Savings alert! Nationwide cut savings rates from 1st March!

PurpleBox

lilac_lady wrote: »

At the moment it only applies to purchases but they are "reviewing" free debits from foreign ATM machines.

Do you have a link for this news?

PurpleBox.

Inactive

lilac_lady wrote: »

I'm disappointed to see that Nationwide has lowered their rates to the minimum and are planning to charge fees on Visa use abroad. At the moment it only applies to purchases but they are "reviewing" free debits from foreign ATM machines.

Where did you see that?


Any links, it is news to me.

noh

Inactive wrote: »

Where did you see that?


Any links, it is news to me.

http://www.nationwide.co.uk/current_account/foreigntransactions.htm

PurpleBox

noh wrote: »

http://www.nationwide.co.uk/current_account/foreigntransactions.htm

No - you are getting confussed with their 'cash card'. And, they state that they will introduce a fee for this card as well in the near future.

Also, in the Flex account blurb they still make a big thing of how their cards are commission free:

http://www.nationwide.co.uk/current_account/account_benefits.htm?source=nationwide&campaign=hotspot&execution=flex_features_info_01022009

They are just looking for trouble here.

PurpleBox.

Inactive

Am I missing something?, none of those links state that they are " reviewing " free debits from foreign ATM's, as far as I can see.

withnell

The cards are still Foreign Exchange commission free, they're passing on an incidental VISA fee

apt

Inactive they are no longer reviewing their VISA debit cards/credit cards. The Nationwide site state when it will be adding/recovering VISA charges and which for countries VISA levies the 0.84% (from July 1%) charge. This charge applies to both ATM withdrawals and purchases.

The review element refers to what NW will do with its cashcard. The relevant part (contained in Noh's link):

I have a FlexAccount with a cash card that I use to withdraw cash when I'm on holiday. Will I be charged?
Your cash card is a MasterCard and therefore, initially, only Visa debit transactions will have a fee applied. However, we are looking to recover fees on all accounts shortly.




I agree with purplebox that NW's change in description from 'free' or 'fee-free' foreign-use to 'commission-free' is a bit shifty. But the term 'commission-free' is already discredited by the way it's misused re currency exchange by the Post Office and others.

agsnu

Kilty wrote: »

Where the hell are they going to put my £10,000 in fixed rate ISA @ 6.25% when it matures in May?

It'll convert to an Instant Access ISA, paying an astonishing 0.60% interest.

PurpleBox

apt wrote: »

I agree with purplebox that NW's change in description from 'free' or 'fee-free' foreign-use to 'commission-free' is a bit shifty. But the term 'commission-free' is already discredited by the way it's misused re currency exchange by the Post Office and others.

They are not being very 'honest' about this - a lot of people are not going to know about this change and will get a shock when they read their statements come the summer.

They won't be impressed - for a lot of people it's the reason they bank with NationWide.

PurpleBox.

Inactive

apt wrote: »

Inactive they are no longer reviewing their VISA debit cards/credit cards. The Nationwide site state when it will be adding/recovering VISA charges and which for countries VISA levies the 0.84% (from July 1%) charge. This charge applies to both ATM withdrawals and purchases.

The review element refers to what NW will do with its cashcard. The relevant part (contained in Noh's link):

I have a FlexAccount with a cash card that I use to withdraw cash when I'm on holiday. Will I be charged?
Your cash card is a MasterCard and therefore, initially, only Visa debit transactions will have a fee applied. However, we are looking to recover fees on all accounts shortly.



.

Thanks for clarifying that, it was the " cash card " bit that is confusing people I would guess.

I have a Visa Debit Card that I use in ATM's in Spain, so no change for me, thankfully.