Nationwide 5% and 2% regular savers - anyone got both?

veryintrigued

Update from CS.

Even though the systems allow this the T&Cs do not.

I've asked for my 2% RS to be closed.

Thanks for the responses.

adindas

veryintrigued wrote: »

Update from CS.

Even though the systems allow this the T&Cs do not.

I've asked for my 2% RS to be closed.

Thanks for the responses.

I do not know whether this is a good idea or not. What I could say is that :
- They still have some part to play as you apply and they approve it..
- Who is breaking the T&C here is it you or them, it is arguably. They can not penalize themselves for breaking their own T&C.
- The most they could do is to close your account and pay the interest up to that point

I wonder how many people here did read the whole T&C. I myself never read the entirely T&C. I normally just read the summary

YorkshireBoy

adindas wrote: »

I do not know whether this is a good idea or not. What I could say is that :

They still have some part to play as you apply and they approve it
The most they could do is to close your account and pay the interest up to that point ....

What's the least they could do?

mark1959

YorkshireBoy wrote: »

What's the least they could do?

Not pay you any interest at all? :eek:
I've recently opened both the 2% and 5% regular savers and for a few reasons thought that the computer would say no. A main one being I don't pay in anything per month to my flexaccount, but they accepted it.

veryintrigued

They were good enough to pay me the 2% on the account we mutually agreed to close.

I'd much rather that be the only consequence then them closing the 5% or indeed closing other accounts with them.

That's just me though.

Edit - why NW don't close this application loop hole though is beyond me.

johnmoney05

adindas wrote: »

I do not know whether this is a good idea or not. What I could say is that :
- They still have some part to play as you apply and they approve it..
- Who is breaking the T&C here is it you or them, it is arguably. They can not penalize themselves for breaking their own T&C.
- The most they could do is to close your account and pay the interest up to that point

I wonder how many people here did read the whole T&C. I myself never read the entirely T&C. I normally just read the summary

It is not you don't read the T&Cs, you just try to ignore it. Even though the T&Cs had been quoted here many times. Rule is there, some people follow, some try not to. Simple is that!

gizz_mo

YorkshireBoy wrote: »

What's the least they could do?

Up until 1 Dec I had the 2% Regular Savings and the 5% Flex Regular Saver account. When the Regular Savings account matured, i didn't really think anything of it and just logged into my online banking account, opened a new 2% Regular Saver - and it allowed me to do so. I paid in £500 on 7th Dec and again on 1st Jan.

I also received the account pack in the post confirming my account details and saying that the account would pay 2% for a year.

Then yesterday I got a text notification that a credit of £1,000.79 had hit my Flexplus current account. Not knowing what this was, I logged in to see an entry simply marked "Cash credit". So no reference to where it came from and which account.
I realised that the Regular Saver had vanished from my online account.
This morning I called up NW and they explained that you can only have either the Regular saver or the Flex Regular saver, so they had closed the one paying lower interest and moved the money with the accrued interest to my Flexplus account.

I complained about 4 things:
1) why does their system allow it? And then when they send out the paperwork why is there no validation done at that point?
2) Their naming conventions are confusing - Changing from Regular Savings to Regular Saver - most people won't realise the difference
3) Lack of communication with me before they closed the account so that I had to spend 1 hour of my time trying to figure out what has happened and where the money has come from, after initially being alarmed - especially in this era of lots of banking fraud
4) Why the entry into my Flexplus just says "cash credit" and why didn't it at least include the account number it came from - which would have saved me a lot of time and anxiety wondering what was going on.

The long and short of it is they said they are aware of the system issues in allowing the account to be opened, and they have had several complaints so far and are addressing the issues. In the meantime they have offered me £15 compensation for my trouble.

So its worth complaining about it if they just close it without any comms with you.