RIPPED OFF ! Nationwide Flex Account

bridian

HI All
If you are considering opening a Nationwide Flex Account THINK AGAIN !
We opened one March 2006 with about £25000 in it was looking forward to getting 4.25% interest at the year end thats what we were told by the branch manager.
And guess what we got £132.00 an absolute ripp off.

Been down to the branch today and absolutly slated the branch manager and am taking the matter through the complaints department and then most likely to the FSO.
On opening the account he convienently forgot to tell us that the 4.25% was only payable on the first £3000 and that anything over that, the rate was 0.01% how very nice of him. That oversight has cost us the best part of a £1000. And of course the winners were THE NATIONWIDE.

If youve got one of these accounts check it out OURS IS GOING TO BE CLOSED after the complaints procedure of course. We will leave 1p in the account till then.

Hope this saves you some money :mad:
Bridian

djl

this is I won I won I won maybe you should put this in the vent bent and heaven sent section

mancitychick

Does it not point this out in the printed T&C's? I know it did when I opened my account a couple of years back.

kipper_2-2

I've moved to you to the vent board as the I won I won I won board isn't the place for this

DaisyFlower

It would have stated the rates and criteria in the terms and conditions - its not Nationwides fault. The FSO wont get involved if it quite clearly states the terms in the paperwork.

wicknwax

You would have been better off opening the flexaccount and then opening Nationwide's e-savings account

RadoJo

Sounds like you 'Conveniently forgot' to read the Ts and Cs before opening the account. Besides, there are better account for interest rates out there anyway, so if I were you I would move your money and consider it a lesson well learnt!

kenwalker

Let's get real here. Yes the customer should have read the T&Cs but he was clearly mislead by the Nationwide Manager and as a result has a case against them. Clearly no one would knowingly put £25,000 into an account of which £21,000 would earn only 0.1% interest. The fact that he did substantiates the fact that he was mislead in the first place.

DBC_2

wicknwax wrote: »

You would have been better off opening the flexaccount and then opening Nationwide's e-savings account

That is what I have done. I can move any surplus over £3,000 from my Flexi-Account to the E-Savings. I was fully aware of the T&c's when the new interest rate structure was announced a couple of years ago.

setmefree2

I think this stinks and I'm really grateful to the OP for warning us of the Nationwides shoddy practices....I feel really sorry for you. It's awful that we live a world where when you deal with a bank you permanently feel they are out to shaft you:mad:...I hate banks and building societies, at least !!!!!! Turpin wore a mask:p

DBC_2

I find it very strange that all that money was deposited in what is in effect a current account. Even with the fairly high interest offered, it's not the best place to leave £25k.