RIPP OFF !! Nationwide Flex Account

noh

bristolleedsfan wrote: »

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)

I too have a couple of Flexaccounts and esavers.
Like Paul I have not sought advice when opening them, although both were applied for in branch, all details were of course provided in written form which I read prior so no advice /questions required.
On the rare ocassions that I have paid in large cheques over the counter I have been told by the cashier that the Flexaccount is not the best place for that amount of money long term. (Their system prompts them to do this as its a potentential sales oppourtunity)
They do mention the esaver in the current flexaccount brochure but do not promote its advantages.
http://www.nationwide.co.uk/pdf/current_account/current_account_manage_your_money.pdf
It's also mentioned in their general savings brochure page 4
http://www.nationwide.co.uk/pdf/savings/P5904_InstantAccessAccounts.pdf


Nigel

bristolleedsfan

noh wrote: »

IThey do mention the esaver in the current flexaccount brochure but do not promote its advantages.
http://www.nationwide.co.uk/pdf/current_account/current_account_manage_your_money.pdf
It's also mentioned in their general savings brochure page 4
http://www.nationwide.co.uk/pdf/savings/P5904_InstantAccessAccounts.pdf


Nigel

i notice nationwide have been cheeky enough to reduce its flexi account rate by 0.25% despite not having passed on ANY of the previous consecutive base rate increases.

i cant actually see the word "e-saver" mentioned at all in the leaflet. ( i see reference to managing the flexi-account online.)

noh

bristolleedsfan wrote: »

i notice nationwide have been cheeky enough to reduce its flexi account rate by 0.25% despite not having passed on ANY of the previous consecutive base rate increases.

i cant actually see the word "e-saver" mentioned at all in the leaflet. ( i see reference to managing the flexi-account online.)

Top right of page 4 of http://www.nationwide.co.uk/pdf/current_account/current_account_manage_your_money.pdf(page 3 of the brochure)
Under "Added Extras"
"Exclusive access to e-savings our high rate internet savings account."
Nigel

bristolleedsfan

noh wrote: »

"Exclusive access to e-savings our high rate internet savings account."
Nigel

could be rewritten "exclusive access to one of the worst internet account rates on the market " :rotfl:

for onlookers nationwide e-saver rate is 5.55% gross. ( so when people say well we get free transactions abroad, its the nationwide savers who dont go abroad who are paying for that free facility. _pale_ )

to the posters who spring to nationwides defence despite on the whole dour savings rates, this week there will be banks in court, 58 Building Societies wont be there, one will be, Nationwide " proud to be different" :rolleyes:

noh

bristolleedsfan wrote: »

could be rewritten "exclusive access to one of the worst internet account rates on the market " :rotfl:

for onlookers nationwide e-saver rate is 5.55% gross. ( so when people say well we get free transactions abroad, its the nationwide savers who dont go abroad who are paying for that free facility. _pale_ )

to the posters who spring to nationwides defence despite on the whole dour savings rates, this week there will be banks in court, 58 Building Societies wont be there, one will be, Nationwide " proud to be different" :rolleyes:

To be fair there is no compulsion to use the esaver account. I find it useful to keep the "excess" money from my current account transferring it back when bills are due to be paid.
Nationwide is involved in the OFT test case, by agreement, because it is the largest building society and they, together with the banks involved, account for 90% of all personal current account holders.
http://www.oft.gov.uk/news/press/2007/106-07

Nigel

bristolleedsfan

noh wrote: »

To be fair there is no compulsion to use the esaver account. I find it useful to keep the "excess" money from my current account transferring it back when bills are due to be paid.
Nationwide is involved in the OFT test case, by agreement, because it is the largest building society and they, together with the banks involved, account for 90% of all personal current account holders.
http://www.oft.gov.uk/news/press/2007/106-07

Nigel

To be fair, Nationwide is involved in the OFT test case, by agreement because it has a similar unauthorised overdraft charging procedure as the banks. ( albeit makes itself a little cheaper than banks )

http://www.nationwide.co.uk/current_account/charges.htm
http://www.nationwide.co.uk/current_account/rates.htm

noh

bristolleedsfan wrote: »

To be fair, Nationwide is involved in the OFT test case, by agreement because it has a similar unauthorised overdraft charging procedure as the banks. ( albeit makes itself a little cheaper than banks )

http://www.nationwide.co.uk/current_account/charges.htm
http://www.nationwide.co.uk/current_account/rates.htm

As has every other institution that offers a current account.
The seven banks and one building society are all involved by agreement because together they hold 90% of all current accounts.

Nigel

RayWolfe

You'll note that BLF has a bit of a downer on Nationwide. Some of it is legitimate but he tends to get carried away so I wouldn't bother arguing with him if I were you.
It's called bees in bonnets .. but in all other respects he's a great and very helpful contributor here. :-p

MarkyMarkD

I equally well have "a bit of a downer" on Nationwide, but I'm sure nobody would accuse me of favouring the OP over Nationwide here.

RayWolfe

Difficult to ride two horses at the same time, ain't it?
I feel the same about Abbey, whom I loath and detest and will never darken their door again ... however I was recently spotted supporting them in a recent "Rip-off, Scandal, Outrage, Daylight Robbery, Destroyed my life" scenario. ;-)