Nationwide BS

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. Should I get compensation for not running my account marginally?
Reply to
Gordon H
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?
Reply to
Simon Finnigan
In message , Simon Finnigan writes
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.
Reply to
Gordon H
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?
Reply to
Roger Mills
In article , Gordon snipped-for-privacy@g3snx.demon.co.uk.invalid says...
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. :-)
Reply to
Yellow
In article , snipped-for-privacy@gmail.com says...
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.
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.
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.
Reply to
Yellow
In message , Yellow writes
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. :)
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. ;-)
Reply to
Gordon H
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.
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.
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.
Reply to
Roger Mills
In message , Yellow writes
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". ;-)
Reply to
Gordon H
In article , snipped-for-privacy@gmail.com says...
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.
Reply to
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*.
Reply to
Roger Mills
In article , snipped-for-privacy@gmail.com says...
They only do a couple of accounts - an instant access and fixed rate one - so I'd be surprised at that.
Reply to
Yellow

In message , Simon Finnigan writes
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.
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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
Reply to
tim.....

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