Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 73
    • schiff
    • By schiff 11th Feb 18, 10:08 AM
    • 17,909 Posts
    • 9,281 Thanks
    schiff
    Nationwide
    Nationwide operated the internal standing order from my Flex Account to my regular saver on January 1st. My funds to cover that and other standing orders are transferred to Nationwide nominally on the first of the month but of course only hit the Flex Account on the 2nd. October 1st was also a Sunday and Nationwide operated the SO from the FA to the RS on the 2nd, as one would normally expect. So it's not consistent.

    I've successfully reversed the 5 transaction fee and 10p overdraft that they charged for the day. Apparently as it's my first claim? And they suggest:

    "As your regular Transfer in isn't set up with Nationwide, you will need to get in touch with the bank or building society that it is set up with to see why it wasn't sent on 01/01/2018"

    I've told them why it wasn't sent on the 1st and that's without contacting my bank!
    • Nebulous2
    • By Nebulous2 11th Feb 18, 1:12 PM
    • 1,821 Posts
    • 1,101 Thanks
    Nebulous2
    I had this problem about a year ago; HSBC put so many hoops into the system for you to jump through it's not actually possible to complete the 7 day switch in 7 days from when you first apply, and the way they've done it appears to comply with the 7 day switch guarantee, as the 7 days countdown starts AFTER you've completed x, y and z (x, y & z being time-delaying hoops that HSBC put in your way).
    Originally posted by Jax_in_Witney
    I also missed the time limit for the bonus around a year ago, but was put straight through on the phone to someone who registered it as a complaint and paid the 200 there and then. Good result I thought, instead of waiting a year for the extra 50. I've kept the account to get the regular saver.
    • schiff
    • By schiff 12th Feb 18, 10:58 AM
    • 17,909 Posts
    • 9,281 Thanks
    schiff
    Nationwide operated the internal standing order from my Flex Account to my regular saver on January 1st. My funds to cover that and other standing orders are transferred to Nationwide nominally on the first of the month but of course only hit the Flex Account on the 2nd. October 1st was also a Sunday and Nationwide operated the SO from the FA to the RS on the 2nd, as one would normally expect. So it's not consistent.

    I've successfully reversed the 5 transaction fee and 10p overdraft that they charged for the day. Apparently as it's my first claim? And they suggest:

    "As your regular Transfer in isn't set up with Nationwide, you will need to get in touch with the bank or building society that it is set up with to see why it wasn't sent on 01/01/2018"

    I've told them why it wasn't sent on the 1st and that's without contacting my bank!
    Originally posted by schiff
    I have the answer. It isn't classed as a standing order, but an internal transfer, and the day of the week doesn't matter, it gets done on the first! Needs watching then as Easter falls around the start of April this year!
    • clivep
    • By clivep 12th Feb 18, 12:48 PM
    • 324 Posts
    • 162 Thanks
    clivep
    I have the answer. It isn't classed as a standing order, but an internal transfer, and the day of the week doesn't matter, it gets done on the first! Needs watching then as Easter falls around the start of April this year!
    Originally posted by schiff
    Absolutely correct. I have a regular deposit set up for 1st of month from Flexaccount to Regular Saver. This always gets credited on 1st regardless of whether or not this is at the weekend.

    It's my responsibility to make sure cleared funds are available in the Flexaccount so the SO into it is set up for a few days before the end of the previous month.
    • RMD marcus
    • By RMD marcus 19th Feb 18, 9:04 AM
    • 1 Posts
    • 0 Thanks
    RMD marcus
    Santander 123
    This account still seems very attractive cashbacks can eliminate 5 monthlyfee and 1.5% interest on up to 20000 why has this a/c disappeared from view?
    RMD marcus
    • Steve_xx
    • By Steve_xx 19th Feb 18, 9:14 AM
    • 6,521 Posts
    • 2,725 Thanks
    Steve_xx
    This account still seems very attractive cashbacks can eliminate 5 monthlyfee and 1.5% interest on up to 20000 why has this a/c disappeared from view?
    RMD marcus
    Originally posted by RMD marcus
    It's because it's not quite so attractive as when Santander paid 3% on this account.
    • Kim_13
    • By Kim_13 19th Feb 18, 1:20 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    This account still seems very attractive cashbacks can eliminate 5 monthlyfee and 1.5% interest on up to 20000 why has this a/c disappeared from view?
    RMD marcus
    Originally posted by RMD marcus
    The launch of the Santander 123 Lite account has also had an impact, as it means that the same cashback can be earned for 4 less per month. This account is listed in the accounts best for cashback section of the best bank accounts guide.

