MSE news: possible £50 boon for Nationwide current account holders

LongTermLurker

Many won't care about the CS staff and will just transfer a meagre standing order - some are talking about setting up a magazine subscription, but why not just set up a standing order to one of your other current accounts? It might not be worth moving in to, but it's certainly worth it if you already have an account.

And while £50 isn't a lot, when you add it to £100 from A&L, £100 (or £200) from First Direct, £100 from Co-op, £50 from NatWest and the reported Nationwide Hattrick (which I didn't know about), it's not a bad game to play.

emweaver

whats the coop and natest offer?

YorkshireBoy

emweaver wrote: »

whats the coop and natest offer?

Deals that were available last year

LTL was just making the point that these incentives, and referral incentives, add up...to the point that you can often get a free holiday, or the equivalent, each year. For instance, I made £690 in 07/08 and £500 in the last tax year. It's easy money!

bzd

Those who are saying loyalty to a bank is a thing of the past should remember that Nationwide is a building society. They don't rip you off when you spend abroad. They have (had!) pretty good mortgage deals (ask anyone currently on their BMR). They have a cunning way of preventing carpet-bagging. They have a branch in my town. I think I'm entitled to feel some loyalty to them and I've only been with them for a few years.

I have a current account with them which I opened for foreign spending. I'm tempted to transfer my main account to it, but I'd rather have my main account in a different financial institution than my mortgage lender... just in case (my loyalty isn't blind!). (I also don't use their savings accounts for the same reason. that and they're not competitive for my circumstances!)

b

LongTermLurker

Yes, bzd, they have some great account features and when I choose to use those features, mainly abroad, Nationwide get a cut of the action in terms of exchange rate.

By taking them up on their kind promotional offer to existing members, I'm being no more "cunning" than they are, surely?

apt

Nationwide do not get a cut of the action in terms of the exchange rate. It's one of the few areas in which they are better than others.

bzd

Hi Long,

Don't get me wrong -- I don't think there's any problem (technically or morally) in making use of the offer! If I had a spare account to set up a S/O and transfer it I would, but I'm still weighing up the hassle of opening a new current account just to do that with (which would then be there for further such offers of course). I don't think that's disloyal -- as you say, it's a kind offer to new and existing customers!

I was (perhaps unclearly, and a little belatedly [I only just found this thread]) pointing out to post #11 that Nationwide are in fact a bit better than a lot of the banks with regard to only being interested in fleecing its customers for larger profits, it being a building society and them being members!

Okay, whilst typing this I've come to the conclusion that it'll take me a few hours to set up a new bank account so it's worth it

b

LongTermLurker

bzd wrote: »

Okay, whilst typing this I've come to the conclusion that it'll take me a few hours to set up a new bank account so it's worth it

b

If you apply for one online it should only take a few minutes work. The problem you face is delay in setting up the mule account and the risk that Nationwide might withdraw the offer early. I'd suggest you look at Alliance and LeicesterPremier Direct, which will let you save up to £2500 at 6% for a year, though you do have to keep feeding it £500 per month (and withdrawing it straight away of course )

LongTermLurker

apt wrote: »

Nationwide do not get a cut of the action in terms of the exchange rate. It's one of the few areas in which they are better than others.

They don't take commission, but I assume they make money on the exchange rate - then again, maybe not; maybe the rate is set by Visa.

They will certainly get money from the transaction itself though.

bzd

LongTermLurker wrote: »

If you apply for one online it should only take a few minutes work.

It'll take me more than a few minutes to read the 42 page T&C pdf!!!

Account opened...

b