RIPP OFF !! Nationwide Flex Account

jinkssick

Sorry, your stupid for not reading the T&C's. Yes you were told one thing but you had 25k in there, its not like it was 1k to think, okay, I cant be asked to read the T&C's

25k at 4% when the highest is 6.41%??? Come on you must be pulling our legs. Seriously.

This card is magnificent. Its stupid to slate it.

IvanOpinion

bridian wrote: »

For the same reason that people have this ludicrous idea that I have to be a perfectionist in doing my job which is saving lives ...

bridian wrote:

Isn't it unlucky that we're not all perfect. If I was then I'm sure I'd be a bank manager

Er, a litle off topic, but by any chance could you warn tell me where abouts you save lives so that i will know not to get into difficulties in that region

ivan

shokadelika

"For the same reason that people have this ludicrous idea that I have to be a perfectionist in doing my job which is saving lives ..."

IvanOpinion wrote: »

Er, a litle off topic, but by any chance could you warn tell me where abouts you save lives so that i will know not to get into difficulties in that region

ivan

Yes exactly "Im a perfectionist" excuse me while I read the T&C's on how to save your current account erm sorry life!:rotfl:

thebeak

When interest is paid monthly this would be more likely to alert you to how much interest you are making from the account. Reading the Flex Account terms interest is credited on the 31st December.

I think this highlights a good point, people are often complacent with their accounts, so it really does pay to check up before pay day, maybe even ask for a projected calculation from your provider to save you having to setup a spreadsheet.

It will be interesting to see how the Op gets on with the complaint and if it has to be referred to the Financial Ombudsman. I think all accounts will be pretty well covered with the fact that when you sign for the account it says that signing "Declares that you have read and agree to the Terms and Conditions contained within" or something to that effect. Also it will be down to you to actually prove the advice you were given, I wouldn't imagine it would be documented as it was verbal. Good post though - title a bit over the top.

labp04

If you scream in the forest will anyone hear you? :eek:

Now just remind me:

excellent account at home and abroad :j

linked savings for those who choose to use it amongst the most consistently high interest rates over 18mts and 3 years :j

Martin's mantra: A businesses job is to make money ours is to stop em :money:

Heck, what a hard lesson!

MarkyMarkD

It depends what you ask for, Paul.

As the OP appears to have had some very strange requirements for this account, it's quite possible they said "I want to deposit £25k; I don't really care that the interest rate is far worse than I can get elsewhere; I really want to have instant access via a cheque book because for some mystery reason an instant transfer to another account won't cut it for me".

In which case, the Flex Account would have been the correct advice.

But honestly, I don't think anyone's disputing that the OP doesn't appear to have been given particularly good advice - unless, possibly, they didn't listen when the linked account arrangement was explained, in the same way that they didn't ask for documentation on the account's interest rates or read any of the terms and conditions.

noh

Paul_Varjak wrote: »

MarkyMarkD:

The only 'strange requirements' I see are the ones you have imagined in your own head!

As for the the 4.25% rate when the account was opened in March 2006, I think you will find that was a pretty good rate for savings account at the time - just 0.25% below BOE base rate.

The account was opened in March 2007 (the original date of 2006 was a typo) 4.25% was low for a savings account.
We do not know what was really said by either party. The situation has come about because the OP failed to read and understand the terms of the account, which would have been given to them when they signed up in addition they would have a copy for their own records. The T+Cs are also easily found on the web site.

Nigel

bristolleedsfan

Paul_Varjak wrote: »

One thing seems to have been missed in this whole argument.

Anyone opening a current account with a bank/building society should be told of other products that institution provides; I am not sure if it's a matter of compliance, just one of following the marketing procedures of the institution.

It does seem surprising the manager did not mention (apparently) a linked savings product especially if the OP made it clear how much they were going to deposit. It would seem to suggest to me a lack of product understanding by the manager.

BTW I am a mystery shopper who visits banks/building societies in the course of my job and whenever I enquire about opening a current account I ALWAYS have to assess whether I am offered other products too - particularly linked savings accounts! In my experience I have found that managers often have have less product knowlege than their staff!

in my experience Nationwide doesnt encourage people to hold funds in its e-saver and move it across to flexi account when it is required. ( its happy for people to keep money in its flexi account at a lower rate of interest)

was only during March 2007 i had a conversation with Nationwide Swindon within which i mentioned the apparent low rate of interest on its flexi account when compared with its competitors, at no time was the word e-saver mentioned to me, in fact when i opened the flexi account nobody mentioned about the advantage of keeping funds in the e-saver and moving it across to flexi account when it was needed.

i only discovered about the relationship nationwides e-saver can have with its flexi account when their was a posting on here regarding no interest rate increases having passed on to the flexi account and someone posted about keeping money in the e-saver and moving it across as and when it was needed.

( from memory flexi accounts are opened by Nationwide Head Office so branch input would be limited)

YorkshireBoy

Paul_Varjak wrote: »

The BOE Base rate in March 2007 was the same as it was in March 2006 (4.5%).

The BOE base rate in March 2007 was, in fact, 5.25%...

http://www.bankofengland.co.uk/monetarypolicy/decisions/decisions07.htm

Paul_Varjak

YorkshireBoy wrote: »

The BOE base rate in March 2007 was, in fact, 5.25%...

http://www.bankofengland.co.uk/monetarypolicy/decisions/decisions07.htm

Point accepted!