    Essentially this means customers are paying 4 per month to be able to earn 1.5% interest - something that can be beaten by other current accounts or Regular Savers.

    The best instant access savings is 1.35%, which would yield around 30 less interest a year on the full 20,000. The 'extra' in account fees is 48.

    That said many Instant Access rates have a time limited bonus, so it does mean moving the money now and again.
    Sealed Pot 11 #520 ~ /100
    VSP 2018 #9 ~ 19.55/180.00
    CCCC 2018 #1 ~ 20.75/180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • ValiantSon
    • By ValiantSon 19th Feb 18, 9:14 PM
    • 1,574 Posts
    • 1,298 Thanks
    ValiantSon
    The launch of the Santander 123 Lite account has also had an impact, as it means that the same cashback can be earned for 4 less per month. This account is listed in the accounts best for cashback section of the best bank accounts guide.

    Essentially this means customers are paying 4 per month to be able to earn 1.5% interest - something that can be beaten by other current accounts or Regular Savers.

    The best instant access savings is 1.35%, which would yield around 30 less interest a year on the full 20,000. The 'extra' in account fees is 48.

    That said many Instant Access rates have a time limited bonus, so it does mean moving the money now and again.
    Originally posted by Kim_13
    None of which explains why the 123 account has been removed from the guide (this is not a criticism of your post). None of the other accounts recommended are right for everyone, so it is an arbitrary decision to remove 123.

    The 123 account still offers a good interest rate on a large balance (better than any easy access savings account, and better than any other current account, when you take into account the size of balance). For many people the cashback covers the account fee (or nearly does).

    Three Bank of Scotland Vantage accounts would equal the interest, but you would need 6 different direct debits to operate them, which for many would not be possible if they also wanted the cashback from the 123 Lite.

    MSE's decision to remove it from the guide is just silly, especially when the guide includes accounts that deliver a lot less, e.g. Tesco, which offers a maximum of 3% AER on 6000 (for those unable to take advantage of joint accounts), which equals 177.60, i.e. only 59.6% of the possible return from Santander (and the Tesco accounts would require 6 direct debits to achieve this).

    It is true that the 123 account was better when the monthly fee was only 2 and it paid 3% interest, but that doesn't mean it is necessarily a poor choice now.
    Last edited by ValiantSon; 19-02-2018 at 9:18 PM.
    • castle96
    • By castle96 20th Feb 18, 1:25 PM
    • 1,661 Posts
    • 281 Thanks
    castle96
    I use my TWO (I know, I know) x 123 to fund all my regular savers. Still a useful place, even if a lower rate now
    • schiff
    • By schiff 20th Feb 18, 1:49 PM
    • 17,909 Posts
    • 9,281 Thanks
    schiff
    I've been with Santander since the Alliance & Leicester days. The cut in the interest rate was a blow as I had the full balance in both. From then on I was into the treadmill of getting the best rates with other accounts and regular savers. The second account was jettisoned and the balance in the main one is now a fraction of what it was.

    But it's an account I have been using for pretty much everything, moving money around everywhere, and I couldn't face changing banks for all the outfits I deal with. Every monthly statement has over 100 entries. The cash-back from my DDs covers the charge.

    I have a sort of affinity with the account and even for a big incentive I wouldn't switch.
    • castle96
    • By castle96 20th Feb 18, 1:52 PM
    • 1,661 Posts
    • 281 Thanks
    castle96
    Schiff, so you had two as well ? Branch told me that just wasn't possible....but hey ho. I use 1 a/c for most things now. An old friend.
    • schiff
    • By schiff 20th Feb 18, 2:02 PM
    • 17,909 Posts
    • 9,281 Thanks
    schiff
    I think the second account was offered if you were deemed to be a Select customer? I forget the detail now.
    • colsten
    • By colsten 20th Feb 18, 4:02 PM
    • 8,976 Posts
    • 7,722 Thanks
    colsten
    Schiff, so you had two as well ? Branch told me that just wasn't possible....but hey ho. I use 1 a/c for most things now. An old friend.
    Originally posted by castle96
    At some stage they had no restrictions to the number of current accounts you could take out with them. I know people with 4 x 123 - nicely below the FSCS limit of 85K if fully loaded. 4 of them is clearly only a sensible option for those who want to keep lots in cash for one reason or another, and who have exhausted all the other accounts that pay better interest.

