Should I switch?

BargainButtons · 28 February 2015 at 11:27PM

Hi everyone

I've decided after 15 years of current account loyalty to the Nationwide it may be time to look at switching to another provider. So why do I feel anxious about doing this? I'd welcome some reassurance that I'm doing the right thing!

My husband and I have 2 current accounts with the Nationwide - one which our salaries are paid into and which we use as our everyday account, and one which is for bills. I need to keep an account with Nationwide because of a loan we have them (had to have a current account to take advantage of a low rate) but I'm thinking of switching the bill account to the Halifax as we'll meet their criteria for the £5 per month reward due to the direct debits.

Does this sound sensible? Am i missing anything?

Many Thanks

xylophone · 28 February 2015 at 11:42PM

Have you already taken advantage of the Nationwide Flexdirect account?

20aday · 28 February 2015 at 11:44PM

BargainButtons wrote: »

Hi everyone

I've decided after 15 years of current account loyalty to the Nationwide it may be time to look at switching to another provider. So why do I feel anxious about doing this? I'd welcome some reassurance that I'm doing the right thing!

My husband and I have 2 current accounts with the Nationwide - one which our salaries are paid into and which we use as our everyday account, and one which is for bills. I need to keep an account with Nationwide because of a loan we have them (had to have a current account to take advantage of a low rate) but I'm thinking of switching the bill account to the Halifax as we'll meet their criteria for the £5 per month reward due to the direct debits.

Does this sound sensible? Am i missing anything?

Many Thanks

I switched from NatWest to Lloyds last year using the 7 day current account service the banks have implemented. Everything was transferred over seamlessly.

Of the two accounts, which one have you held the longest? I'm probably advising you wrongly here but in terms of credit history future potential lenders would view it favourably that you've an account with a decent amount of time that's lapsed.

If the bills account with Nationwide provides with you no benefits then (if I were in your shoes) I'd transfer to the Halifax as not only do you get the £5 monthly reward you also get £125.

BargainButtons · 28 February 2015 at 11:46PM

No, we haven't but I'm thinking of changing one of our 2 accounts (our everyday Flex Account) to the Flex Direct. I'm not sure we will benefit much though as our balance is usually pretty low by the end of the month!

BargainButtons · 28 February 2015 at 11:51PM

20aday wrote: »

I switched from NatWest to Lloyds last year using the 7 day current account service the banks have implemented. Everything was transferred over seamlessly.

Of the two accounts, which one have you held the longest? I'm probably advising you wrongly here but in terms of credit history future potential lenders would view it favourably that you've an account with a decent amount of time that's lapsed.

If the bills account with Nationwide provides with you no benefits then (if I were in your shoes) I'd transfer to the Halifax as not only do you get the £5 monthly reward you also get £125.

We opened both accounts at the same time (i was previously with Halifax and my husband was with Yorkshire Bank).

I can't actually see any benefits of keeping both accounts with Nationwide. I'm good at shopping around for credit cards, insurance, energy suppliers but I've never really thought about changing current account oroviders.

Poppy9 · 28 February 2015 at 11:56PM

We have 3 current account and online bank. Halifax is my favourite not only because I get £5 a month but I love their online banking.

We also have a Nationwide Account Flex direct that pays 5% interest on balance up to £2500. Online is okay

And we have a Lloyds classic. We only keep the Lloyds because I've had it over 32 years and our tenants pay rent into it and I pay for BTL things from it. If things go wrong with Lloyds they are terrible to deal with and their online is dreadful.

20aday · 28 February 2015 at 11:57PM

BargainButtons wrote: »

We opened both accounts at the same time (i was previously with Halifax and my husband was with Yorkshire Bank).

I can't actually see any benefits of keeping both accounts with Nationwide. I'm good at shopping around for credit cards, insurance, energy suppliers but I've never really thought about changing current account oroviders.

A lot of people don't in all fairness. I didn't until my work colleague switched to Lloyds from NatWest and I decided to follow suit.

If you can't see any real benefits from keeping both accounts with Nationwide (assuming your existing loan will be kept at the lower APR, which I imagine it would be) then it won't hurt to vote with your feet.

Savingdad · 1 March 2015 at 12:00AM

I have a flex plus for my salary, I like it for the worldwide travel insurance, phone insurance and breakdown cover however my other flex account will soon be switched to a santadar 123 account, its the one I use for bill so I only transfer enough to cover the out goings each month so interest isn't really an issue but the cash back that's offered will be most welcome.
I don't have a santandar moregage so. I wouldn't benefit from the cash back on that so I opened a Halifax rewards and transfer just enough to pay the morgage and home insurance from that one so I pay in the monthly amount needed and have morgage and insurance direct debits coming out so qualify for the £5 a month.
I know that 3 account but its the best use if my income for rewards and cash back.

BargainButtons · 1 March 2015 at 12:12AM

Those of you who have current accounts with more than one provider - is it easy to transfer money online between accounts? I'm so used to seeing all of my accounts (current, loan, mortgage, savings all with Nationwide) one one page of internet banking and it makes transfers so quick and easy.

BargainButtons · 1 March 2015 at 12:17AM

savingdad wrote: »

I have a flex plus for my salary, I like it for the worldwide travel insurance, phone insurance and breakdown cover however my other flex account will soon be switched to a santadar 123 account, its the one I use for bill so I only transfer enough to cover the out goings each month so interest isn't really an issue but the cash back that's offered will be most welcome.
I don't have a santandar moregage so. I wouldn't benefit from the cash back on that so I opened a Halifax rewards and transfer just enough to pay the morgage and home insurance from that one so I pay in the monthly amount needed and have morgage and insurance direct debits coming out so qualify for the £5 a month.
I know that 3 account but its the best use if my income for rewards and cash back.

We have 2 accounts but I'm wondering if 3 would work better for us - one for bills, one for everyday spending and one for food/fuel. I currently put the latter in with the bill account but if I'm going to switch bills to halifax i think I'd rather just keep it as my fixed dd's and know they are covered without having to check my balance left for food and fuel.

Savingdad · 1 March 2015 at 2:00AM

Bills in general will possibly be worth more in cash back from the santandare 123 account, you get money back on groceries, fuel and water, TV, utilities and phone which is why I'm going to switch there.
Morgage and insurance gets me my £60 from Halifax.

Should I switch?

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