Nationwide are a bit crafty.

nilrem_2

jimjames wrote: »

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

Sorry to be thick but where do you get the 5% from? The best rate offered to me was 2.10% less 20% tax this was for a 4 year fixed rate bond. If I could get 5% on a fixed rate bond I would happily invest for 5 years!

PeacefulWaters

nilrem wrote: »

Sorry to be thick but where do you get the 5% from? The best rate offered to me was 2.10% less 20% tax this was for a 4 year fixed rate bond. If I could get 5% on a fixed rate bond I would happily invest for 5 years!

It was a reference to one of their current accounts.

Victors_Bruvver

Yes we can all be smug and clever at telling us we should be reading through the T&C's before signing up but when it comes to the setting up a 'Savings Watch' alert with Nationwide would you believe that you have to read and double check those T&Cs before you ticked the box? All I was requesting was either a text or email each time the product I had with them was about to change or new one with a better rate.

For years I have worked I have succeeded both in branch & online in stopping them, and others, sending me unwanted mailings on house or car insurance etc. So when an email from Nationwide arrived last week I asked them why it was sent to me. The answer was in the Savings Watch T&C’s I had ticked the box and signed away my long standing “no thanks I do want any marketing communications”, silly old me.

I am of an age where I should have known better but this in is in effect a sort of coercion from a mutual company that it says is run for the benefit of its members and is now using tactics somewhat like that of those of multinational banks employ. And anyway, what of this sentence from them stating “Rest assure we will only let you know about things that we believe will of interest to you”. It’s a savings account I have with them so why do they think I require a loan?

le_loup

Yea a dreadful organisation. So why don't you bank with RBS?

Victors_Bruvver

le_loup wrote: »

Yea a dreadful organisation. So why don't you bank with RBS?

Thanks, I think I will.

Is there a branch near you?

verybigchris

While I can understand your frustration...

nilrem wrote: »

...the cheque arrives on the 5th 2 days after the account matures...

...that's incredibly quick service. I've had cheques from maturing accounts/investments before and I've they usually take about a fortnight to arrive. 2 days must be some kind of record!

Mr_K

Have to agree with the OP, Nationwide are indeed very crafty with their savings accounts. I've had a redundant savings account with them for many years, and found their Loyalty Saver with would pay 1.5%. So transferred my small amount to this with the intention of adding a lot more. Not going to bother now, their so called instant access accounts aren't instant access. There is no way to electronically withdraw unless its to another Nationwide account !

The only way to transfer out is to open a current account - ridiculous to have to do this if all you have is a savings account - pointless debit cards and monthly statements for an account you don't use. I'm aware many savings accounts ask you to have a linked account to withdraw to but never with the restriction that it has to be with the same institution. NW don't make this clear at all on opening the account; hiding it away in the t&c's isn't what I'd expect from a mutual society, maybe from a bank which is what NW are now in all but name.

jimjames

Except the "pointless" Nationwide account pays 5% interest which is way more than any savings so would actually benefit you having it

Gromitt

nilrem wrote: »

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.

I had the same problem last year, but instead of asking for a cheque, I opened a FlexDirect account and dropped £2,500 into that (getting 5%) and then I drip-feed £1000 per month into their regular saver (2.5%). Account was opened within a few hours, and the money was transferred into the FlexDirect instantly, then to another account within about 10 seconds.

Obviously if you ask for a cheque then it's going to take far longer, and they can't really be responsible for you receiving the cheque on a Friday afternoon! They just followed your instructions.