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    • schiff
    • By schiff 11th Feb 18, 10:08 AM
    • 17,833 Posts
    • 9,182 Thanks
    schiff
    Nationwide
    Nationwide operated the internal standing order from my Flex Account to my regular saver on January 1st. My funds to cover that and other standing orders are transferred to Nationwide nominally on the first of the month but of course only hit the Flex Account on the 2nd. October 1st was also a Sunday and Nationwide operated the SO from the FA to the RS on the 2nd, as one would normally expect. So it's not consistent.

    I've successfully reversed the £5 transaction fee and 10p overdraft that they charged for the day. Apparently as it's my first claim? And they suggest:

    "As your regular Transfer in isn't set up with Nationwide, you will need to get in touch with the bank or building society that it is set up with to see why it wasn't sent on 01/01/2018"

    I've told them why it wasn't sent on the 1st and that's without contacting my bank!
    • Nebulous2
    • By Nebulous2 11th Feb 18, 1:12 PM
    • 1,737 Posts
    • 1,061 Thanks
    Nebulous2
    I had this problem about a year ago; HSBC put so many hoops into the system for you to jump through it's not actually possible to complete the 7 day switch in 7 days from when you first apply, and the way they've done it appears to comply with the 7 day switch guarantee, as the 7 days countdown starts AFTER you've completed x, y and z (x, y & z being time-delaying hoops that HSBC put in your way).
    Originally posted by Jax_in_Witney
    I also missed the time limit for the bonus around a year ago, but was put straight through on the phone to someone who registered it as a complaint and paid the £200 there and then. Good result I thought, instead of waiting a year for the extra £50. I've kept the account to get the regular saver.
    • schiff
    • By schiff 12th Feb 18, 10:58 AM
    • 17,833 Posts
    • 9,182 Thanks
    schiff
    Nationwide operated the internal standing order from my Flex Account to my regular saver on January 1st. My funds to cover that and other standing orders are transferred to Nationwide nominally on the first of the month but of course only hit the Flex Account on the 2nd. October 1st was also a Sunday and Nationwide operated the SO from the FA to the RS on the 2nd, as one would normally expect. So it's not consistent.

    I've successfully reversed the £5 transaction fee and 10p overdraft that they charged for the day. Apparently as it's my first claim? And they suggest:

    "As your regular Transfer in isn't set up with Nationwide, you will need to get in touch with the bank or building society that it is set up with to see why it wasn't sent on 01/01/2018"

    I've told them why it wasn't sent on the 1st and that's without contacting my bank!
    Originally posted by schiff
    I have the answer. It isn't classed as a standing order, but an internal transfer, and the day of the week doesn't matter, it gets done on the first! Needs watching then as Easter falls around the start of April this year!
    • clivep
    • By clivep 12th Feb 18, 12:48 PM
    • 275 Posts
    • 124 Thanks
    clivep
    I have the answer. It isn't classed as a standing order, but an internal transfer, and the day of the week doesn't matter, it gets done on the first! Needs watching then as Easter falls around the start of April this year!
    Originally posted by schiff
    Absolutely correct. I have a regular deposit set up for 1st of month from Flexaccount to Regular Saver. This always gets credited on 1st regardless of whether or not this is at the weekend.

    It's my responsibility to make sure cleared funds are available in the Flexaccount so the SO into it is set up for a few days before the end of the previous month.
    • RMD marcus
    • By RMD marcus 19th Feb 18, 9:04 AM
    • 1 Posts
    • 0 Thanks
    RMD marcus
    Santander 123
    This account still seems very attractive cashbacks can eliminate 5£ monthlyfee and 1.5% interest on up to £20000 why has this a/c disappeared from view?
    RMD marcus
    • Steve_xx
    • By Steve_xx 19th Feb 18, 9:14 AM
    • 6,475 Posts
    • 2,705 Thanks
    Steve_xx
    This account still seems very attractive cashbacks can eliminate 5£ monthlyfee and 1.5% interest on up to £20000 why has this a/c disappeared from view?
    RMD marcus
    Originally posted by RMD marcus
    It's because it's not quite so attractive as when Santander paid 3% on this account.
    • Kim_13
    • By Kim_13 19th Feb 18, 1:20 PM
    • 1,902 Posts
    • 2,021 Thanks
    Kim_13
    This account still seems very attractive cashbacks can eliminate 5£ monthlyfee and 1.5% interest on up to £20000 why has this a/c disappeared from view?
    RMD marcus
    Originally posted by RMD marcus
    The launch of the Santander 123 Lite account has also had an impact, as it means that the same cashback can be earned for £4 less per month. This account is listed in the accounts best for cashback section of the best bank accounts guide.

