Nationwide Flex Regular Saver 13th payment

2010

Their systems seem c0ck-eyed.
When you open a new flex reg saver it asks where the money is coming from.
If you select issue 8 it asks if you also want to close this account but it then puts the full amount of issue 8 into the new reg saver.
If you select no and put £500 into the new reg saver it all goes through but then you`re left with issue 8 still open and the remainder of the money in it.
You then have to move the money elsewhere and secure message them to close issue 8.
I don`t know what would happen if you chose to close isssue 8 and tried to move the whole amount to the reg saver where you`re only allowed £500 a month.

Elijah_Bailey

changearound wrote: »

I requested mine to be closed via Internet Banking on 3/12. The balance and interest were transferred on 8/12 and the account disappeared from Internet Banking on 9/12.

Although Nationwide haven't exactly covered themselves with glory with the late interest and sub-optimal communication, a maximum 5 day delay is trivial and, to my mind, not worth getting excited about. We had access to our deposit money at all times and the lost interest on the interest was single figures of pennies.

Compensation? For whar exactly?

The FRS is one of the best if not the best regular saver available and I can't imagine too many late interest recipients will be sufficiently traumatized to not open another one.

The issue (for me at least) was Nationwide not adhering to their own terms and conditions and then trying to keep their failure quiet.

If they had been open about this issue and posted it on the website front page or e-mailed their customers with an explanation and apology. I would not have had any issue at all.

Also, if any customer had broken the terms and conditions, the customer would not be given five days leeway to correct their mistake before Nationwide responded. The customer would have been penalized according to the T and C immediately.

Nationwide cannot punish their customers for breaking terms and conditions and expect to be given a free pass when they break them.

littlemissbossy

My account matured on the 2nd, my interest showed up the following day

I decided not to close my Saver 8 account, you never know 0.5% might look good in a few months time...... I'm joking.......I really hope I'm joking :eek:

adindas

littlemissbossy wrote: »

My account matured on the 2nd, my interest showed up the following day

I decided not to close my Saver 8 account, you never know 0.5% might look good in a few months time...... I'm joking.......I really hope I'm joking :eek:

For this you have a better option with Loyalty Saver.
It will be depending with how long have you been banking with NW. You could have up to £50k instant access so it is good for temporary container.

http://www.nationwide.co.uk/products/savings/loyalty-saver/features-and-benefits

Between 1 and 4 years 0.65%
Between 5 and 9 years 0.75%
Between 10 and 14 years 0.85%
15 years or more 0.95%

I got the one with 0.85%.

littlemissbossy

adindas wrote: »

For this you have a better option with Loyalty Saver.
It will be depending with how long have you been banking with NW. You could have up to £50k instant access so it is good for temporary container.

http://www.nationwide.co.uk/products/savings/loyalty-saver/features-and-benefits

Between 1 and 4 years 0.65%
Between 5 and 9 years 0.75%
Between 10 and 14 years 0.85%
15 years or more 0.95%

I got the one with 0.85%.

Thank you for taking the time to post this, I've got the 0.85% one.

oldfella

they seem to have it sorted now. Matured today, transferred the balance out and reopened another RS all in a few minutes.
received an extra £15 interest through opening the account later in the month.

veryintrigued

oldfella wrote: »

received an extra £15 interest through opening the account later in the month.

Can you explain this please?

apt

veryintrigued wrote: »

Can you explain this please?

Open later in the month, make subsequent payments on the 1st of the month. More interest because your money is in the account for longer. However, that may mean your money is not in another account so you gain with one hand and lose with another.

oldfella

open on the 1st, you get £2.12 interest in December first year

open on the 21st, you get £0.68 on 10 days in the first December, and £16.43 on 20 days in the second December.

net gain £15

you can make more by delaying longer but with bank closures over xmas etc its not worth the risk

talexuser

Mine matured yesterday, interest £179.50. Closed it today using the messaging system and intend to open another tomorrow.


Interestingly the message system did not work using Chrome, although all my other internet banking with them works fine. I phoned up to be told they could not close an account over the phone, would have to go to a branch - very inconvenient. However their tech guy said try Internet Explorer, which I did and then the message system worked, so that may be worth bearing in mind.