Why you should not take nationwide mysaveonline

epitome

I have given up on Nationwide account, but I have already opened a flex account and moved 50K into the flexaccount and from there into a new (nationwide) mysaveonline account,
The moneyhas been in there since saturday and is still not showing, I expect it to be showing Monday daytime (tomorrow). I can then internally transfer the money back into my flex account (they let you move 50K per day internally but only at 10K per time (crazy)!

The reasons I am leaving are because although I was already a nationwide customer registered online aswell, they took a week to open this account even though I already bank with them!

They have had my money for 10 days with no interest.!

They make a new area called mysaveonline which has it's own log on, memorable data and pin numbers!

They only allow one withdrawal, at the time of opening that was the best account going (now the PO has appeared), !

They only allow max withdrawals of £10,000 so my plan was if I didn't like the rate in the future I would move the 50K in one go (one withdrawal) and leave the account open to get the interest owed. So these rules would mean in order to move my £50K I would have to do 5 withdrawals.! and therefore forfeit all the interest!

Their information given, (online instructions) did not explain the following

• I could move the money into the account on day 1 just by using the ref no given, I was left waiting for a week waiting for the account to appear on the 'my accounts page'
• When it fianlly appeared in 'my accounts' it was the weekend and the internal transfer is not working on the weekend- the transfered money is currently showing as zero, and I expect it to be there tomorow!
• The instructions just said you can move money internally (between your own accounts) at £10000 a time it also said to do this before 6:30pm (which gave the impression of just one 10K internal transfer per day which happens to be the same as their FP daily limit) it said nothing about being allowed to move 5 lots of 10000 per day internally....and why limit it anyway? So I was left for a week waiting for the account to appear, and then was expecting (fuming at the prospect) to be only allowed to move £10K per day internally betweeen my own accounts! I only found out I could actually move upto 5 lots of 10K per day from flexacc customer service when I phoned them to complain.

I have decided to cut my losses and run to the PO.

Now then,
I need to move 50K fast from nationwide, I intend moving it back to Lloyds, I can do this 2 ways AFAIK

• by cheque tommorow 3 days to clear right?
• by faster payments from nationwide this would take 5 days!

Can it be done any other way quicker?

• Will Lloyds bat an eyelid when I present a cheque tomorrow on a nationwide account in my name payable to 'my name' for £50,000 ?
• Will Lloyds have a problem if my partner takes the cheque to pay into my Lloyds account?

I suppose moving 10K per day from flexaccount into the PO would take 5 days aswell
So the same as 3 days for cheque to clear and the 2 days at 25K per day from Lloyds to Nationwide. hmmph!

I NEED ACCESS TO THE MONEY SO NO FIXED RATES ADVICE ETC THANKS

Thank you for your advice.

oldvicar

Forget the tranferring bit by bit and leaving the MySave account open. Just tell them to close it and put all your 50K plus the interest earned into your Flexaccount. Then simply write a cheque on your flexaccount payable to yourself at the Post Office.

Beats me why you want to move to the Post Office. It says online that all withdrawals take 2 to 3 days to go to a nominated account (and that seems to be one of your gripes). And you get the cuddly warmth, security, and administrative efficiency of Bank of Ireland UK instead of that of Nationwide and Newcastle Building Society (who run MySave for them). MySave may seem a bit clunky, but leaping from the frying pan into the fire isn't the answer!

oldvicar

On the other hand

epitome wrote: »

Thanks, that would not bother me, a few days delay getting money out would be something I could live with.

pqrdef

You can fund the PO account by debit card, though I don't know what the Flexaccount's debit card limits are.

epitome

The main reason I'm jumping ship is that if the rates collapse within a year I will have to do 5 withdrawals of 10K each to get my money out, and that will lose me all the interest. down to 0.1% IIRC. I am on day 1 of having my money in there so withdrawing now will be no great loss.

