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Ah - they've now managed to get a note up saying there are internet banking problems tonight - the site's virtually ground to a halt.

I remember Icesave doing the same thing in 2008. :ph34r:

Edited by fellow

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They're updating their security log in so you need the little keypad thing you normally just use for money transfers. Could be a roll out issue with that, or just some techincal hitch (but you'd think banks must have the system backed up over several layers of redundancy), or it really is goodbye cashola.

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Just tried it, and it made me call up a number on the blue calculator-like gadget I got sent through the post about a year ago and which has been sitting in a file ever since. Once that ritual was completed (which I have not had to do previously), my account showed up fine.

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OK tonight, though I sometimes worry about Nationwide...

Nationwide have begun to worry me so much that I am moving most of my money out. They appear to have gone from one of the safest BSs to one that now worries me.

My reasoning - new limits on cash withdrawals over the counter, the trifling IRs they give out to savers, messing around with their once excellent flexaccount and introducing charges IIRC.

I personally get the impression that they have a lot of mortgages that will sink below water in a housing crash and the savers are being used to keep the mortgage IRs low. That's just my personal opinion/guess.

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....the ones to really worry about are those offering big IRs to savers ..... :rolleyes:

Post Office savings only with Irish bank guarantee. Little or no premium for extra risk or to reflect the record yields on Irish bonds.

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OK tonight, though I sometimes worry about Nationwide...

Yeah, having your entire customer base on 2.5% mortgages probably isn't helping their cash position. They seem really keen for me to take out another fix with them..

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They've definitely got worse. Downgrading the foreign withdrawals service on the Flexaccount p!ssed me off especially: until last month, I had £38k of savings in a NW cash ISA earning a bit below what I could have got by shopping around. Given the interest they're earning from that, offering me fee-free debit card use abroad is a perk they could have continued, IMO. About six weeks ago I went into the NW branch in York city centre and explained this line of thought to the lady, who replied that she understood my position but that she was unable to offer any flexibility on the T & Cs of my Flexaccount. I then asked her if she could give me any reason why I shouldn't move the ISA to a provider offering a more competitive rate, to which she replied with a well rehearsed 'Well that has to be your decision, Sir.'

All but £1k of the ISA has been moved, as of last week, to a fixed-term bond with Wesleyan Bank. I've left £1k in the NW ISA and the same in the Flexaccount; the former just to annoy them with the administration costs of keeping it open, and the latter as an emergency fund in case the ATM/Debit card for my main current account fails to work for whatever reason. I've now got Fair FX prepaid currency cards in USD and EUR for my trips overseas. I used them for the first time last month and everything worked fine. Their exchange rate is pretty good, and they only charge you for cash withdrawals overseas.

So, by withdrawing a perk that was probably worth £40-50 a year to me overall, NW has just lost £37k of deposits. I only wish that more people could be bothered to take such action in circumstances like these, and then maybe they might revisit the mindset that mortgage borrowers are the only customers that matter to them.

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So, by withdrawing a perk that was probably worth £40-50 a year to me overall, NW has just lost £37k of deposits. I only wish that more people could be bothered to take such action in circumstances like these, and then maybe they might revisit the mindset that mortgage borrowers are the only customers that matter to them.

Same action here (although I have far less savings to move out). Removing the free withdrawal abroad on the debit card has made me move to another bank that at least pays decent interest on some of their saving-accounts. The free withdrawals was their only unique selling point, so very difficult to see why they took this strange action.

Edited by moesasji

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Interviewed on Money Box after the decision was announced, an NW spokesman said that the reason was because a significant number of customers were 'abusing' the Flexaccount by using it simply for the fee-free foreign transaction feature: they'd move however much money they needed for a trip into the Flexaccount, gradually drain it through their debit card while abroad and then leave the account virtually empty until the following year's holiday or whatever. Meanwhile, they had no other business with NW.

I can see the logic in wanting to discourage such customers, but surely they could have done so in a way that preserved the feature for long-term loyal customers? Having you only qualify for free overseas transactions if you deposited at least £1k a month into the Flexaccount, and/or held at least £10k of savings in other NW accounts, and/or paid a mortgage to them of at least £500 a month would have been a fair approach, IMHO. This sort of thing is what the airline loyalty schemes do: I can't understand why, in sharp contrast, banks and other financial service providers seem to actively discourage customer loyalty.

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Interviewed on Money Box after the decision was announced, an NW spokesman said that the reason was because a significant number of customers were 'abusing' the Flexaccount by using it simply for the fee-free foreign transaction feature: they'd move however much money they needed for a trip into the Flexaccount, gradually drain it through their debit card while abroad and then leave the account virtually empty until the following year's holiday or whatever. Meanwhile, they had no other business with NW.

Hmm we travelled the World a few years ago doing this - sorry all :huh:

To be fair though we have now stuck cash in with them as they seem safer than the others though :D

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....About six weeks ago I went into the NW branch in York city centre and explained this line of thought to the lady, who replied that she understood my position but that she was unable to offer any flexibility on the T & Cs of my Flexaccount. I then asked her if she could give me any reason why I shouldn't move the ISA to a provider offering a more competitive rate, to which she replied with a well rehearsed 'Well that has to be your decision, Sir.'....

Could she at least see the irony in that? :lol:

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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