    It's not been possible for some time to get 4, but to the best of my knowledge, they never asked existing customers to reduce the number of 123s.
    • caseybond
    • By caseybond 4th Mar 18, 1:34 PM
    • 1 Posts
    • 0 Thanks
    caseybond
    Switching Student AC to regular current AC
    Hello! I wondered if it was possible for me to switch my student account (which I do not use) for a regular current account so that I am able to successfully achieve a switch reward? I was hoping to try for Natwest 125. I can ensure that I meet pay-in/DD criteria, it is just whether the status of my existing account as 'student' would cause issues. Thank you for your help.
    • ValiantSon
    • By ValiantSon 4th Mar 18, 2:03 PM
    • 1,574 Posts
    • 1,298 Thanks
    ValiantSon
    Hello! I wondered if it was possible for me to switch my student account (which I do not use) for a regular current account so that I am able to successfully achieve a switch reward? I was hoping to try for Natwest 125. I can ensure that I meet pay-in/DD criteria, it is just whether the status of my existing account as 'student' would cause issues. Thank you for your help.
    Originally posted by caseybond
    I don't know for certain, but I can't see a reason why it wouldn't be possible.

    Unfortunately, however, the NatWest switching offer has now ended, but you could still take advantage of the Halifax offer, which also pays 125 (and is much more straight forward). If successful the 125 would be paid within seven days.
    • Ak92
    • By Ak92 4th Mar 18, 6:21 PM
    • 26 Posts
    • 3 Thanks
    Ak92
    Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first 2500 for 12 months. I currently have 1500.13 in the account. 13p interest. It will take me till end of the month to put another 1000 in the account. Will I still get 5% if the account balance is 2500.13. So including any interest accrued until the end of the month?
    • eskbanker
    • By eskbanker 4th Mar 18, 6:50 PM
    • 6,795 Posts
    • 7,047 Thanks
    eskbanker
    Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first 2500 for 12 months. I currently have 1500.13 in the account. 13p interest. It will take me till end of the month to put another 1000 in the account. Will I still get 5% if the account balance is 2500.13. So including any interest accrued until the end of the month?
    Originally posted by Ak92
    Interest is calculated on a daily basis using the gross rate of 4.89% (which compounds to 5% over the year), i.e. each day you effectively earn balance x 4.89% / 365.

    If the balance exceeds 2,500 on any days then you still earn interest on 2,500, but obviously for any day where the balance is lower than 2,500 then you'll earn less interest on those days.
    • Steve_xx
    • By Steve_xx 4th Mar 18, 6:53 PM
    • 6,521 Posts
    • 2,725 Thanks
    Steve_xx
    Hello this may seem like a stupid question but I'd thought I'd ask anyway. The Flex direct account says it will pay 5% on the first 2500 for 12 months. I currently have 1500.13 in the account. 13p interest. It will take me till end of the month to put another 1000 in the account. Will I still get 5% if the account balance is 2500.13. So including any interest accrued until the end of the month?
    Originally posted by Ak92
    It reads to me like you will not get interest on the 13p once the balance tips over 2500.
    Last edited by Steve_xx; 04-03-2018 at 7:04 PM.
    • Emily Joy
    • By Emily Joy 4th Mar 18, 7:32 PM
    • 77 Posts
    • 31 Thanks
    Emily Joy
    It reads to me like you will not get interest on the 13p once the balance tips over 2500.
    Originally posted by Steve_xx
    Interest is calculated on a daily basis using the gross rate of 4.89% (which compounds to 5% over the year), i.e. each day you effectively earn balance x 4.89% / 365.

    If the balance exceeds 2,500 on any days then you still earn interest on 2,500, but obviously for any day where the balance is lower than 2,500 then you'll earn less interest on those days.
    Originally posted by eskbanker
    The above is wrong. From the Nationwide website:
    You'll earn interest on the first 2,500 of your balance each month but you won't get any interest on any part of your balance over 2,500.

    That is, you don't get any interest on the day when your balance is 2500.13
    Last edited by Emily Joy; 04-03-2018 at 7:36 PM.
    • Curls2208
    • By Curls2208 4th Mar 18, 7:58 PM
    • 42 Posts
    • 22 Thanks
    Curls2208
    Nah it's just the 13p you won't get interest on. You'd still get the interest on the 2,500.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

906Posts Today

6,100Users online

Martin's Twitter