Transferring from Nationwide e-savings to Flex Account

Hungerdunger

Several times over the last year it would have been very useful for me to transfer money from e-savings to Flex (Current) Account for a future date.

For example: you're on holiday from 1st to 14th of the month. You need to transfer a large sum on the 12th to pay a bill, but if you don't have internet access while you're away, or if you just want the peace of mind knowing that the transfer has been put in place, you have to transfer the money before you go away, thus losing interest.

I raised this with Nationwide some time ago and just got a waffly reply, so before I bring it up with them again, is anyone aware of other banks or building Societies with a similar e-savings/Current Account set up, when you can arrange transfers at a future date?

Can anyone suggest any reason why Nationwide would not want to introduce this feature?

gt94sss2

You can definitely do forward dated transfers with HSBC and several other banks.

Even though Nationwide's internet banking service gets a lot of praise from some people here.. I do think it has certain features missing and for others it makes you print out a form and send it to a branch..

Regards
Sunil

CLAPTON

you dont say how often you go away or what size the bills are but for every £100 you pay (say) 14 days early at 5% pa this means you lose 19 pence

Hungerdunger

CLAPTON wrote: »

you dont say how often you go away or what size the bills are but for every £100 you pay (say) 14 days early at 5% pa this means you lose 19 pence

We sold our business last year and as a result had several large payments to make to HMRC for VAT and Tax, one of which we had to pay while we were away.

I appreciate what you say, and hopefully from now on we shouldn't have any more big payments, but it's more a matter of principle - if other institutions offer it, why can't they?
(BTW, you forgot to deduct tax, which would bring it down to 16p!)

RayWolfe

I think you can do a forward transfer if you set up the transaction as a Bill Payment.

lolarentt

RayWolfe wrote: »

I think you can do a forward transfer if you set up the transaction as a Bill Payment.

That wouldn't work as you can't pay bills etc from e a/c, you can only move it across to Flex a/c - which is where we came in!

CLAPTON

I rarely worry about 'principles' when it comes to banking but consider only one's own best interest.

Although it true that other banks do allow this they often have their own disadvantages... so HSBC does indeed allow 'post dated ' transfers but if you move money from their esaver you lose all the interest that month on the entire amount of savings (not just the amount moved).

Similarly Barclays allows this too but the interest rate on their esaver is poor.

Basically you have to look at the whole package and see what suits you best.

RayWolfe

Sorry, I got that completly wrong. Just checked. (red face)

gt94sss2

CLAPTON wrote: »

Although it true that other banks do allow this they often have their own disadvantages... so HSBC does indeed allow 'post dated ' transfers but if you move money from their esaver you lose all the interest that month on the entire amount of savings (not just the amount moved).

I think that was only with the old version of the HSBC Online Saver account but not the current one..

However, the ability to 'forward date' transfers between accounts at the same institution should really be a basic feature of any online banking service - not just between esavings and current accounts.. though in my mind its especially important when due to the account rules with Nationwide you can only transfer funds in/out via one account.

Looking, Cahoot also allows you to forward date transfers between their accounts, while ICICI and IceSave allow you to forward date transfers money to your linked current accounts in the same way (though they are probably with a different institution)

Regards
Sunil

purch

Don't have that trouble with my NatWest online Banking...

You can go at least a month into the future....(personally I'd like to go a month into the past...but that's another matter altogether !!!)

RayWolfe

purch wrote: »

....(personally I'd like to go a month into the past...but that's another matter altogether !!!)

Now you're talking! ;-)