RIPP OFF !! Nationwide Flex Account

dunstonh

bristolleedsfan wrote: »

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

For the same reason someone goes into a bank or building society to get advice... they know no better. The Op appears to realise that now but the banks sell duff products and give limited advice out every day by the bucketload.

bridian

bristolleedsfan wrote: »

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

because theres a lot more in the other higher savings accounts. All my eggs are not in one basket thankfully

libra10

We use the Nationwide flex account, transferring between other accounts, paying bills etc. However, I would not have believed that amounts of balance higher than £3000 would receive a much reduced interest rate. This isn't usually the way savings tiers work. As you hit higher amounts interest usually increases. That is what one expects and it does with other accounts we hold.

Granted, he should have read the T & C (we are sometimes guilty of not doing this, along with many others). The writing is miniscule, the terminology usually full of jargon, by the time you reach the end of a sentence you have lost the will to live!

We have never experienced any problems with Nationwide, but customers should be able to enjoy a complete sense of trust, especially when dealing the the bank manager. I think Nationwide have let this customer down and should recompence him as a gesture of goodwill.

MattB_4

I personally don't think Nationwide owes you anything. However, I think you stand a reasonable chance of seeing some sort of goodwill payment. Maybe even the whole amount. Your intentions were clearly to put the money into a proper savings accounts after all. Going crazy in a branch or on the phone to people won't help your case though.

catz1ct

RayWolfe wrote: »

A lesson for everyone.
READ THE TERMS & CONDITIONS.

But people never will so there will always be complaints like this.

miaxmia

DawnW wrote: »

Perhaps the manager simply didn't think that anyone would leave 25K in a current account? Having said this, when I have had over the threshold amount in my current account, for example when I am moving money around, someone at my bank usually asks pretty promptly if I want advice about investment or savings products etc.

To some extent I agree with your comment "perhaps the manager simply didn't think that anyone would leave 25K in a current account" but would anyone open a "current account" with 25K if they had realised that this flex account was indeed just a current account - I would have thought the manager would have looked at options for the money at the same time, therefore I can see why this person feels misled.

Pendle_Gazza

It's not necessarily the soundest advice, but I always like to find savings accounts which pay their interest monthly. It cuts a few options out of course, but I like to see what's going on in them on a more frequent basis.

RayWolfe

Except that the account in question was not, is not, and never has been a savings account.
I'm sure the OP has now learned the difference between savings accounts and current accounts.

MarkyMarkD

bridian wrote: »

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.

No, it is a case of putting trust in a bank (sic: building society, actually) and its manager and not being arsed to read the literature provided.

Why do people have this ludicrous idea that bank (or building society) staff should be 100% perfect in their description of their products, and fail to read the literature as a consequence? They are sales people, exactly like the person in Curry's trying to sell you an extended warranty.

PBA

This isn't the first time an advisor has sold a current account when a savings account should have been sold, and it won't be the last. Yes it's your word against theirs, but Nationwide have been making £££s out of you by paying you 0.1% on £22k. I'd suggest working out exactly how much interest you would have received if you'd been paid the full rate on the full balance, and demand that amount in your initial complaint letter.