Nationwide Current Account / Santander 123 Account / Santander 123 Credit Card

jondavis30

Santander 123 Account is open 2 days after applying

Nationwide Current Account - still not open - still no paperwork, but has been accepted.

In my experience - Nationwide are very slow at opening accounts, and sending stuff out to you.

HSBC and Santander opened accounts very quickly.

It's only because the Nationwide account bears 5% in credit interest that I'm still pursuing the application.

I also ticked the box to apply for a Santander 123 Credit Card at the same time (for the cashback options) - but they haven't contacted me either, unless they plan on contacting me via post.

anoncol

Nice story.

Ed-1

jondavis30 wrote: »

Santander 123 Account is open 2 days after applying

Nationwide Current Account - still not open - still no paperwork, but has been accepted.

In my experience - Nationwide are very slow at opening accounts, and sending stuff out to you.

HSBC and Santander opened accounts very quickly.

It's only because the Nationwide account bears 5% in credit interest that I'm still pursuing the application.

I also ticked the box to apply for a Santander 123 Credit Card at the same time (for the cashback options) - but they haven't contacted me either, unless they plan on contacting me via post.

When did you apply for the Nationwide (online?)

EssexExile

I applied for another Nationwide savings account a while back. It's appeared on my internet banking home page, I've got a card & a pin so I assume I have an account. Shame they haven't let me know.

jondavis30

Ed-1 wrote: »

When did you apply for the Nationwide (online?)

About 1 week ago. Phoned them a few days ago, they're sending documentation out to me (dunno why as I already have a save to buy ISA with them)

Kendall80

Just opened a NWide joint account. It must've taken nearly three weeks with much of the delay appearing to be postal related.

jondavis30

I've just opened a Club Lloyds Also (for the 4% on balances over £4k). Decided to round robin my income in the following way

Nationwide - Santander £1295

Santander - Lloyds £1212

Lloyds - HSBC £986

HSBC - Nationwide £936

Nationwide to Lloyds - £288

Lloyds -Nationwide - £288

This is to meet the minimum pay in requirements for each of the accounts. I can set up 2 x DD's on each of the accounts, 2 of them being for credit cards - which I pay full balance each month and only put petrol on and have used them for purposes of keeping current accounts running.

My only issue is that by sending money around in a circle like this - could it be viewed as Fraud ? I used to work in fraud prevention and detection and we used to look at people who pay money into accounts then out again in the fasion I am doing and stop the account while it was investigated / looked into.

I assume that the £1500 credit amount required for club lloyds doesn't matter if it's money that's recycled in the fasion I have suggested ?

I have a float of around £2500 but obviously I don't need to send that amount around and would rather 'ignore' this amount.

jondavis30

Kendall80 wrote: »

Just opened a NWide joint account. It must've taken nearly three weeks with much of the delay appearing to be postal related.

Not sure why they need to post things out to me. My Lloyds account is open after just applying and my Santander account is already open 3 days after applying and I have the PIN number for the card.

System

My FlexAccount application took 1 week to appear online even though it said i had been accepted instantly.

My FlexDirect appeared to be the same but it appeared overnight.

The cards etc took about 5 days from the point the account appeared.

I did ask in branch, about the delay on the FlexAccount, but the cashier denied that an account would be setup overnight and it always took about a week. I just said OK

Archi_Bald

jondavis30 wrote: »

My only issue is that by sending money around in a circle like this - could it be viewed as Fraud ? I used to work in fraud prevention and detection and we used to look at people who pay money into accounts then out again in the fasion I am doing and stop the account while it was investigated / looked into.

Nobody has as yet reported that they had their accounts frozen, and many people here have had multiple accounts for years. Moving this sort of money between your own bank accounts isn't fraud, and not even the meanest bank could possibly describe it as that.

jondavis30

I am planning on setting up the round - robin payments all on the same day so the accounts are all settled with the correct balances for bill payments in 1 day and I can then track what money I have and I don't have / can save.

I am wondering - how does anyone else do this ? Anyone ever encountered any issues with requesting payments in / out on the same day and funds not being credited in time for the payment to go back out ? I know most banks have a grace period of until 3pm to get the funds into the account so they can honor the payment.

The accounts I have are:

HSBC Lloyds Santander 123 and Nationwide.

I don't want to set all the payments for the same day if they're all going to fail haha!