Old Portman Accounts

silver.squirrell

Hello,

Just to let you know that Nationwide have transfered (what I believe to be) all Portman Accounts in to a Cash Builder Account. This was done on the 22nd September. The account only earns 1.2% - 1.92% depending on your balance. So don't lose interest, transfer your money in to a higher interest account!

Please spread the word!

Paul

RayWolfe

Please read the letters you are sent!

nicko33

assuming the Post Office haven't lost them in-transit,
or the occasional lazy postie hasn't been hoarding the letters in his garage, or dumping them in the canal...

thrupence

silver.squirrell wrote: »

Hello,

Just to let you know that Nationwide have transfered (what I believe to be) all Portman Accounts in to a Cash Builder Account. This was done on the 22nd September. The account only earns 1.2% - 1.92% depending on your balance. So don't lose interest, transfer your money in to a higher interest account!

Please spread the word!

Paul

I've got one of these Cash Builder accounts.

I'm sure they're not trying to be misleading.

fruity1_2

I had a 90 day account with Portman which was transferred to a 30 day Cash Builder account at Nationwide. As I have a Invest Direct a/c with them I transferred it when I realised the pittance I was getting on £5,000 without a penalty. I checked it out first (thankfully) as the cashier tried to apply it. Pretty clever I thought. Now I can draw out £3,600 and put in my Isa account. Bit dumb of Nationwide but I'm happy.

(I'm sure they're not trying to be misleading.)

I think they are! They didn't put my money into an equivalent account therefore they have now lost my money.

thrupence

fruity1 wrote: »

I had a 90 day account with Portman which was transferred to a 30 day Cash Builder account at Nationwide. As I have a Invest Direct a/c with them I transferred it when I realised the pittance I was getting on £5,000 without a penalty. I checked it out first (thankfully) as the cashier tried to apply it. Pretty clever I thought. Now I can draw out £3,600 and put in my Isa account. Bit dumb of Nationwide but I'm happy.

(I'm sure they're not trying to be misleading.)

I think they are! They didn't put my money into an equivalent account therefore they have now lost my money.

Well, if they're selling an account called Cash Builder and it doesn't do what it says on the tin, perhaps we could have them up before the Trades Descriptions chappies.

fruity1_2

thrupence wrote: »

Well, if they're selling an account called Cash Builder and it doesn't do what it says on the tin, perhaps we could have them up before the Trades Descriptions chappies.

Of course in 'layman terms' it's a 'Cash Builder' but at a pittance - less than 2% interest :eek: It's going in my ISA :rotfl:

thrupence

fruity1 wrote: »

Of course in 'layman terms' it's a 'Cash Builder' but at a pittance - less than 2% interest :eek: It's going in my ISA :rotfl:

How does it build cash when the interest rate is less than the rate of inflation?

Surely it depletes cash?

Would Cash Depleter not be a more accurate description and indeed name for this account?