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    • another casualty
    • By another casualty 2nd Dec 17, 11:18 AM
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    another casualty
    Thinking of opening an additional bank Acct. Probably first direct..
    • #1
    • 2nd Dec 17, 11:18 AM
    Thinking of opening an additional bank Acct. Probably first direct.. 2nd Dec 17 at 11:18 AM
    Howdy !

    I have a current account and savings acct with nationwide , plus £5k in a cash isa with them also . ( wow!)

    Iíve had to change my life around last year , and am now a home moaner ( small flat really ) with no mortgage . I was on a Dm p for almost six years but made a partial/ f&f settlement to my creditors via payplan in the summer . Long story short, I want to keep nationwide accts open but transfer around £7k into another bank account .

    What I was wondering is; can I open an account with them ?
    ( it refuses ex bankrupt and I v a. D m p. Not mentioned)
    Are they any good ? How do I open an account with them ?( paying in a sum to open it, as they havenít branches in the high st etc)
    My creditors while on the dm p were Santander , r b s , Barclays . Are first direct in anyway part of these? If you do not recommend first direct in my situation , who could you recommend ?

    Apologies for multiple questions

    Thanks .)
Page 1
    • Katiehound
    • By Katiehound 2nd Dec 17, 11:38 AM
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    Katiehound
    • #2
    • 2nd Dec 17, 11:38 AM
    • #2
    • 2nd Dec 17, 11:38 AM
    Sorry I can't answer a lot of your questions- outside my realm, however First Direct are notoriously picky at choosing their customers- so that may well not be the bank for you.
    FD are also in HSBC & M&S stable. All fairly choosy.

    One way to earn a little bit extra is to switch an existing account to get a welcome bonus. I haven't seen any that give you a gift to just open an account. (The trick is to open a 'donor'a/c not switch your main one.)

    If you have money in a current a/c it could be be one earning interest- think TSB & Tesco, or even Lloyds/BoS. However I think all of these require monthly DDs x 2 to earn the interest

    Banking groups are: Lloyds, includes Halifax, BoS
    RBS- includes NatWest +Ulster Bank
    Clydesdale- includes Yorkshire + B
    Think all the others are stand alone.
    Being polite and pleasant doesn't cost anything!

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    Thank You
    • another casualty
    • By another casualty 2nd Dec 17, 12:54 PM
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    another casualty
    • #3
    • 2nd Dec 17, 12:54 PM
    • #3
    • 2nd Dec 17, 12:54 PM
    Thanks Katie
    Yes, the donor account seems to be the way forward . Sorry to sound so dumb, but how do I start one ?
    • badger09
    • By badger09 2nd Dec 17, 3:25 PM
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    badger09
    • #4
    • 2nd Dec 17, 3:25 PM
    • #4
    • 2nd Dec 17, 3:25 PM
    Thanks Katie
    Yes, the donor account seems to be the way forward . Sorry to sound so dumb, but how do I start one ?
    Originally posted by another casualty

    First question - which current account and savings account do you have with Nationwide?

    Your first step, if you can, should be Nationwide FlexDirect and Flexclusive Regular Saver paying 5%, if you are not already using those.

    If you are looking to get a switching bonus, then the easiest way is usually to open a new account with your current provider, make sure it meets the T&Cs such as DDs, of the switching incentive you want, then switch that.

    However, you might struggle opening new current accounts in view of your recent credit history. You shouldn't have any issues opening savings accounts though. Their rates will be lower, but almost certainly higher than your cash ISA .
    I'm a supporter of dunstonh
    • EachPenny
    • By EachPenny 2nd Dec 17, 4:04 PM
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    EachPenny
    • #5
    • 2nd Dec 17, 4:04 PM
    • #5
    • 2nd Dec 17, 4:04 PM
    ...One way to earn a little bit extra is to switch an existing account to get a welcome bonus. I haven't seen any that give you a gift to just open an account. (The trick is to open a 'donor'a/c not switch your main one.)...
    Originally posted by Katiehound
    Yes, the donor account seems to be the way forward.
    Originally posted by another casualty
    To be honest in your situation I would give the donor account trick a miss for a while.