How do I pay into the PO online saver with a cheque? As it is an online account? will that work?

Should I tell Nationwide customer service that I am writing a cheque value £50,000 payable to myself?


The other reasons I am jumping ship is that they don't deserve to have my money with their god awful account opening process. if that was Lloyds, Halifax or Barclays online and I was opening an internal savings account it would be open instantly and accept unliminted internal transfers instantly.

grey_gym_sock

i agree that opening a mysave account is a big nuisance.

but it's incorrect that you can only withdraw 10K at a time. you can log into mysave and close the account. if the closure is the only withdraw you make from the account, you avoid the interest penalty.

you can also deposit more than 10K at a time - if you do it by logging into mysave and adding funds by direct debit (from your flexaccount).

the 10K limit only applies if you make deposits by logging into nationwide's internet banking and making a transfer from your flexaccount to your mysave. however, you can make multiple transfers on the same day, though you may get RSI

epitome

grey_gym_sock wrote: »

i agree that opening a mysave account is a big nuisance.

but it's incorrect that you can only withdraw 10K at a time. you can log into mysave and close the account. if the closure is the only withdraw you make from the account, you avoid the interest penalty.

Well, I don't see how they would pay the annual (or 12 month) bonus if you only had the account open for 3 months? They have concocted a web of entrapment for unsuspecting account holders and I don't like it.

you can also deposit more than 10K at a time - if you do it by logging into mysave and adding funds by direct debit (from your flexaccount).

Yes, but I didn't want to do it that way as it would have taken 10 days (which is how long it has ended up taking anyway) to set up the DD, and then I would have maybe had to cancel the £50K DD after setting it up?

the 10K limit only applies if you make deposits by logging into nationwide's internet banking and making a transfer from your flexaccount to your mysave. however, you can make multiple transfers on the same day, though you may get RSI

But up to a 50K daily limit...which they don't tell you about on screen. Fexaccount customer service told me that.

grey_gym_sock

epitome wrote: »

Well, I don't see how they would pay the annual (or 12 month) bonus if you only had the account open for 3 months?

interest is paid monthly, including the bonus. you only get the bonus for the first 12 months.

if you did make more than 1 withdrawal (which you can avoid by only withdrawing when closing the account), then you'd lose the bonus only during the month of the second withdrawal, not for the whole 12 months.

But up to a 50K daily limit...which they don't tell you about on screen. Fexaccount customer service told me that.

i didn't know that.

epitome

Right, update, the money is showing in the mysave account.

I phoned them to close the account and move into flex account they said there would be a £20 charge for this service !! or I could do it online but it will take 3 days for the money to appear in the flex account if done before 1pm in the afternoon or 4 days if after 1pm!! 3 days happens to be a loss of £10.50 interest. They also said the £10000 per transaction only applies to money leaving a flex account, they didn't say what the limit would be from the mysave but they just said it would take 3 - 4 days.

It just gets better doesn't it?

I have decided to leave the money there for now, at least until June 1st so I will get some interest for May.

It seems I am now in the position of being able to leave my money in mysave, and being able to move it to a better account without loss of interest except for the 6 - 7 days it would take to move it...should the interest rates drop in future.. So I would be no better off having it in the PO.

After this experience I am very reluctant to allow Nationwide to have my money, so I am undecided.

oldvicar

epitome wrote: »

.... I have decided to leave the money there for now.

.... I would be no better off having it in the PO.

.... so I am undecided.

That settles it then.

On a positive note, it seems you have found the account is not as bad as you imagined it to be. It will probably serve well for the next 12 months whilst the bonus applies, and it is now clear you can have the money immediately (all in one go) whenever needed.

epitome

"immediately"........ 3 - 4 days, same as PO withdrawals.

Opening it has been a long drawn out, uneccesary, process with a lack of information from Nationwide.

It seems the money is safe there for the time being and can be withdrawn in one go if required.

I don't recommend Nationwide mysave to anyone.