Nationwide and Mysave account

andrewsummers

I got a quick question - I opened a "Mysave account" for nationwide - It's one of those saving accounts that requires it's own ID and password. Anway I transferred some money from main nationwide account into mysave account but the money isn't in the mysave account yet - Don't this transcactions happen immediately? or does it take time to process?

agrinnall

This is from the T&Cs of the MySave Online Plus account (and is one of the reasons why I didn't bother to open a MySave account). I've highlighted the relevant clause in section 12.

Payments Into The Account

1. Payments can only be made from your Nominated account.
2. If your Nominated account is held with another bank or building society:
   • Payments will be made by Direct Debit. Your first payment to the account may take up to 10 working days to be credited to the account as we will need to set up the instruction with the provider of your Nominated account.
   • Direct Debit payments will be available for withdrawal 3 working days after they are credited to the account
   • Interest is calculated from the day the payment is credited to the account
3. In addition, if your Nominated account is a Nationwide FlexAccount:
   • You can set up a payment from the Nominated account on the Nationwide Internet Bank at any time.
   • For payments made on a working day before 6.30pm interest will be calculated from this day and the payment will normally arrive within 3 working days.
   • For payments requested after 6.30pm or on a Saturday, Sunday or Bank Holiday the payment will be processed on, and interest will be calculated from, the next working day and the payment will normally arrive within the following 3 working days.
4. Cheques accepted as the initial deposit must be personal cheques in your name and should be made payable to yourself and include your account or reference number. Cheques which do not meet this criteria may be returned.
5. Cash deposits are not allowed directly into the account.

andrewsummers

Thankyou very much - That's a lot of weight of my mind - I appreciate you taking the time out to help me when I was too lazy to read the T&Cs!

agrinnall

No problem, it rang a bell with me when I saw your question so I then had to find out for my own satisfaction!