    With recent credit history problems you need to be building a solid track record, not opening and closing accounts for the sake of making a couple of hundred pounds. Average age of accounts is one of the factors some banks look at, lots of chopping and changing might not look good with a history of debt behind you.

    Personally I'd try Barclays as a second account (they don't have a switch bonus) but be looking to keep it into the medium-term. If opening that one goes well, then maybe in a year or so see if they will let you have an additional account (they generally seem to) and then possibly look at using that additional account as a donor one if your credit history is much better by then.
    Last edited by EachPenny; 02-12-2017 at 4:05 PM. Reason: Typo
    "In the future, everyone will be rich for 15 minutes"
    • badger09
    • By badger09 2nd Dec 17, 4:40 PM
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    badger09
    • #6
    • 2nd Dec 17, 4:40 PM
    • #6
    • 2nd Dec 17, 4:40 PM
    To be honest in your situation I would give the donor account trick a miss for a while.

    With recent credit history problems you need to be building a solid track record, not opening and closing accounts for the sake of making a couple of hundred pounds. Average age of accounts is one of the factors some banks look at, lots of chopping and changing might not look good with a history of debt behind you.

    Personally I'd try Barclays as a second account (they don't have a switch bonus) but be looking to keep it into the medium-term. If opening that one goes well, then maybe in a year or so see if they will let you have an additional account (they generally seem to) and then possibly look at using that additional account as a donor one if your credit history is much better by then.
    Originally posted by EachPenny
    OP said Barclays were one of his creditors
    I'm a supporter of dunstonh
    • EachPenny
    • By EachPenny 2nd Dec 17, 5:01 PM
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    EachPenny
    • #7
    • 2nd Dec 17, 5:01 PM
    • #7
    • 2nd Dec 17, 5:01 PM
    OP said Barclays were one of his creditors
    Originally posted by badger09
    Who knows, they might be in a forgiving mood

    The logic I applied was the others are generally known as being quite fussy, or the OP could potentially waste a future switching bonus opportunity.

    Barclays appear to be the least fussy generally, so if they said no I think I'd put the switching plans on hold for some time.

    A donor account with Nationwide might be an option, but if they were my 'only' bank then I'd hesitate to do anything which might 'p' them off.
    "In the future, everyone will be rich for 15 minutes"
    • another casualty
    • By another casualty 3rd Dec 17, 1:02 PM
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    another casualty
    • #8
    • 3rd Dec 17, 1:02 PM
    • #8
    • 3rd Dec 17, 1:02 PM
    Thanks for all of your input so far

    A couple of things to mention :up until 2011 Barclays was my main current account . I always had a savings account with nationwide since about 2001. When I took out a remortgage with Santander in 2oo8 I opened a current account with them also. They kept forcing a credit card onto me at the time also . What happened in 2012 was I was told to open a new bank account thatís not related to my creditors at the time . Thankfully nationwide let me open one with them . The annoying thing was they gave me an overdraft I did not want and guess who kept going past his £1500 limit

    Thankfully things are better now( hopefully forever. Badly burnt never again etc)
    Both of my nationwide accounts are called flex accounts . Both cards look the same which is annoying .
    What Iím trying to do is keep a fair amount in those accounts but transfer say £7,000 into another account to keep me more disciplined.
    I am unemployed unfortunately and recovering from ill health . Cannot sign on as I have over£15k in my account ( I wonít go on anymore about that here). What Iím trying to do is find a part time job within 6 months but try to have a cushion where if the worse happens I will have something to fall on . Sorry if Iíve overcomplicated things .
    • YorkshireBoy
    • By YorkshireBoy 3rd Dec 17, 1:15 PM
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    YorkshireBoy
    • #9
    • 3rd Dec 17, 1:15 PM
    • #9
    • 3rd Dec 17, 1:15 PM
    I am unemployed unfortunately and recovering from ill health . Cannot sign on as I have over£15k in my account
    Originally posted by another casualty
    I'm probably out of date, but doesn't "signing on" ensure your NI contributions are paid, thereby protecting your state pension?
    • TheShape
    • By TheShape 3rd Dec 17, 1:43 PM
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    TheShape
    I'm probably out of date, but doesn't "signing on" ensure your NI contributions are paid, thereby protecting your state pension?
    Originally posted by YorkshireBoy
    Might depend on whether the area the OP lives in is a Universal Credit area or not. If it is a Universal Credit Full Service area I don't know what the situation is regarding NI credits while claiming UC.

