Nationwide BS


G

Gordon H

Corrected the two double debits the day after they were taken from my
account. I did not occur any charges because I maintain s
sensible float.
<T-I-C> Should I get compensation for not running my account marginally?
 
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S

Simon Finnigan

Gordon H said:
Corrected the two double debits the day after they were taken from my
account. I did not occur any charges because I maintain s sensible float.
<T-I-C> Should I get compensation for not running my account marginally?
Why is it a good thing not to get maximum use of your money? Rather than
leave it in a current account, why not use it to gain interest?
 
G

Gordon H

In message
Why is it a good thing not to get maximum use of your money? Rather than
leave it in a current account, why not use it to gain interest?
<Sigh>
I knew someone would say that. Most of my savings are earning tax
free interest.
I object to compensation being handed out to the feckless.
 
R

Roger Mills

Why is it a good thing not to get maximum use of your money? Rather than
leave it in a current account, why not use it to gain interest?
It isn't! Problem is that there are very few places where you can get a
worthwhile rate of interest on 'spare' money at the same time as being
able to get it back quickly when you need it.

I have more than I should have in my current account, but can't find
anywhere reasonable to put it. I have looked at several of Which?'s
"Best Buy" 'instant access' accounts- only to find that they're nothing
of the sort when you read the small print. When you want to make a
withdrawal, they all seem to use old-fashioned BACS to transfer the
money to your current account - taking several days - rather than using
the almost instant 'faster payments system'. One is even a postal
account - where you have a send a withdrawal by snail-mail before the
BACS transfer even gets started.

The ones which *do* use 'faster payments' mostly limit the number of
withdrawals you can make before the (already lowish) interest rates
nose-dive to a totally derisory rate for a whole year!

Anyone know of a *truly* instant-access account which pays a respectable
rate of interest?
--
Cheers,
Roger
____________
Please reply to Newsgroup. Whilst email address is valid, it is seldom
checked.
 
Y

Yellow

Corrected the two double debits the day after they were taken from my
account. I did not occur any charges because I maintain s
sensible float.
<T-I-C> Should I get compensation for not running my account marginally?
Each to their own, but generally having excess cash in a current account
just a way of running an account in a lazy fashion - let all the bills
be paid and then see how much is left.

The smarter alternative is to know exactly how much the bills are going
to be and to only leave that amount of money in the current account,
putting the rest in an interest earning account.

If the bank makes a mistake and pays a bill twice then of course they
should sort it out and make good on any costs that mistake caused - and
that is regardless of whether the account is run marginally or with an
excess of funds on an average day.

And of course, having an excess of funds does not guarantee that you
will always be covered regardless of what mistake the bank makes, so it
doesn't do to be too cocky. :)
 
Y

Yellow

It isn't! Problem is that there are very few places where you can get a
worthwhile rate of interest on 'spare' money at the same time as being
able to get it back quickly when you need it.
I can currently transfer up to £10,000 within 2 hours between my
Nationwide bank account and my savings account.

Is that not quickly enough for you?

The other option of course is to use a credit card for emergencies which
then leaves you with the window of time you need to transfer the cash
from a savings account to your current account.

I have more than I should have in my current account, but can't find
anywhere reasonable to put it. I have looked at several of Which?'s
"Best Buy" 'instant access' accounts- only to find that they're nothing
of the sort when you read the small print. When you want to make a
withdrawal, they all seem to use old-fashioned BACS to transfer the
money to your current account - taking several days - rather than using
the almost instant 'faster payments system'. One is even a postal
account - where you have a send a withdrawal by snail-mail before the
BACS transfer even gets started.

The ones which *do* use 'faster payments' mostly limit the number of
withdrawals you can make before the (already lowish) interest rates
nose-dive to a totally derisory rate for a whole year!
Then you perhaps need to investigate this a little further because both
the Post Office and Santandar, both with whom I have recent occasion to
be transferring money, do faster payments on their "best buy" instant
access accounts.

Anyone know of a *truly* instant-access account which pays a respectable
rate of interest?
Depends on what you mean by "respectable". From memory, Santandar are
currently offering 3.2% I think.

Moneysupermarket and Martin Lewis's site are your friend if you want to
research this.
 
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G

Gordon H

Yellow said:
I can currently transfer up to £10,000 within 2 hours between my
Nationwide bank account and my savings account.
Moi aussi.
I was miffed when they dropped the new ISA rate from 3.1% though.
Moneysupermarket and Martin Lewis's site are your friend if you want to
research this.
I decided that Martyn Lewis is the best bullshitter I know, and I get
the emails from him. Only rarely does he come up with any offer which
has any interest for me.
I believe he has sold the business and made a packet from it.
 
G

Gordon H

Yellow said:
Each to their own, but generally having excess cash in a current account
just a way of running an account in a lazy fashion - let all the bills
be paid and then see how much is left.
Actually I keep a very close eye on my account(s), using a money program
which I reconcile at least once per week. I found it useful when
my daughter recently married and family were over from America to
attend.
I didn't pay for the wedding, but I enjoyed being able to pay for two
nights hotel for us all, and treat the families to meals etc without
looking at my balance. Yes, I could have used my credit card.
:)
The smarter alternative is to know exactly how much the bills are going
to be and to only leave that amount of money in the current account,
putting the rest in an interest earning account.

