Nationwide Regular Savings (the 'old type account' which has now ended)

butterflymum

*This is concerning the 'old type account' that had an interest date of 31st October and was ended on 1st December by Nationwide*


OK, now that the problems with the 'missing interest' for the recently matured Flex[clusive] Regular Saver (now Flexclusive Saver Issue 8), which some MSE folks had alongside the 'old type' Regular Savings account, seems to be, on the whole, sorted (see thread https://forums.moneysavingexpert.com/discussion/5548965 ), can those who had the 'old type' Regular Savings account please check the following:


a) did the letter you received in October 2016, about the 'old style' Regular Savings account ending and becoming an Instant Access Saver 4, state on the reverse that the Instant Access Saver would be paid annually on 31st December?


b) does the interest box at the bottom of your online account page for this replacement Instant Access Saver 4 account state 31st December 2016, or, like mine, 31st October 2017?


c) does the wording at the following link say that interest on Instant Access Saver accounts is paid annually on 31st December, except Issue 4, which is paid on 30th September, or do my eyes deceive me?


http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/instant-saver-terms-and-conditons

"6. Interest is calculated daily and paid annually on 31 December and on closure, except for Issue 4, where interest is paid annually on 30 September and on closure. Interest for Issue 2 can also be paid monthly on the last day of each calendar month."

d) given that the 'old style' Regular Savings account has now ended and been replaced by the Instant Access Issue 4 (which has different terms and conditions etc), did you expect interest for the 'old' account to be added for the period from 31st October 2016 to 30th November 2016/1st December 2016, before the account then becoming an Instant Access Saver?

david78

a) Yes - reverse seems to be issue 5 T&Cs
b) Yes
c) Yes
d) No

I expected the new account to pay interest at the end of December. I have not reported this because I am sorting out the Flexclusive Regular Saver first. I will probably mention it when they call me to close my complaint. However, I intend to just close the account and will get the interest then.

butterflymum

Forgot to also ask, (e) did anyone have any 'line entry' added in their online account summary/statement page, stating the change from Regular Savings to Instant Access Issue 4 (similar to, for example, the 'account re-designated' wording that appeared on the Flexclusive Regular Saver now Flexclusive Saver Issue 8 account)?




(ps thanks, in advance, to those who take time to add to this thread, it is appreciated.)

ColdIron

I can't remember what the letter said about the Instant Access Saver 4 as I had no intention of keeping any cash there at the low interest rates but my interest box online said 31/10/17 once it had converted

I closed the Instant Access Saver on 1/12 and received £60.69 yesterday, this morning the Instant Access Saver 4 no longer shows online

Hope this helps

david78

(e) No.

The last entry before 1/12/2016 was my payment in for November (I know it was effectively an instant access account, but I kept up the regular payments).

The last entry was my transfer out of most of the money, except £1, on 1/12/2016.

ashteadgirl

What a mess things are. Brought this 31/10/17 interest date up when spoke to them re problems with Flexclusive regular maturity. CS person I spoke to was amazed and apparently first time he had heard of the problem (Monday). Added this to my formal complaint. I had no idea about the online T and C's that Butterflymum quotes as I was just reading the conditions that we were sent in the letter. CS chap went off and talked to 'manager' who cane back and sais that the interest date would be changed to 12/16 - IT error!!! Do they really think they can just keep changing T and C's without letting us know. Wonder what date the interest will appear. Glad not closed complaint because at the moment Nationwide appear to be totally unable to organise a p - - - up in a brewery.

Castle

According to this NW webpage the Instant Access Saver only pays 0.10% not 0.25%:-
http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

It appears that Instant Access Saver 4 has been replaced already.

ColdIron

ashteadgirl wrote: »

Wonder what date the interest will appear.

Why wait? Just close it now and get the balance in a day or two. If for some reason you really want an easy access account with Nationwide you could open a Loyalty Saver

Castle wrote: »

According to this NW webpage the Instant Access Saver only pays 0.10% not 0.25%:-
http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

It appears that Instant Access Saver 4 has been replaced already.

If you check the previous rates page below, the Instant Access Saver Issue 4 rate is shown as 0.25%

http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/view-savings-rates

butterflymum

Did you get any reply to your complaint yet, ashteadgirl? Would be interesting to know what they say about the interest date.

ashteadgirl

CS looking into the situation. Sending copy of account summary theat we received in post stating 31/12 date. T and c link website state September as interest payment!!!!! Obviously a real mess and apparently will definetly be told actual payment date when they have sorted it out!!!!!! CS unaware of discrepency on website t and c's. Think the whole situation is a really unsatisfactory and have stated that cannot keep changing t ans c 's and not inform us. They are aware of the huge problems they have had and agree that should have put more update information on the website.

butterflymum

Yes, I agree, they should have been more pro-active in letting customers know about the problem/s from the start.