Nationwide Mysave Online

Ellie2758

I recently set up one of the above for myself as it appeared to be a good compromise between easy access (one wd per year) and an interest rate above 1% - i.e. 3% so an improvement on Nationwide's e-savings and e-savings plus (the former is now absolutely pointless as a savings account). But I now find that I have to log into a completely different site to access the money in the Mysave Online account and moving money into it from my flex account takes 3 working days. How on earth is this considered Internet Banking?!

What a backward step on the part of Nationwide, who incidentally were not interested in talking to me face to face about investing money as I did not want to tie it up for 6 years. I was advised to look online at what was available then come into the "bank" for a form to complete.

noh

There is a previous thread on the subject here
https://forums.moneysavingexpert.com/discussion/2967008

Nationwides web site makes it clear that the Mysave account is a seperate login from the Nationwide online banking site.
The account is administered by the Newcastle Building Society it is an example of their "white label" offerings.

Although it does take 3 days for money to move from your Flex Account, if you log in to Nationwide online banking and make an instruction to move money to the Mysave account, that money earns interest from the date of the instruction so you are not losing out in any way.
See section 11 of the user guide.
http://www.nationwide.co.uk/NR/rdonlyres/067497CD-405A-48D3-9404-1CE20A9AD546/0/P1365MySaveUserGuide.pdf

The account does have limitations and there are better options available from other providers but Nationwide do explain clearly how it works in their literature.

Ellie2758

Thanks, not sure what a "white label" offering is, do you mean as in Tesco Value teabags? Yuk.

I know the interest is earned from the date of instruction but you cannot put any money into the Mysave until it has been activated for EIGHT days!!! It's a bit like going back to steam trains. Also I dont like large amounts sitting in my current account so I would have to log in on the day I want it to be transferred to put the money into the Flex account. I find that a bit worrying, what if I couldnt log on that day for any reason?

Please can you point me in the directions of the "better options from other providers"? That would be a great help since I havent actually transferred any money yet.

noh

ING offer 3.0% for 12 months instant access no withdrawal limitations. They accept faster payments in but bear in mind the Flex Account currently has a FP limit of £1000. Also ING require a cheque to open the account it can be for £1 though and then send the rest electronically.

There is also the Halifax web saver reward account paying 2.8% or 3% if you hold other qualifying products. (If you have more than £1000 to save you could open a Reward current account too. Then move £1000 to the current account and back once a month. That way you will get 3.0% on the web saver and a £5 monthly reward payment from the rewaed current account.)

I would favour one of the above because of the flexibility offered.

More options listed here
http://www.moneysupermarket.com/savings/easy-access-accounts/

m0n3y_3

White label means that although it is branded Nationwide, it is run by another bank, http://en.wikipedia.org/wiki/White-label_product

Note that ING is not covered by the FSCS http://www.fscs.org.uk/

noh

m0n3y wrote: »

..................
Note that ING is not covered by the FSCS http://www.fscs.org.uk/

But is covered by the Dutch Deposit Guarantee scheme.
http://www.dnb.nl/openboek/extern/id/en/all/41-117052.html