Flex Account new rates

apt

NW are increasing the overdraft rate on the Flexaccount by 5% to 17.9% next week and removing all credit interest. Still has fee free foreign spending, but for how much longer?

Hazzanet

It used to be a half decent account when I first joined and moved the bulk of my business over to them. Back then, the o/d was about 9.9% and I earned around 4.5% on the credit balance.

0% on the credit balance is pretty much the norm now; Co-op haven't paid interest on credit balances in their current account for years, HSBC don't any more from what I gather, nor do Norwich and Peterborough. The only recent selling point for this account was the decent o/d rate, but even now that's similar to the rates of the big four banks.

I'm going to see how it pans out over the next month or so, and I may consider switching elsewhere. The overseas commission/fee-free transactions is a nice bonus on the account, but I suspect they're lining up to make this a monthly-subscription style account in the near future here.

paulboy83

Ouch, thats not good, though to be fair with the e savings account I don't keep much in my current account, just move it over from my esavings account when I need it. Then put anything left over into a higher paying savings account at the end of the month. I travel abroad a lot for work so make good use of the fee free transactions abroad. If this was removed or I didn't travel abroad anymore i'd probably look elsewhere for an account as there are better deals if you don't use the account as I do......

sofa_surfer

Hazzanet wrote: »

...(snip) The overseas commission/fee-free transactions is a nice bonus on the account, but I suspect they're lining up to make this a monthly-subscription style account in the near future here.

:shhh: If they really do, I am keeping you personally responsible for giving them such ideas

apt

In a way, I do believe fee-based banking is a fairer proposition


Graham Beale, Nationwide Chief Executive.

I doubt Nationwide would risk moving the Flexaccount to a monthly fee in the near future as the Nationwide management and board must have already angered their members enough in recent months by the Nationwide concept of 'fairness': fat-cat salaries for Beale and co plus pathetic savings rates for members. I won't be voting for the board in the next annual election and hope there's a good independent candidate.

simax

apt wrote: »

NW are increasing the overdraft rate on the Flexaccount by 5% to 17.9% next week and removing all credit interest. Still has fee free foreign spending, but for how much longer?

Where did you get this information? Nothing on the Nationwide website (as usual)..

benjus

simax wrote: »

Where did you get this information? Nothing on the Nationwide website (as usual)..

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1337

simax

Thanks for that. After spending 10 years sticking up for Nationwide, I am now going to actively look at Lloyds TSB's current account.

Sorry, but paying 0% interest on my money is not good enough.

p1an0player

any news on faster payments with these accounts?

lilac_lady

So far I've no complaints with Nationwide service so will keep my Flex Account. If you want to get interest on your money, don't leave it in a current account.

rb10

lilac_lady wrote: »

So far I've no complaints with Nationwide service so will keep my Flex Account. If you want to get interest on your money, don't leave it in a current account.

Or, leave it in a different current account. Halifax pay 2.5%, or, soon, you can get £5/month net. Or Lloyds, or Cahoot (I believe) also pay interest on current accounts. Easily done, and there's a fair bit of interest that's being missed out on by having it at 0%.