When did Nationwide come up to date & allow weekly SO's?

JustAnotherSaver

Have just been in to my Nationwide online account for the first time in quite some time to amend a SO & i noticed that i could select SOs to go weekly now.

When did this happen - Nationwide moving with the times?

This was a frustration i've had for a long time with them. I think the most frequent i could remember was fortnightly? Nice of them to become up to date.

Just curious tis all.

EarthBoy

I've also found this frustrating in the past, but the change was completely un-announced. I noticed weekly SO were possible about three months ago.

jonesMUFCforever

Why do you need to set up a S/O when you can do a faster payment?

Of course it does mean you have to log in yourself and actually make the payment weekly rather than rely on your bank/ building society to do it.

JustAnotherSaver

jonesMUFCforever wrote: »

Why do you need to set up a S/O when you can do a faster payment?

Of course it does mean you have to log in yourself and actually make the payment weekly rather than rely on your bank/ building society to do it.

2 scenarios...

1. The manual payment you suggest...

Get paid, log in, transfer some money to an ISA, to a separate account for a S&S ISA, weekly board payment or whatever.

2. Now they seem to have introduced the weekly SO option...

Set up an SO to take care of all of that & no longer have to worry about it.

I know which i'd prefer.

This isn't for myself really, it's more my brother who banks with them & admits he is poor with money. He gets paid weekly & he likes the money gone the day he gets paid so that he is not tempted to touch it. He puts into his cash ISA weekly, a savings account for his S&S ISA weekly which is then taken via DD from that account, and he pays board weekly to my mum.

There's now no need for logging in each week & simple SOs can take care of this for each payment to be taken on pay day.

jonesMUFCforever

JustAnotherSaver wrote: »

2 scenarios...

1. The manual payment you suggest...

Get paid, log in, transfer some money to an ISA, to a separate account for a S&S ISA, weekly board payment or whatever.

2. Now they seem to have introduced the weekly SO option...

Set up an SO to take care of all of that & no longer have to worry about it.

I know which i'd prefer.

This isn't for myself really, it's more my brother who banks with them & admits he is poor with money. He gets paid weekly & he likes the money gone the day he gets paid so that he is not tempted to touch it. He puts into his cash ISA weekly, a savings account for his S&S ISA weekly which is then taken via DD from that account, and he pays board weekly to my mum.

There's now no need for logging in each week & simple SOs can take care of this for each payment to be taken on pay day.

The only problem with standing orders is that they are not very flexible - if your wages are a day late then the S/0 will still be attempted and if funds are not available then Nationwide will probably charge your brother.

For someone like me who logs on to internet banking a few days a week it would be better for me but I can see if your point if your brother is not financial savvy - swings and roundabouts I suppose.

JustAnotherSaver

True. I know it only takes one time but in over 10 years of being there myself, they've never paid late. On the occasions where pay hasn't been on the normal day they've given us advance warning.

Still, it's a handy addition for him.

alanq

Another nice feature of the Nationwide is the facility to skip a standing order payment. I send £100 per week to a prepaid card. One week when I spent less than usual and the card did not need to be topped up so I selected skip and the SO resumed the following week. I find this more convenient than having to remember to do manual payments every week.