Nationwide Flexaccount Gotcha !

Milarky

LittleVoice wrote: »

Though it was at a very low level, I think Williams & Glyn's (later incorporated in RBS) offered an interest-paying current account more than 30 years ago.

Old Flex rates ( from September 1987):
Balance_________Rate
1-99___________2% nett*
100-499________3.5% nett
500+___________5% nett

*in 1987 building societies paid 'composite rate tax' and paid a 'nett' rate to all customers regardless of tax status. Only higher rate payers had to account for the difference [I think!] so that basic rate taxpayers certainly got these 'nett' rates

Yes '5%' at the time was probably like '1.5%' today due to inflation and better rates on all other accounts (I remember when Cashbuilder was paying around 8% on £1!) but it didn't feel like it.

Olipro

When you consider things like them giving spot rate on foreign currency on debit and credit, as well as the fact they make all credit card repayment info very clear and operate on a positive order of payments, as well as paying moderate interest on money going into the account below £3k, I frankly have no issue with them and feel that Nationwide are the fairest bank around.

Admittedly, their savings rates aren't fantastic, and so you should go elsewhere, but for overall service I have no complaints at all, and do remember that they're not run for profit, they're run for the members, the focus is on being sustainable rather than a top-5 flash in the pan.

apt

As I use Nationwide a lot for foreign exchange I should perhaps be more grateful to them. But I do feel that over the past few years they've been much better at the rhetoric than the reality of fairness and service. Just some examples: bloated executive pay starting with £1.7 million pa for Mr Beale; ISA transfers fiasco; fines for security breaches; instructing counter staff to try to flog products instead of serving the waiting customers. Where I still get good service from the staff I feel it's despite rather than because of Nationwide senior management.

Joe_Bloggs

@steady_eddie

Originally Posted by Joe_Bloggs
Some 'forward thinking' banks allow a balance sweep facility in which the balance in the current account is maintained by a savings account so that the current account is never below a certain level of credit. Is there any obstacle that prevents the Nationwide from providing this facility ?

One possible obstacle is a patent restricting the use of this idea. I don't know if it is possible to patent such things. I did find an article on balance sweeping here.
Intelligent Finance do balance sweeping.
J_B.

Tony69

With the Nationwide Flex account now...if you don't pay in £1500 or more a month in then you don't get any interest at all and if you are able to pay in this amount, if your balance goes over £3000 then any surplus again gains no interest.