New Nationwide savings account

Ace Modder · 2 Dec 2015 at 09:36

My natwest savings account has a gross interest rate of 0.75% and a net rate of 0.6%.

This is terrible a balance of over £7k has given me a monthly interest of £2.25. Depressing!

Freakbro · 2 Dec 2015 at 10:07

norm said:
??

= £250/month

My mistake, I misread the £500 - which is the amount you need to pay into the current account to be eligible for the savings account, it was early!

Ace Modder said:
My natwest savings account has a gross interest rate of 0.75% and a net rate of 0.6%.

This is terrible a balance of over £7k has given me a monthly interest of £2.25. Depressing!

Look into the NW Flex Direct current account 5% on £2,500 and TSB current account 5% on £2000 both don't need any D/D's

Then if you have some spare D/D's you could always use the Lloyds and Santander 123 current accounts

Just cycle the same wages through each account to trigger the interest

Ace Modder · 2 Dec 2015 at 11:04

Thanks, I will do.

Buffman · 2 Dec 2015 at 12:06

How much will this net a year drip fed at the max rate (500 quid a month?)

Thanks.

(saved myself the maths!)

Freakbro · 2 Dec 2015 at 12:16

£130 @ 20% tax rate

Uther · 2 Dec 2015 at 12:19

Shows how bad things are, to be getting excited about making 130 quid on six grand...

Freakbro · 2 Dec 2015 at 12:20

Too true

The_Abyss · 2 Dec 2015 at 12:26

Freakbro said:
£130 @ 20% tax rate

Don't forget that there are new saving rates of income tax from April 2016. Basic rate tax payers can earn £1,000 before paying tax, higher rate tax payers £500.

Freakbro · 2 Dec 2015 at 12:30

True, I hadn't taken that into account