Transferring from Nationwide e-savings to Flex Account

tawse57

The Principality's online accounts have the option you seek - you can transfer funds immediately or you can put in any date you require.

They pay a good online rate so perhaps you should investigate them?

bristolleedsfan

tawse57 wrote: »

The Principality's online accounts have the option you seek - you can transfer funds immediately or you can put in any date you require.

They pay a good online rate so perhaps you should investigate them?

Advantage Of Nationwide Flexi account/E-Saver arrangement is that although it pays a lower rate of interest than most E-saver accounts, funds can be moved from one to another instantly. So in theory every cheque we write we can see when its coming out of our Flexi Account and move funds from the E-Saver to Flexi account at last possible moment which both maximises interest gained and minimises loss of interest.

I opened a Principality E-Saver in April 2007, found you cant do a BACS payment to all Building Societies and even if it could it requires a cheque of nominal value from an account that someone wants to link, which doesnt make it very suitable for funding regular savers.

If anyone has more uptodate positive experiences of Principality E-Saver perhaps they will post them.

pem2

Haha the old MSE cynicism. e-Savings is dependent on FlexAccount to work (for now), so while yes there are advantages for Nationwide for things to work that way there are also disadvantages.[/quote]

What is wrong in being cynical or probably a better word/phrase would be constructive criticism. I am a great fan of Nationwide especially as I have more than the 100% compensation level deposited with them, if one worries about that - they are not perfect but I think one of the best. It also annoys me that you can't future transfer from e to flex but the flex does pay a reasonable rate providing you pay in at least £1000 a month (although I understand if you leave over £3000 in it then the rate decreases) which has caught some people out. I rather like their sign on method where you enter the six digit code and you see what you have typed and then it disappears, but I am not suggesting they are more or less secure then any other bank.

bristolleedsfan

pem2 wrote: »

I have more than the 100% compensation level deposited with them.

Must be losing a fortune in interest ,whichever account (s) you hold as all types of savings accounts have been bettered elsewhere.

RayWolfe

The other downside with Principality is that, although transfers are by DD/DC and are thus free of "in transit", they do take an inordinate time (5 days) to make the transfer.
Nationwide, does not pay as much but is completely flexible.

Slim

"So in theory every cheque we write we can see when its coming out of our Flexi Account and move funds from the E-Saver to Flexi account at last possible moment which both maximises interest gained and minimises loss of interest."

I don't think the above is correct. I have a Flexaccount with a linked esavings account and find timing when cheques will hit the flexaccount so that funds are transferred from esavings very difficult. This is because if the cheque hits the account on the same day as the transfer then Nationwide systems action the cheque transaction before the esavings transfer and take the account overdrawn. In the past this has resulted in them dishonouring and returning the cheque payment. Their account instructions state that the transfer must be made the day before any cheques are presented.

RayWolfe

Correct the fund have to be transferred the day before the cheque ... UNLESS you have an O/D facility to cover the payment.

bristolleedsfan

RayWolfe wrote: »

Correct the fund have to be transferred the day before the cheque ... UNLESS you have an O/D facility to cover the payment.

My O/D is 550.00 Mr Wolfe, I Moved the funds across when i saw that the debits were occurring. ( i do this every month as i post Loughborough Payments second class to arrive at or near start of month )

Before anybody gets i buy stamps unfranked off ebay. Before anybody starts :think: is rubbish rate to be feeding Reg Saver from, Loughborough Reg Saver x 3 feeding funds were held in Leeds loyalty BS account paying 6.45% for majority of the last nine months of 2007, benefit of account has now been extended till end of April 2008 paying 6.20% with instant access, so i merely keep up to one months Loughborough Payments in the NW E-Saver. :cool:

Loughborough pay interest on cheque deposits, working day after receipt. :j

( If Leeds BS Branch would do BACS payments to another BS account i wouldnt have to move it to the E-Saver in the first place. :wall:

04 January 2008

Cheque

£250.00

-£113.70

04 January 2008

Cheque

£250.00

-£363.70

04 January 2008

Cheque

£250.00

-£613.70

04 January 2008

Direct Debit

£1.00

-£614.70

04 January 2008

Transfer from.

£700.00

£85.30

KTF

After speaking to Nationwide after a payment was taken when it shouldnt (which pushed me into the red as I dont have an overdraft) you have to be in the red for a 24 hour period before any charges get applies.

I.e. if you log in on a Tuesday and find that a payment that was taken out overnight has caused you to go into the red, if you transfer money into the account so that it has a positive balance (or within your agreed limit) by close of business on the Tuesday you wont get charged. If you wait till Wednesday morning before sorting it out when you will get charged.

Hungerdunger

KTF wrote: »

After speaking to Nationwide after a payment was taken when it shouldnt (which pushed me into the red as I dont have an overdraft) you have to be in the red for a 24 hour period before any charges get applies.

What about the case of a really large payment? Suppose I had £50,000 in my e-savings account which I was about to invest in another Building Society's Fixed Rate Bond? Wouldn't it cause problems if the cheque for that amount was presented and there were no funds in the Flex account?

If it is OK to do that, then it's a good way of avoiding losing interest while your money is "in transit" from Nationwide to another BS, as long as you can be sure of checking your Flex account every day without fail..