Nationwide MYsave

greenhey

Don't.

I signed up a few weeks before Christmas and linked it to my NW Flex Account.
Poor, slow website could be bearable but..
I have since tried to move 3 amounts of money across, to find that it takes at least 3 banking days to move: this is WITHIN the same organisation.And another 3 days when you want it back.
So any benefits from a slightly higher rate are more than wiped out by money sitting earning nothing in transit.
By contrast I have savings with Tesco (RBS) and if I want money out it is in my First Direct account same day.
I am sure Nationwide did not have a technology barrier to doing the same; they just found it to be the best deal for them.

Jake'sGran

Absolutely, you are so right. I used to get very annoyed that money from savings had to go through the Flex A/c first and now don't use them except for a small bond and their credit card.

pqrdef

Mysave doesn't have to be linked to a FlexAccount. That's the problem.

glider3560

The platform on which MySave runs is provided by Newcastle Building Society. I believe they also supply the customer service for this account. This is the reason why it still takes 3 days to transfer money.

Chadsman

glider3560 wrote: »

The platform on which MySave runs is provided by Newcastle Building Society. I believe they also supply the customer service for this account. This is the reason why it still takes 3 days to transfer money.

Is this something a NW employee has told you? That is certainly a very odd set up.

glider3560

Chadsman wrote: »

Is this something a NW employee has told you? That is certainly a very odd set up.

Take a look at number 30 here: http://www.nationwide.co.uk/savings/legal.htm?acc=mysave

30. After opening the account you may transfer the balance to another account with us or have your money returned without notice or charge, provided that you write to us at the following address within 14 days of receiving confirmation of opening; Nationwide Building Society, MySave Online Admin Team, PO Box 801, 1 Cobalt Way, Wallsend, NE28 5DZ. If your original deposit was by cheque, you cannot transfer or close the account until your cheque has cleared through the banking system.

Now take a look at the Newcastle BS website: http://www.newcastle.co.uk/contact/Cobalt

Cobalt 21,
1 Cobalt Park Way,
Cobalt Park,
Wallsend,
NE28 9EJ

I've checked and there is no Cobalt Way, only Cobalt Park Way.

The online banking looks similar to Icesave - which was also outsourced to Newcastle BS.

I agree though, it is a very odd setup when Nationwide already have an online banking and customer service.

pqrdef

So is MySave a piece of detritus from the IceSave meltdown then? That would explain it, though not why.

agsnu

pqrdef wrote: »

So is MySave a piece of detritus from the IceSave meltdown then? That would explain it, though not why.

Not exactly.

Newcastle BS owns a subsidiary called Newcastle Strategic Solutions Limited, which provides an outsourced savings management platform. Typically this is used by smaller players who don't have an established online banking platform - most famously Icesave, but also FirstSave (login page). And I think possibly they were used by Bradford & Bingley as well. At some point they were adopted by Aldermore as well (login page).

What's not really clear is why Nationwide would outsource MySave when they already have their own online banking platform.

Squibbler

NWide told me yesterday that they have done this to make the account available to people without Flex accounts. It gives a much better rate than their other savings accounts. I asked why they can't offer a similar product for people with Flex accounts. She said that the suggestion had been fed back so they are listening.

Meanwhile, I cannot be bothered with 2 sets of Nwide logons, I might as well put the money elsewhere, especially as I'm reading here that transfer between accounts is not instantaneous. Coventry are doing a 3.05% 30 day notice account which is better than the Mysave 2.85%.

bondy01

I see the rate is now 2.95%. Opened one last week but have yet to transfer the money and it said 8 days to transfer from my flexaccount so I'm in 2 minds about bothering especially with the Coventry BS offer.

RoseV

Never, never again! Due to a change of bank account, we currently don't have a nominated account. Have so far sent in two mandates to get the new bank account set up as the nominated account. The first mandate allegedly got lost in the post. The second one was sent out more than a week ago. I rang on Sunday and they said they had it and would process it that day. Still no nominated account. So for over a month I have not been able to get money in or out. When it is then set up it will no doubt take another 15 days notice for the DD to go through.

DO NOT TOUCH MYSAVE WITH A BARGE POLE. INFLEXIBLE, REMOTE, UNHELPFUL.