Nationwide are a bit crafty.

nilrem_2

So I have a 3yr fixed rate savings account maturing with them and the new account they offer pays rubbish interest so I decide to move it elsewhere. unlike other institutions they won't allow me to use bank transfer unless I have an easy access account with them which I don't have.

So the cheque arrives on the 5th 2 days after the account matures, naturally it's Friday afternoon so the earliest I can pay it into my Natwest current account is Sat am which involves a 12 mile drive there and back to the nearest branch.
Checked just now and the amount is still not showing in my account and it will probably be getting on for next Friday before I can reinvest the money elsewhere.

Personally I feel they won't allow me to do a direct transfer so they can make use of my money for a few extra days.

cheexy

Considering that Nationwide have proper banking facilities which allow you to transfer money online unlike smaller building societies, I wonder why they had to issue a cheque. Do you have a current account with them?

nilrem_2

cheexy wrote: »

Considering that Nationwide have proper banking facilities which allow you to transfer money online unlike smaller building societies, I wonder why they had to issue a cheque. Do you have a current account with them?

Thanks for replying.

No I only have Isa's and a fixed rate account with them.

nilrem_2

Obviously I could open an account with them to transfer money but because their interest rates are poor I am moving away from them and don't want yet another account. I already have to many accounts!

cheexy

nilrem wrote: »

Thanks for replying.

No I only have Isa's and a fixed rate account with them.

Ah... I guess that's why then cos I don't think you can do an external transfer from the isa. I have one with them and I can only transfer from my isa to my current account. They do have a flexdirect current account which pays 5% on a maximum of £2500 but I suspect this would not suit you. There are definitely more creative ways of getting better rates if you are prepared to open a number of "high interest" paying current accounts so I understand your closing the account as the rate is not competitive enough.

Archi_Bald

It is very common that you either need a "linked" account to get money out of a savings account, or can only withdraw by cheque or over the counter.

No sympathy from me as you had 3 years to set up a FlexAccount to use as your linked account. "I don't want any more accounts" sounds like an excuse.

nilrem_2

Archi_Bald wrote: »

No sympathy from me as you had 3 years to set up a FlexAccount to use as your linked account. "I don't want any more accounts" sounds like an excuse.

I did not post this thread to ask for sympathy and it's the last thing I would expect from you anyway from reading your previous responses to people!

FYI I did not realise I Needed to open another account until I had notice of maturity 2 weeks ago! Furthermore 3 yrs ago when I opened the account I had no inkling that I needed another account to get my money out.

I just feel that they would should allow transfers to another current account they accept money in that way, I am suggesting that they do it this way to hang on to my money for longer.

Archi_Bald

nilrem wrote: »

Furthermore 3 yrs ago when I opened the account I had no inkling that I needed another account to get my money out.

You could have read the T&Cs 3 years ago. They exist to address all aspects of the account.

nilrem wrote: »

I did not realise I Needed to open another account until I had notice of maturity 2 weeks ago!

It is easily possible to open a Nationwide current account from scratch within a couple of weeks.

nilrem wrote: »

I did not post this thread to ask for sympathy and it's the last thing I would expect from you anyway

I have a lot of sympathy for people who suffer a loss due to no fault of their own.

Milarky

Nothwithstanding the 'caveat emptor' replies here, couldn't the 'maturity instructions' from Nationwide have very easily included the option of a nominated current account as one of the options? I get the impression from Nationwide their 'bonds' are marketed through branches but still administered by the Swindon catacombs. Presumably they centralised early and have not moved foward to faster payment settlement.

Whenever people object to difficulties having cheques accepted they tend to be patronised by the usual insiders at the BBA/BSA who say cheques are hardly used by anyone these days (except their own members, it seems)

jimjames

nilrem wrote: »

Obviously I could open an account with them to transfer money but because their interest rates are poor I am moving away from them and don't want yet another account. I already have to many accounts!

I'm not sure 5% is poor but that's just my opinion.

It's really easy to setup a new account from within their internet banking and could have been done really quickly but I guess that's hindsight now.

Having lots of accounts is unfortunately the only way to get a good return at the moment, if that's too much hassle then you'll be stuck with the ISA returns on offer.

Ifts

I had a 3 year fix mature with Yorkshire Bank last month, at the time of opening it YB told me I will have to open another easy access account with them to have the maturing funds transfered into it to be able to move them out, but at the time of opening they did say they were hoping to have another way to return maturing funds back to the customer by the time the 3 year fix matured.

Milarky wrote: »

, couldn't the 'maturity instructions' from Nationwide have very easily included the option of a nominated current account as one of the options?

Exactly what Yorkshire Bank managed to do, I received the maturity instructions letter by post about a month prior to my 3 year fix maturing and it included the option of a nominated account as one of the options - certainly made things easier.

In my case the funds were returned to me in one go via faster payment and landed in my nominated account by the next day following the maturity date.