RIPP OFF !! Nationwide Flex Account

Inactive

" RIPP OFF !! Nationwide Flex Account "

The header is OTT in my opinion, the documentation was given to you at the time you opened the account, the info is also on the WebSite, if you couldn't be arsed to read it, you can hardly blame Nationwide, despite what any member of staff may, or may not have implied.

I have several accounts with Nationwide, I have had them for a few years, never had a problem with any of them.

Rafter

There are very few current accounts offering a high rate of interest on large balances.

In fact it is probably not a great idea to encourage customers to keep large balances in a very easy access (debit card, cheque, online transfers, standing orders, direct debits) account in case it gets compromised by a fraudster.

One that does is the Coventry First account, but you don't get a cheque book with it.

As others have said, worth keeping the Nationwide account as your 'holiday' account as it cannot be beaten for use overseas.

R.

bridian

thank you all for your coments and you are correct in saying that yes, it is our fault for not reading as we've already stated. However, what we are actually annoyed about is that the manager sat in front of us and knew what we wanted in an account, knew how much we had and how long we intended to keep it in the account for but didn't advice us of the 3k ruling when we opened the account. If she were to have done so, then we would have obviously invested elsewhere. I'm just pleased we didn't leave the other 30k in there. The thread is incidently for the people who might have been advised in the same manner and have the potential to lose a lot of money.

bridian

Inactive wrote: »

" RIPP OFF !! Nationwide Flex Account "

The header is OTT in my opinion, the documentation was given to you at the time you opened the account, the info is also on the WebSite, if you couldn't be arsed to read it, you can hardly blame Nationwide, despite what any member of staff may, or may not have implied.

I have several accounts with Nationwide, I have had them for a few years, never had a problem with any of them.

This is not a case of not being arsed to read it but a case of showing condfidence and trust in a bank and its manager that is reputable as a norm. These are people that many millions of people place their trust. I'm pleased that you havn't had any problems but I'm sure that there many who have. Thank you however for your time to reply.

lolarentt

wombat42 wrote: »

It is only worthwhile if you use it in conjunction with an Esaver account. Also one good thing about Flexaccount debit cards is that there is no charge for overseas use which is almost unique.

Spot on! ...not forgetting the overseas benefits of a linked Nationwide credit card

Geenie

dolce_vita wrote: »

But the flexaccount is a current account not a savings account so why would you leave 25k in there anyway?

I have had one for nearly 20 years and have found its features and the general service offered by nationwide to be excellent.

Using online banking you could have moved the money directly to e-savings for a rate of 5.5%

Agree dolce vita and if you can leave money untouched for a year then their E Bonds offer even better rates of interest and in my case stop me spending them in rash moments. I find Natiowide excellent for their services and rates of interest. Only ever leave a minimum amount in my Flex as so easy to transfer from e-savings.

dunstonh

If you make a complaint, you are going to be relying purely on their goodwill. Without any evidence it is your word against theirs and they would have issued a brochure outlining the terms. If you paid £25,000 in on the spot, you may have more of case but if you added that later then its going to be harder for you.

RayWolfe

A lesson for everyone.
READ THE TERMS & CONDITIONS.

bristolleedsfan

dolce_vita wrote: »

But the flexaccount is a current account not a savings account so why would you leave 25k in there anyway?

I

"But" nationwides savings rates are never anywhere near the best so y would anyone put 25000 in any of nationwides savings accounts.

bridian

dunstonh wrote: »

If you make a complaint, you are going to be relying purely on their goodwill. Without any evidence it is your word against theirs and they would have issued a brochure outlining the terms. If you paid £25,000 in on the spot, you may have more of case but if you added that later then its going to be harder for you.

thank you so much for your reply. It was paid on the day and time the account was opened and would still be there if I didn't believe in the old saying 'eggs in one basket'. She sat with us and told us what rules and regulations applied to this account.
We weren't told about the e-save link account either. We were blatently misled to accepting this, as we were told that we would get 4%+ on the TOTAL amount and not up to 3k. If we had been told, then common sense dictates that we would have looked for a better deal. I'm not getting at the actual company but at the way that this was handled in our case.