If the bank makes a mistake and pays a bill twice then of course they
should sort it out and make good on any costs that mistake caused - and
that is regardless of whether the account is run marginally or with an
excess of funds on an average day.

And of course, having an excess of funds does not guarantee that you
will always be covered regardless of what mistake the bank makes, so it
doesn't do to be too cocky. :)
It has happened three times in over 50 years, but cost me nothing.
On the third occasion it was Nationwide, about 20 years ago, and I went
in to see the manager[1] and suggested (t-i-c) that they introduce the
Crosby Zero Defects system which had been established where I worked.

[1] Even as recently as 1992 managers were still accessible. ;-)
 
Y

Yellow

Moi aussi.
I was miffed when they dropped the new ISA rate from 3.1% though.
Then move your money elsewhere.
I decided that Martyn Lewis is the best bullshitter I know, and I get
the emails from him. Only rarely does he come up with any offer which
has any interest for me.
The money section on the site sorts and lists the offers from banks and
building societies that are out in the marketplace - not quite sure how
that sort of service can be described as "bullshit" but perhaps that
attitude is a clue to why I am able to avail myself of banking services
that you do not seem to believe exist.
I believe he has sold the business and made a packet from it.
You think that taking money advice from such a successful businessman is
a bad idea? Okey dokey.
 
R

Roger Mills

I can currently transfer up to £10,000 within 2 hours between my
Nationwide bank account and my savings account.

Is that not quickly enough for you?
I was talking about transferring it in the other direction - back into a
current account. I can actually get money quickly from my Nationwide
e-Saver-Plus account. *BUT*, if I make more than a handful of
withdrawals within an account year, the interest rate drops to virtually
zero for the whole year.
Then you perhaps need to investigate this a little further because both
the Post Office and Santandar, both with whom I have recent occasion to
be transferring money, do faster payments on their "best buy" instant
access accounts.
When I last looked at the Post Office account, they DID NOT use faster
payments for withdrawals. Don't know about Santander - they've got such
a bad reputation, I hadn't really considered them.
Moneysupermarket and Martin Lewis's site are your friend if you want to
research this.
I'll have a look. I used to get regular newsletters from Martin Lewis'
MoneySavingExpert's site - but they seem to have dried up.

Looking again at the Which? site, Sainsburys Bank seems to have an
account which may fit the bill.
--
Cheers,
Roger
____________
Please reply to Newsgroup. Whilst email address is valid, it is seldom
checked.
 
G

Gordon H

Yellow said:
You think that taking money advice from such a successful businessman is
a bad idea? Okey dokey.
No, I just haven't had any advice from him which was useful to me.
Did you ever read the book entitled "How To Make Easy Money"?

Inside was one page which said "Do what I do". ;-)
 
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Y

Yellow

I was talking about transferring it in the other direction - back into a
current account. I can actually get money quickly from my Nationwide
e-Saver-Plus account. *BUT*, if I make more than a handful of
withdrawals within an account year, the interest rate drops to virtually
zero for the whole year.
I transfered money from my PO savings account to my Nationwide bank
account last week and it was there when I checked the next day. I assume
from that it was transferred using the faster payments system.
 
R

Roger Mills

I transfered money from my PO savings account to my Nationwide bank
account last week and it was there when I checked the next day. I assume
from that it was transferred using the faster payments system.
It probably was. The Post Office have more than one savings account -
some appear to use faster payments, others don't. The Which? Best Buy
account which I was looking at definitely *doesn't*.
--
Cheers,
Roger
____________
Please reply to Newsgroup. Whilst email address is valid, it is seldom
checked.
 
Y

Yellow

It probably was. The Post Office have more than one savings account -
some appear to use faster payments, others don't. The Which? Best Buy
account which I was looking at definitely *doesn't*.
They only do a couple of accounts - an instant access and fixed rate one
- so I'd be surprised at that.
 
T

tim.....

"Gordon H" wrote in message
In message
Why is it a good thing not to get maximum use of your money? Rather than
leave it in a current account, why not use it to gain interest?
<Sigh>
I knew someone would say that. Most of my savings are earning tax
free interest.
I object to compensation being handed out to the feckless.

--------------------------------------------------------------------------------------------

It's not compensation, it's simply a refund of the charges that NW made
because they mistakenly made the account overdrawn when it otherwise
wouldn't have been.

tim
 
R

Roger Mills

says...

They only do a couple of accounts - an instant access and fixed rate one
- so I'd be surprised at that.
Have a look on their website!
--
Cheers,
Roger
____________
Please reply to Newsgroup. Whilst email address is valid, it is seldom
checked.
 
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G

Gordon H

tim..... said:
"Gordon H" wrote in message
In message


<Sigh>
I knew someone would say that. Most of my savings are earning tax
free interest.
I object to compensation being handed out to the feckless.

------------------------------------------------------------------------
--------------------

It's not compensation, it's simply a refund of the charges that NW made
because they mistakenly made the account overdrawn when it otherwise
wouldn't have been.

tim
Point taken.
 

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