    OP may be able to claim Contribution based Jobseekers Allowance or Jobseekers Allowance for NI Credits only or may be able to claim Employment Support Allowance. Depending on nature of the illness and the OPs National Insurance record in the last two relevant tax years 14/15 and 15/16 they might receive Contribution based ESA and receive the NI Credits or perhaps Income based ESA reduced in value due to savings (see below).

    Actually, while the above is true, I've realised that £15k in saving wouldn't in itself prevent someone from claiming JSA or ESA anyway, with the cut-off being £16k and payments reduced for savings between £6k and £16k.

    Edit: A form of contribution based JSA still exists in UC areas.
    Last edited by TheShape; 03-12-2017 at 1:49 PM.
    • TheShape
    • By TheShape 3rd Dec 17, 1:59 PM
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    • 906 Thanks
    TheShape
    Both of my nationwide accounts are called flex accounts . Both cards look the same which is annoying.
    Originally posted by another casualty
    If neither of them are FlexDirect accounts and you haven't had a FlexDirect account in the last twelve months, you could upgrade one account to a FlexDirect (5% on up to £2500 if you meet the conditions) and open a Flexclusive regular saver (5% on up to £250 deposited each month). This will be the best use of your money with Nationwide.

    I am unemployed unfortunately and recovering from ill health .
    Originally posted by another casualty
    Another bank/BS is less likely to be offering you a current account than if you were employed and I think First Direct would be very unlikely to do so.
    • EachPenny
    • By EachPenny 3rd Dec 17, 3:17 PM
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    EachPenny
    Another bank/BS is less likely to be offering you a current account than if you were employed and I think First Direct would be very unlikely to do so.
    Originally posted by TheShape
    I've not had problems applying for additional current accounts while not working (except initially HSBC Advance). That might be partly due to not wanting or asking for an overdraft facility, but in some cases I've been given an overdraft facility without even asking

    I would expect having a history of being unable to repay will be a far more significant issue than current employment status.
    "In the future, everyone will be rich for 15 minutes"
    • another casualty
    • By another casualty 3rd Dec 17, 4:59 PM
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    another casualty
    Thanks again , for all of your help.
    I have started a thread on the benefits section regarding the additional information I have mentioned here .

    Seems like sticking with nationwide seems sensible .
    One of the other reasons I wanted to open up another account with another bank is because of identity fraud / contactless payments / buying online with amazon - Apple etc .

    Btw : I mistakenly pressed the report button earlier . Please ignore as I’m on an iPhone at present . Broadband packed up
    • enthusiasticsaver
    • By enthusiasticsaver 3rd Dec 17, 7:09 PM
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    enthusiasticsaver
    I would stick with Nationwide flex direct for now rather than switching AC. I have a first direct current account but I have heard of them refusing a few people so in view of your recent credit problems I think I would be tempted to open an internet saver rather than another current account to put some money in.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • another casualty
    • By another casualty 4th Dec 17, 1:42 PM
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    another casualty
    Thanks enthusiastic Yes makes sense . Wonder if I can do internet saver with another bank ?
    Last edited by another casualty; 04-12-2017 at 1:44 PM.
    • Heng Leng
    • By Heng Leng 4th Dec 17, 4:56 PM
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    Heng Leng
    You might be able to upgrade one of your FlexAccounts to a FlexDirect (assuming you credit it with £1K externally)

    You can probably get a 1% Loyalty Saver from Nationwide and then ditch the ISA.
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