Nationwide MYsave

Gromitt

I've got a Mysave account that I've had no bother with, but to be honest I've never tried to change the nominated account.

However, I don't use the direct debit functionality, I pay money directly into the account via FPS. Still takes a couple of days to transfer but you get interest on the amount before it arrives, so no worries.

calypso_rhapsody

I too had bad experiences with MySave and have closed our three accounts with them (2 sole, one joint). We still have our NW accounts with minimal balances mainly as a fall back when we are in Europe just in case N&P goes wrong.

It is interesting that one of the major effects of Nationwide's expansion into MySave is that they have p***ed off a large number of previously perfectly happy customers. And now they have that card procedure to use the NW online which is also annoying - i had to enter card details three times in one short session ... what on earth does that achieve???? Rant over!

Kittenkirst

Eeep I opened one of these and put £2250 in, it says interest rate is 2.46 after tax, I think that means I would have been better putting the money in an ISA for the year? (I dont need access to it). Is it too late to close the acct and transfer (its been there 8 days) doh!

Gromitt

You can close 3 days after your last deposit. If you don't have an ISA this year then yes, it will be better to use that as it's very easy to find them with > 2.46% APR.

I wouldn't close though as you are allowed 1 withdrawal, and you will get a small amount of interest.

RoseV

How do you pay money in directly? I have been told every time that this is not possible under any circumstances? My nominated account has STILL not been set up and I have been told that it takes 7 working days from the point that they action it. This means that it is going to be the MIDDLE OF NEXT WEEK AT THE EARLIEST! RANT!!

Gromitt

I use:

IBAN: GB37 BARC 2097 7823 4561 29
Sort Code: 209778
Account Number: 23456129
Reference Number: <13 character mySave account number>

These were provided by Nationwide for doing direct transfers. I don't know if they are the same for everyone. For a standard savings account, I would expect so, as my other account are similar (they quote the sort code/acct number to you and you just fill in the reference with your account number)

Robisere

We are lucky enough not to have direct experience of MySave, but we do have a total of 5 accounts with NW: Flex, E-Saver, Credit card and a Cash e-ISA each.

We have been NW for some years now, starting with the Flex account after a bad experience with what was Abbey National. (now Santander)
(Abbey had been paying one payment into someone else's account!)

Gradually, we became E-customers and have never regretted it. The new website is great, Security is - well - secure, and customer service is outstanding. Transferring between accounts is a doddle.

I think the answer is to use only in-house NW products, and check them out beforehand.

meatandtwoveg

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.

Its a Barclays account i have heard, Nationwide take the funds using their name, but it sits with the Barclays Bank, its a Barclays account number and sort code, thats why my guess it sits on a different platform. A NW online advisor said this to a friend over the phone, unless he or she is mistaken? Strange setup if true....

Gromitt

meatandtwoveg wrote: »

Its a Barclays account i have heard, Nationwide take the funds using their name, but it sits with the Barclays Bank, its a Barclays account number and sort code, thats why my guess it sits on a different platform. A NW online advisor said this to a friend over the phone, unless he or she is mistaken? Strange setup if true....

Many companies are using Barclays accounts for there savings products so it's not that strange. For example, BMSavings (Birmingham Midshires) and The AA also use a barclays account (with the exact same sort code as Nationwide)

The strange thing is that Barclays themselves give one of the worst interest rates that I've seen ! (Savings wise)

Nationwide do say however that even though it takes 3 days to "transfer", you get interest from the date of the transfer, not when the transfer has been 'processed'.