Nationwide Loyalty Saver

judexx

MoneySaverLog wrote: »

They could not open one on the phone, said I had to visit the branch. Will sort out Monday.

Account apparently can be accessed online, as planning to use the account to weekend snooze

I opened this account by phone without any problem. I used the 0800 30 20 10 number - not the local branch, if this helps.

richardmk

alanq wrote: »

Where did you get that information?
NOT that one can use online banking to make withdrawals from the Loyalty Saver.

You can make online transfers from the Loyalty Saver back to the flexaccount and the minimum balance for 2.6% is £1. (assuming 15+ years rate)
The update of online banking to allow transfer outs from passbook accounts is a welcome addition.

innovate

Regardless of the fact that I have had an account with Nationwide for well over 15 years, I still don't get why I would want their 2.6% savings account, when I can get 2.8%, 3% and even 4% from day one in the banks next door? And when I can use Faster Payment to transfer my money around in a tad over what an internal transfer takes?

opinions4u

innovate wrote: »

Regardless of the fact that I have had an account with Nationwide for well over 15 years, I still don't get why I would want their 2.6% savings account, when I can get 2.8%, 3% and even 4% from day one in the banks next door? And when I can use Faster Payment to transfer my money around in a tad over what an internal transfer takes?

you wouldn't want it.

But others can't be arsed looking any further than their current account provider. For those it's a really good deal.

MoneySaverLog

opinions4u wrote: »

you wouldn't want it.

Yes I would.

Because it will accept faster payments in, via flex account, and credit them on Saturday, with a debit from LTSB on Monday. If I get the money back to LTSB by Monday I get double interest over the weekend. A extra 2.6% (Had flex account for more than 15 years) on top of what I'd get from LTSB for 104 days a year :-)

Gromitt

MoneySaverLog wrote: »

Because it will accept faster payments in, via flex account, and credit them on Saturday, with a debit from LTSB on Monday. If I get the money back to LTSB by Monday I get double interest over the weekend. A extra 2.6% (Had flex account for more than 15 years) on top of what I'd get from LTSB for 104 days a year :-)

So every Friday you have to transfer 6K (say) from your TSB to your Nationwide FlexAccount, and from there to your Loyalty Saver, and then on Monday morning, transfer the lot back. Thats 208 transfers a year to get £35 (assuming basic rate tax) and the possibility of your account being closed.

Doesn't seem worth it to me.

opinions4u

MoneySaverLog wrote: »

Yes I would.

Because it will accept faster payments in, via flex account, and credit them on Saturday, with a debit from LTSB on Monday. If I get the money back to LTSB by Monday I get double interest over the weekend. A extra 2.6% (Had flex account for more than 15 years) on top of what I'd get from LTSB for 104 days a year :-)

I think you're bonkers, but good luck! I used to pay a cheque from an interest bearing current account in to the old Gateway Building Society and withdraw the ash the following Tuesday and walk it back to where it came from. Until I worked out that the £3 a year extra I was making really wasn't worth the effort!

Just check that Nationwide pay interest immediately. Lloyds TSB treat weekend deposits as being received on the Monday for interest calculation purposes.

innovate

opinions4u wrote: »

..... and withdraw the ash

That was really bad of them, burning your money! :rotfl:

pqrdef

opinions4u wrote: »

Just check that Nationwide pay interest immediately. Lloyds TSB treat weekend deposits as being received on the Monday for interest calculation purposes.

Well it would certainly be very generous of Nationwide to pay interest from Saturday to Monday, considering they can do zilch with the money. In fact they won't even receive it until Monday night.

MoneySaverLog

Tested it over weekend, money leaves LTSB on Monday and arrives at Nationwide on day of transaction i.e. Saturday :-)