Nationwide loyalty saver

ANGLICANPAT

Ive got a flex and an 'e' saver with Nationwide, both sitting with just the minimum in . Theyve enabled me to open one of these loyalty savers at 10yrs loyalty for 1.60% . Ive forgotten all the t/c's for NW accounts, so looked them up just now - specifically to see the withdrawal amounts per day etc.

Flipping heck - they seem very restricted compared to my old Skipton account where I could transfer out online, up to £100k a day!! If Im reading NWide correctly , all my accounts direct me to the general t/c's regarding the specific withdrawal amount rules , so it seems the accounts Ive got, have the same rules . .Only £500 a day from a NW branch and cheques for over??

"Subject to any additional conditions on your account regarding withdrawing money, you may withdraw up to £500 in cash each day or up to £500,000 by cheque from a Nationwide branch immediately. Larger amounts may be withdrawn by cheque after making an arrangement with any Nationwide branch."

Bit of a pain either transferring the max a day or having to use cheques if they drop the interest rates and you want out!

Or have I been too quick flashing through the loyalty savings acc and missed some tricks ? Oh, and can you take the £500 a day out of a machine not at Nationwide Branch -(providing that machine allows of course) ? Thanks.

planteria

i have the Loyalty account too. currently with only £100 in it, as have available 'space' in my Sant123 account.
but i will probably be using it for larger amounts later in the year, and for me, withdrawing by cheque is no problem.

evenasus

ANGLICANPAT wrote: »

Bit of a pain either transferring the max a day or having to use cheques if they drop the interest rates and you want out!

I opened one at 1.75% last year but didn't notice the £50K maximum, so went over.

I had a Skipton account and yes, the withdrawal limit was higher.

I've just had my 5 year Newcastle bond mature and asked for it to be sent to my current account.
Now I can only send £10K from the proceeds per day to other accounts.

I know it's supposed to be for my protection, but it is a pain, especially at the weekends when transfers don't go until the Monday.

fwor

I've got a Loyalty Saver (because I don't have any "spare" space in my Santander 123 account), and I don't have any problem at all transferring largish amounts in and out.

All I do is go online and transfer between the LS and the Flexaccount. It's done instantly and, if there is a limit, I haven't found it - it's certainly more than £10k.

planteria

good work fwor.
i have the NWFD too. although in fairness when the 5% period runs out i will probably want to sacrifice it for a new deal elsewhere. keeping it just for instant access to my savings account seems a bit of a waste;)

evenasus

fwor wrote: »

I've got a Loyalty Saver (because I don't have any "spare" space in my Santander 123 account), and I don't have any problem at all transferring largish amounts in and out.

All I do is go online and transfer between the LS and the Flexaccount. It's done instantly and, if there is a limit, I haven't found it - it's certainly more than £10k.

Yes, I'd forgotten that about Nationwide. Some time ago, I sent multiples of £10K payments in one day.

http://www.nationwide.co.uk/support/support-articles/important-information/faster-payments#xtab:payment-limits

Multiple payments can be made, if the required amount to be transferred is larger than the Faster Payment individual transaction limits.

The individual transaction limit you can receive via Faster Payments is determined by the sending bank.

* Payments can only be made to existing payees.

** Payments can only be made to people or organisations you have paid before

Nationwide also send faster payments 7 days a week.

ANGLICANPAT

Thanks evenasus and fwor. Hopefully then I also can transfer to my flex account and then out online up to £10k . I appreciate that limits link thanks ,showing the allowances . Cant for the life of me find the information of how much in and out etc, actually amongst the ordinary T/C's of either the flex (not flexplus) OR the loyalty saver . Why cant they have a link to them on the first page of the application forms like some companies do. Would it be so hard to have every detail you need for each account WITHIN its bumph rather than all this 'refer to our website ' stuff .

evenasus

ANGLICANPAT wrote: »

Hopefully then I also can transfer to my flex account and then out online up to £10k.

You can send one payment of £10K then another, then another the same day.

The most I did was 4 x £10K from my Nationwide Flex account in one day.

Some T & C's are there to confuse us.

ANGLICANPAT

Im still waiting on the paperwork for this account, which may explain its workings, but in the meanwhile , Im not understanding very well the way its set out .

When I send an amount to the account from HSBC although it says it doesnt know when the other bank will receive it (so not instant) , it obviously has got there by next day because the total balance that shows top of the statement page is inclusive of it. However, looking further down the statement where it lists transactions , theres no showing of that transaction , so the running total is still the old balance .

Is that the normal way it works for others? The actual transaction not listed straight away (but maybe it might be in a couple of days)

Never accounted this discrepancy before in any of my other accounts between the transaction balance and the balance quoted as what my account actually has in it.

Eco_Miser

ANGLICANPAT wrote: »

it obviously has got there by next day because the total balance that shows top of the statement page is inclusive of it. However, looking further down the statement where it lists transactions , theres no showing of that transaction , so the running total is still the old balance .

Is that the normal way it works for others? The actual transaction not listed straight away (but maybe it might be in a couple of days)

My Yorkshire Bank current account does this when a payment is received on a weekend. The total balance is updated immediately, but the transaction appears on the Monday, dated on the Monday.
(Actually, it's possible to to change a filter to look into the future, and the transaction appears.)

ANGLICANPAT

Ok maybe its not so unusual . This isnt a weekend though. Cant actually see a'pending ' filter at this point on this account