Nationwide

CopperPlate_2

Have read Martin's guide on best bank accounts - the interest rates are tempting but the horror stories I've heard about A&L and Lloyds put me of completely.

I'm with Smile but a bit peeved that they've cut their interest rate on the Current account and not told me - and also increased the rate on their credit card by a full % point.

I'm considering Nationwide who offer much the same as smile, but with the added e-savings account paying a good bit more than smile's instant access savings.

Any comments on Nationwide good or bad. Any smile customers moved to Nationwide and regretted it?

CP

Chobra

I currently work for Nationwide and have had no complaints from our members regarding their current account. The e-savings account which is linked to the current account is one of the most competitive savings accounts around and the most accessible, with regards to transfering money back and forth to your current account.

Also no charges and great rate of interest when using your card abroad is another unique benefit from this account as well as one of the lowest o/d rates on the high street.

ajdj

I have been a Nationwide customer for over 10 years now, have a flexaccount, linked e-savings, ISA, mortgage & gold cashback credit card all easily viewed on easy-to-use internet banking.

I agree that the rate on e-savings is excellent and it is a couple of clicks to transfer money between accounts online and also an easy to use bill payment system to pay bills and manage direct debits.

I have never had a problem with customer service- it is excellent and also love the fact that my local branch is open until 3pm on a Saturday so i can still speak to a real person if i wanted to! :money:

Why not visit a branch and get them to demonstrate things to you before you decide to open an account?

newfoundglory

No complaints from me about Nationwide. Banking is excellent. excellent esavings, excellent internet banking, excellent branch. Oh, and free foreign card usage. i'd never move my nationwide flexaccount to another bank.

However, i am rather impressed by the new egg money card. mostly because of the 1% cashback and in-credit interest. the egg money card isn't really a current account though, even if it tries to make out to be.

it looks like flexaccount credit interest could be going up to 4.25% later this year!

ManAtHome

Been up and down over the last 10 years or so - had some very good accounts which then dropped by more than the BoE reductions over a couple of years. Looks like they're on the up again, so I'm starting to use them more (and their cards are about the best for use overseas). Never had a problem with their service though, just the interest rates.

caveat_emptor

As a Nationwide customer would agree with other moneysavers, online banking is good. Just ignore the waffle about the advantages of mutuality because the Nationwide directors run it like a plc. You won't get the best savings interest rate at any one time but the average rate is not bad.

will-in-estoril

If you are hesitant about opening a Flex Account because there is no branch local to you ask for a Bank Giro paying in book with your account. This way you can pay in via a clearing bank: whilst some banks will make a charge, others will not, particularly if you have an account or credit card with them. If you work at an airport, most bureaux de change will let you deposit foc there, too! (This is how airport shops do their business banking.)

wongo

I'd like to like Nationwide, with the fee free transactions abroad, but i've had loads of problems with the online/remote customer service.

My original forms to complete the application never arrived and had to be sent out twice. when they did arrive, they'd also included 2/3 sheets of personal details as part of someone else's application (I handed them into my local branch).

The nationwide Credit card people have never responded to any emails I've sent throught the online secure message system, and I ended up having to ring them instead. Recently I've had about £600 worth of fraud/unknown transactions on my Nationwide credit card, and more paperwork they said they'd sent out to me regarding this hasn't turned up!

So all in all, I've not had a good experience with Nationwide.

pin

Great building society, especially for foreign spending. However money coming in and money coming out of the account (i.e. bank transfers) can be a bit slow.

Also no branches in Jersey, pain for trying to pay cheques in!!

Milarky

From 1st April, FlexAccount rate will rise from 3% to 4.25% (but I've noticed that is not 'fixed' and it assumes that BOE rate won't be cut in March as everyone now expects - so it might actually come out at '4%'!). To get this top rate, however, you need to credit or pay-in at least £1000 per month (calendar). What I don't like about the FlexAccount - aside from the funding requirement - is that interest rolls up for a whole year before being paid at the end of December. (How do you check the interest is right over a period of 365 days if you're a sad person like me?) Also e Savings - the linked account currently paying 4.75% is good but could be better (you can't set up a payment out with a future date). Can't have everything I suppose.

And you can draw cash and get a balance free at any Post Office counter.

They can give generous overdraft limits and the overdrawn rate is low at about 7.9%

This account has been around for years and they have steadily improved it. The one let down as far as I am concerned is poor customer service. But no doubt they'll 'get there' too.

KTF

The interest on my Flexaccount gets paid monthly, there is also no min funding requirement to keep the account going. If you pay in more then you get a higher rate.

I would recommend them to anyone. I used their switch service and has no problems. Branch and phone banking staff seem 'friendly' as well.