Some Advice Regarding Nationwide Flexi Account

KonkyWonky

I am considering opening a Nationwide Flexi Account and would like some advice prior to doing so please.

The only reason I plan on opening it is to use the card abroad (within the EU). As this is a current account is there any requirement to pay wages/minimum sum etc into the account on a monthly/annual basis?

Also, I am aware that there is no charge for using the card abroad on both purchases and cash withdrawals (provided the country is on the Nationwide list). What exchange rate do Nationwide use when calculating? Is it a best rate guarantee or can they pretty much use whatever rate they feel like?

I am not a Nationwide customer at the moment, is this likely to have any effect on me being accepted?

Thank you in advance!!!!

rb10

You do not have to pay any fixed sum of money into the account.

The exchange rate that they use is the Visa rate, which you can find here. It is (generally) by far the best rate you can get.

Even if the country is not on the list on the Nationwide website (i.e. is outside Europe), the charge is even then only 1%, which is far better than other banks' charges.

KonkyWonky

Thank you rb10, much appreciated.

It does indeed look like the ideal account for travelling.....

Baldur

The opening requirements are shown here.

KonkyWonky

Hmmmm, that changes it a little. Don't really want to use this account as my main current account.

I guess they are within there rights to close the account if they notice that you are not using it as your main current account? Would that impact my credit rating in any way?

CLAPTON

KonkyWonky wrote: »

Hmmmm, that changes it a little. Don't really want to use this account as my main current account.

I guess they are within there rights to close the account if they notice that you are not using it as your main current account? Would that impact my credit rating in any way?

the list is a set of alternativess ... so you only need to

a. put in 100
or
b. use it as your main a/c
or
open an esaver etc

KonkyWonky

Phew, was panicking a little there!!!!

Thanks for pointing that out mate, I guess its back on then

Baldur

I use the Flex a/c virtually solely for ATM transactions abroad (unless there have been good offers associated with it in the past) and there has never been any query or pressure to use it as my main account.

As Clapton says, the opening requirements are alternative options. - <edit> posted & missed your reply to Clapton.

James

There's an interesting tale regarding a Nationwide Flex Account Card being used abroad at the bottom of the page in this article from The Argus - 1 in 5 people have their cards cloned:

Click here