    Essentially this means customers are paying £4 per month to be able to earn 1.5% interest - something that can be beaten by other current accounts or Regular Savers.

    The best instant access savings is 1.35%, which would yield around £30 less interest a year on the full £20,000. The 'extra' in account fees is £48.

    That said many Instant Access rates have a time limited bonus, so it does mean moving the money now and again.
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • ValiantSon
    • By ValiantSon 19th Feb 18, 9:14 PM
    • 713 Posts
    • 592 Thanks
    ValiantSon
    The launch of the Santander 123 Lite account has also had an impact, as it means that the same cashback can be earned for £4 less per month. This account is listed in the accounts best for cashback section of the best bank accounts guide.

    Essentially this means customers are paying £4 per month to be able to earn 1.5% interest - something that can be beaten by other current accounts or Regular Savers.

    The best instant access savings is 1.35%, which would yield around £30 less interest a year on the full £20,000. The 'extra' in account fees is £48.

    That said many Instant Access rates have a time limited bonus, so it does mean moving the money now and again.
    Originally posted by Kim_13
    None of which explains why the 123 account has been removed from the guide (this is not a criticism of your post). None of the other accounts recommended are right for everyone, so it is an arbitrary decision to remove 123.

    The 123 account still offers a good interest rate on a large balance (better than any easy access savings account, and better than any other current account, when you take into account the size of balance). For many people the cashback covers the account fee (or nearly does).

    Three Bank of Scotland Vantage accounts would equal the interest, but you would need 6 different direct debits to operate them, which for many would not be possible if they also wanted the cashback from the 123 Lite.

    MSE's decision to remove it from the guide is just silly, especially when the guide includes accounts that deliver a lot less, e.g. Tesco, which offers a maximum of 3% AER on £6000 (for those unable to take advantage of joint accounts), which equals £177.60, i.e. only 59.6% of the possible return from Santander (and the Tesco accounts would require 6 direct debits to achieve this).

    It is true that the 123 account was better when the monthly fee was only £2 and it paid 3% interest, but that doesn't mean it is necessarily a poor choice now.
    Last edited by ValiantSon; Yesterday at 9:18 PM.
    • castle96
    • By castle96 20th Feb 18, 1:25 PM
    • 1,640 Posts
    • 279 Thanks
    castle96
    I use my TWO (I know, I know) x 123 to fund all my regular savers. Still a useful place, even if a lower rate now
    • schiff
    • By schiff 20th Feb 18, 1:49 PM
    • 17,833 Posts
    • 9,182 Thanks
    schiff
    I've been with Santander since the Alliance & Leicester days. The cut in the interest rate was a blow as I had the full balance in both. From then on I was into the treadmill of getting the best rates with other accounts and regular savers. The second account was jettisoned and the balance in the main one is now a fraction of what it was.

    But it's an account I have been using for pretty much everything, moving money around everywhere, and I couldn't face changing banks for all the outfits I deal with. Every monthly statement has over 100 entries. The cash-back from my DDs covers the charge.

    I have a sort of affinity with the account and even for a big incentive I wouldn't switch.
    • castle96
    • By castle96 20th Feb 18, 1:52 PM
    • 1,640 Posts
    • 279 Thanks
    castle96
    Schiff, so you had two as well ? Branch told me that just wasn't possible....but hey ho. I use 1 a/c for most things now. An old friend.
    • schiff
    • By schiff 20th Feb 18, 2:02 PM
    • 17,833 Posts
    • 9,182 Thanks
    schiff
    I think the second account was offered if you were deemed to be a Select customer? I forget the detail now.
    • colsten
    • By colsten 20th Feb 18, 4:02 PM
    • 8,913 Posts
    • 7,640 Thanks
    colsten
    Schiff, so you had two as well ? Branch told me that just wasn't possible....but hey ho. I use 1 a/c for most things now. An old friend.
    Originally posted by castle96
    At some stage they had no restrictions to the number of current accounts you could take out with them. I know people with 4 x 123 - nicely below the FSCS limit of £85K if fully loaded. 4 of them is clearly only a sensible option for those who want to keep lots in cash for one reason or another, and who have exhausted all the other accounts that pay better interest.

    It's not been possible for some time to get 4, but to the best of my knowledge, they never asked existing customers to reduce the number of 123s.
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