to other Nationwide accounts in your name. But there is one more criteria that may catch many people out. In both 2023 and 2024, Nationwide members also had to have either a savings account or mortgage with the bank to receive their bonus. Last year, there had to be at least £100 in the savings account, or at least £100 owed on the mortgage. Nationwide offers a range of savings accounts, with common choices being the Flex Instant Saver, offering three per cent interest on unlimited withdrawals, or the Flex Regular Saver, offering 6.5 per cent with a maximum of three withdrawals. Provided that you've met all the requirements, you should be contacted on 31 May. You can then expect your payment to come through 13 June and 28 June, based on last years' timings. How non-Nationwide members can get £275 For customers of other banks, there may still be a way to get Nationwide's 2025 member payment AND a £175 bonus on top – but they have to act fast. This is because Nationwide is also currently offering a £175 bonus for switching to them from another bank. This can be done in just seven working days, and will open an account which offers a year of five per cent interest on up to £1,500 and up to £5 a month cash back. Last year, anyone who had switched to the bank between 1 January 2024 and 31 March 2024 did not even need to meet the criteria for payments in or out to qualify. However, it should be noted that this advise applies to the 2023 and 2024 payments. Nationwide has not yet confirmed any details for the Fairer Share Payment in 2025. Nationwide says it will reveal details of this year's payment scheme in May after its board has assessed the bank's financial performance for the past year.
The Independent
11-02-2025
- Business
- The Independent
Martin Lewis shares how to boost chances for 2025 Nationwide bonus payouts – as key dates revealed
has shared his key tips for savers to get a free £100 from Nationwide in 2025. For the past two years, the popular retail bank has given its members an exclusive 'fairer share' bonus – and its not too late for customers of other banks, who could even secure as much as £275. Last year, a total £385 million was paid to 3.85 million Nationwide members, up from £340 million between 3.4 million members the year before. The building society has not yet released details of this year's bonus, but criteria for the last two payments gives a good idea of who can benefit. Writing in his weekly email, Mr Lewis says there are some key steps Nationwide members can take to ensure they qualify for the 2025 bonus. Firstly, your Nationwide account must be open by 31 March 2025 at the latest, as this is the last time the bank will check who qualifies. It's also advisable not to close your account after this, as only current members can receive the payment. Next, this account must be used within the first three months of the year. This could mean paying at least £500 in to the account, or making at least ten payments out of it (or both, to be safe). Payments out can include bank transfers and standing orders, but not transfers to other Nationwide accounts in your name. But there is one more criteria that may catch many people out. In both 2023 and 2024, Nationwide members also had to have either a savings account or mortgage with the bank to receive their bonus. Last year, there had to be at least £100 in the savings account, or at least £100 owed on the mortgage. Nationwide offers a range of savings accounts, with common choices being the Flex Instant Saver, offering three per cent interest on unlimited withdrawals, or the Flex Regular Saver, offering 6.5 per cent with a maximum of three withdrawals. Provided that you've met all the requirements, you should be contacted on 31 May. You can then expect your payment to come through 13 June and 28 June, based on last years' timings. How non-Nationwide members can get £275 For customers of other banks, there may still be a way to get Nationwide's 2025 member payment AND a £175 bonus on top – but they have to act fast. This is because Nationwide is also currently offering a £175 bonus for switching to them from another bank. This can be done in just seven working days, and will open an account which offers a year of five per cent interest on up to £1,500 and up to £5 a month cash back. Last year, anyone who had switched to the bank between 1 January 2024 and 31 March 2024 did not even need to meet the criteria for payments in or out to qualify. However, it should be noted that this advise applies to the 2023 and 2024 payments. Nationwide has not yet confirmed any details for the Fairer Share Payment in 2025. Nationwide says it will reveal details of this year's payment scheme in May after its board has assessed the bank's financial performance for the past year.
