Nationwide Mysave 2SetsOf ID now half rate down from 1.0% to 0.5%

kookai9

Nationwide the people's society that make you have 2 sets of memorable information & usernames are now reducing the Mysave down a half rate down from 1.0% to 0.5% measly savings.
People have enough id's already with all the companies online & seperate passwords ,I ,myself a not very active online user have I'd say close to a hundred & Nationwide want you to have another id specifically or code when you phone up ,I have no idea what mine is ,can't keep up with so many , all for rubbish rates ,it must be at the stage where its better to stop all the hassle & just keep it under the proverbial bed .

Rodders53

Or just move it all to an account that does pay better?

Reminds me I must close my My Save account with £1 in it .... if only I could remember the password etc.,. for it...

beefturnmail

Rodders53 wrote: »

Or just move it all to an account that does pay better?

Reminds me I must close my My Save account with £1 in it .... if only I could remember the password etc.,. for it...

Good luck doing this- I am in the same boat - £1 in there, wanted to close to tidy up, but can't remember password and the 'linked' account to the My Save account is now also shut.

Impossible to resolve this over the phone or by contacting them through internet banking, despite me being able to give them any single detail they care to ask for the multitude of normal accounts I have (current, savings, mortgage).

Only option is to go into branch to prove I am who I say I am and then get them to reset my linked account through the post, and then request closure with the £1 paid to the new linked account.

They were willling to lend me £000's in a mortgage without seeing me (as I already had a curernt account) but now they want me to prove ID to get access to £1?

Madness and clearly not worth a special trip, although I will try to remember the next time I have to pay in a cheque (rare).

bowlhead99

At the end of the day, if you deliberately chose to leave a pound in an account - to perhaps benefit from future rate rises when you might want to dive back into the account later, or perhaps to avoid an exit penalty when you emptied the account at the 'wrong' time of the month - then you bear the consequences of that.

I know it's trendy to bash the banks and building societies, but if you reckon it's a good idea to have a pound that you have to at some point "go back for", bearing in mind you might forget your logins and the Mysave products aren't part of the mainstream online banking stuff - then good luck to you!

You're right, it's a complete pain to have to go to a branch, get ID reset letters through the post and change linked current accounts to one you actually kept open. The process will cost them more than a pound and it will cost you more than a pound if you value your time sensibly. I guess there's a lesson in there for you about not leaving token immaterial amounts of money in accounts and having to go back for them later

beefturnmail

I'm not trendily 'bashing the banks' (building society in this case). The situation is clearly ridiculous. What is the point in Nationwide insisting on two sets of ID - what is it achieving other than following some arcane process? It's a classic case of bureaucracy gone mad

bowlhead99

Well, they have two separate and disparate systems; the mysave stuff has always been on a distinctly separate login. If you like, they could spend £0000s integrating those systems, which might help out people like you who don't want to remember two passwords; it would just mean that they have fewer pounds available to pay out to their members as savings interest, or perhaps they could just charge their members more for mortgages, loans and credit cards, while laying off some of their customer service staff and closing more branches.

An advantage of spending a lot of money to integrate their systems would be that customers who stupidly left £1 unattended in a savings scheme, forgot their login credentials and closed their linked bank accounts, would have an easier job taking their pound back and leaving them for good. I am not sure that they particularly want that set of customers anyway - you know, the customer types who moan about everything being bureaucracy gone mad because they don't want to follow the protocols they signed up to, to prove who they are when they keep losing their identifying information.:)

droopsnoot

I've got a Mysave account, I don't think I have any trouble logging in to it, but then I do tend to keep a note of how to access accounts when I put money in them. I'll have to dig it out, though, because I've opened a Loyalty Saver that it needs to be transferred in to.

I have always thought it's a bit daft to have a separate login for the Mysave account, but not enough to cause anguish. I'm not even sure why it was done - it can't be an arcane process because the Mysave account (as far as I recall) was introduced much later than their normal online banking. I understand btms point above, though, having recently had a spat with the Halifax when I had the audacity to want some money out despite not having a current passport.

le_loup

It was done because Mysave is not a Nationwide product. Nationwide are acting as a conduit.

beefturnmail

bowlhead99 wrote: »

Well, they have two separate and disparate systems; the mysave stuff has always been on a distinctly separate login. If you like, they could spend £0000s integrating those systems, which might help out people like you who don't want to remember two passwords; it would just mean that they have fewer pounds available to pay out to their members as savings interest, or perhaps they could just charge their members more for mortgages, loans and credit cards, while laying off some of their customer service staff and closing more branches.

An advantage of spending a lot of money to integrate their systems would be that customers who stupidly left £1 unattended in a savings scheme, forgot their login credentials and closed their linked bank accounts, would have an easier job taking their pound back and leaving them for good. I am not sure that they particularly want that set of customers anyway - you know, the customer types who moan about everything being bureaucracy gone mad because they don't want to follow the protocols they signed up to, to prove who they are when they keep losing their identifying information.:)

Wow - you sound like a really nice, non-judgemental person. I hope you're on the jury if I'm ever accused of a crime I didn't commit. Oh look I can use smileys too :rotfl:

kookai9

bowlhead99 wrote: »

Well, they have two separate and disparate systems; the mysave stuff has always been on a distinctly separate login. If you like, they could spend £0000s integrating those systems, which might help out people like you who don't want to remember two passwords; it would just mean that they have fewer pounds available to pay out to their members as savings interest, or perhaps they could just charge their members more for mortgages, loans and credit cards, while laying off some of their customer service staff and closing more branches.

An advantage of spending a lot of money to integrate their systems would be that customers who stupidly left £1 unattended in a savings scheme, forgot their login credentials and closed their linked bank accounts, would have an easier job taking their pound back and leaving them for good. I am not sure that they particularly want that set of customers anyway - you know, the customer types who moan about everything being bureaucracy gone mad because they don't want to follow the protocols they signed up to, to prove who they are when they keep losing their identifying information.:)

Mysave started 4-5 years ago & they have introduced new saving products , ie Flexdirect since that under Nationwide orginal Log in details , which is what seems to me , if they wanted to save money & frustration for customers ringing constantly for pass & username reminders .Customer service costs a lot money & is an aggrevation for both parties , a lose ,lose situation.

moneyfoolish

What is "Mysave"?