Nationwide;Amazing reward for loyalty...yawn

bristolleedsfan

@ Derrick

Nationwide haven't made any kind of DD insistence either for 5% rate or for account switch.

If your Coventry account is used as switching account it will stay open unless you choose to close it, those who do switch direct debits they will stay active on old account unless cancelled.

Chadsman

derrick wrote: »

Coventry, this was set up so I could move money by FP from a savings account I have with them

Is this a same day FP service? Their FPs from savings accounts arrive the day after they are requested at the earliest.
:beer:

innovate

Chadsman wrote: »

Their FPs from savings accounts arrive the day after they are requested at the earliest

FPs must by law arrive by the end of the next business day (subject to usual fraud checks). If FPs arrive within hours or even seconds of the request, that doesn't change the law.

Chadsman

...but you can postdate a Faster Payment.

innovate

Chadsman wrote: »

...but you can postdate a Faster Payment.

do you mean you can request a Faster Payment to be sent at a future date?

They then still have to arrive by the end of the next business day (from the date payment has been requested for).

YorkshireBoy

derrick wrote: »

Yes I see where you are coming from, but as you say "they must be wise to us all doing that these days", so I don't see how me setting up 2 DD's from The Coventry will hurt

Apologies derrick, I think I may not have been very clear in my earlier post.

I was meaning Tesco wouldn't appreciate their facilities being abused for gain elsewhere. I seem to recall seeing posts saying people have had their DDs cancelled by Tesco and as such have missed out on the Reward and had their accounts downgraded as a result.

That's why I won't set anymore DDs up with Tesco.

Gromitt

YorkshireBoy wrote: »

I was meaning Tesco wouldn't appreciate their facilities being abused for gain elsewhere. I seem to recall seeing posts saying people have had their DDs cancelled by Tesco and as such have missed out on the Reward and had their accounts downgraded as a result.

I think it depends on the actual DDs. Setting up 5xDDs for 50p each may well upset Tesco to the fact that they don't want your custom, but make it £5 and they might be quite happy. Afterall, they are still offering 2.6% until 1st August, and even after then, how much are you going to lose in interest with a regular payment of £5 compared to the account you created the DDs for?

I know I wouldn't care if I got 0.1% on my £60 if it meant I was getting £5/month from Halifax.

sabretoothtigger

Which Tesco account offers 2.6% I thought they had reduced any good rate or maybe Im thinking of the PO

Chadsman

innovate wrote: »

do you mean you can request a Faster Payment to be sent at a future date?

They then still have to arrive by the end of the next business day (from the date payment has been requested for).

I can request a payment be sent on a future day on my Coventry accounts.

YorkshireBoy

Gromitt wrote: »

but make it £5 and they might be quite happy.

I still wouldn't risk it.

6 of my DDs claim nothing, and never have done. These are the ones set up for LTSB.

3 more claim £2.50 (half my Halifax Rewards...the other half goes to YBS (old Egg Savings).

2 more were set up when I originally opened the accounts...when they were paying a decent rate (to me), so these haven't been used for a good while now.

Like I said, I still wouldn't risk it. After all, it's not necessary/normal (for most people's banking anyway) to have 11 DDs set up across only 2 accounts.