Nationwide

will-in-estoril

ceebee wrote:

I and OH both have accounts with N/Wand whilst, in general, they are OK, you need to be wary of a few quirks with their systems.
I have complained about Debiting before Crediting. Thus, when cash was paid in on the same day as a DD was paid out, you could find o/d charges, etc.,being imposed because of a 'virtual' overdraft. This may have been modified recently since I now read on the internet payment account that money must be transferred/cash payed in to Flexaccount by 8.00pm the day before the Bill payment is due.( by 8.00pm Sat. for Bill payment on Mon.) This is relevant to me since we keep all our spare money in my OH's e-account for tax purposes.

There is also a peculiarity with their credit card in that they do not always pay a DD (minimum payment as a safe guard against forgetfulness).Thus, say, £100 is owed on c/c. £5 s/b paid by DD, you therefore transfer £95 in good time to your c/c. N/W card company 'see' this £95 payment and therefore don't activate the DD. You are therefore £5 short of paying off the whole balance and are charged interest on the whole £100. The figures I have quoted are minimal, but could be quite large. I've noticed other c/c companies now do the same.

In conclusion, on balance, they are probably one of the best of a bad bunch but 'be careful out there'.

You should make a payment of £100, as advised in your terms and conditions. Once you make a manual payment of more than the minimum payment required, Nationwide will not apply a DD to your account that month.

In terms of overdrafts Nationwide automatically increased my facility on one occasion, to avoid my going over my limit. Not many other organisations would do that!

CopperPlate_2

grumbler wrote:

Where does this figure come from? From my experience it takes 3-4 working days.
Also: How long will it take a cheque to clear in my FlexAccount? :


For a FlexAccount with a chequebook money is available for withdrawl on the 3-4th working day.
For a FlexAccount without a chequebook - on the 5th-6th working day

Is there any difference between the accounts with or without the chequebook other than the obvious (i.e. no chequebook )

CP

grumbler

CopperPlate wrote:

Is there any difference between the accounts with or without the chequebook other than the obvious (i.e. no chequebook )

This is just my guess: for a flexaccount with a cash card both chequebook and overdraft are not available. I don't know whether it is possible to have a flexaccount with a debit card, but without chequebook.

CopperPlate_2

I see. So they can give you a current account with a cash card only (and no chequebook) or a current account with debit card (which presumably only comes with the chequebook too) - just wondered if they were like cahoot in that they gave differing interest rates if you didn't take the chequebook.

I'm reading on other threads about them increasing the in-credit interest rate to 4.something? Any official notification about this?

CP

grumbler

CopperPlate wrote:

...I'm reading on other threads about them increasing the in-credit interest rate to 4.something? Any official notification about this?

Earn 4.25% on your current account with Nationwide (16 Jan 2006)

EDIT: now link works

isasmurf

grumbler wrote:

Earn 4.25% on your current account with Nationwide (16 Jan 2006)

Nice headline Grumbler. I think you forgot something though?

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=781

innovate

From the press release: "From 1 April 2006 Nationwide Building Society is increasing the credit interest rate on its FlexAccount to 4.25%*. This will be the best standard credit interest rate on the high street."

I am disappointed about the start date, but better late than never.......and I don't understand at all what they mean by "this will be the best...."

EDITED: ah, I see, the keyword is HIGH STREET, not: BEST RATE!!!
Suppose this is really good news then for people who don't have internet access, and for those who need Branch banking.

Also worth noting that if the min £1K/month deposit isn't met, there will be no change to the existing very low interest rates.


.

Tess

Originally posted by Grumbler

"Where does this figure come from? From my experience it takes 3-4 working days"

Sorry - just looked at my statements and see that it takes five working days from depositing the cheque to it being available to transfer over to e-savings or withdrawal. So with the weekend that is where I got the seven days from. Still I think too long. I do not have a chequebook account, only a debit card.

CopperPlate_2

Great. Thanks guys n gels.

CopperPlate_2

So now that they've reduced their rates on their e-savings account, would you still move from smile to NW?