MSE News discussion. Nationwide kills cheap overseas spending

dukeofargyll

I hope Rhodes is looking at this forum and the 'bosses'too. I have been with this crowd for some years ,in fact since the old Abbey National pulled the same trick. At least nationwid ehad the decency the announce this foolishness(on their part). Abbey National just sneaked it in.The management here are rubbish. Last year when they announce the 1% chatge they made it sound worse than it was and I changed my CC to the PO who hav eno charges. Sadly I see they have described the 'new' advantages well enough. As a 75year old there are no 'advantages' only additional costs. Along with other contributers I will be off. I already moved all my savings with the rubbish interest rates they have. For goodness sake Nationwide get rid of Rhodes and act like a responsible Mutual Society or even like a business!!!

KTF

Looks like you can apply for an Abbey Current account then get it 'upgraded' to the Zero current account by going in to a branch or calling them up if I read the page correctly. That account also boasts about having no fees for overseas transactions:

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851350496&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateT2

I could be wrong though so will ask next time I am passing a branch.

northernstar5

KTF wrote: »

Looks like you can apply for an Abbey Current account then get it 'upgraded' to the Zero current account by going in to a branch or calling them up if I read the page correctly. That account also boasts about having no fees for overseas transactions:

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851350496&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateT2

I could be wrong though so will ask next time I am passing a branch.

I've just looked at your link. Doesn't this mean you have to have a mortgage or investment with them and then switch your current account to them as well?

Am going into Santander tomorrow to see about switching from Nationwide to them. So may find out a bit more then.

KTF

I dont know. For new customers you have to have a mortgage or an investment so its probably the case for upgrades as well. Worth asking all the same.

davidgmmafan

Maybe I've got it all wrong and Nationwide are simply so dismayed by low levels of switching in the PCA market and have decided to do an experiment to promote switching

Or maybe they've just decided to see how far they can push thier luck bearing in mind the apathy of most people...

MiserlyMartin

Olipro wrote: »

Ask yourself this, do you think Nationwide switched free withdrawals for Travel Insurance because they expected it to cost them more, or less?

I don't know how much it will save them from this switch if anything, but what I would ask you is, how many flexaccount customers will they lose from this policy who will also be that disgruntled they will remove their mortgage, loans and savings, and how much market share will they lose overall from this? How much future business will they attract now?

nedsram_2

I was persuaded to switch from NatWest to Nationwide a few years ago because of a number of factors. Just to show how much things have gone downhill since then:

Then:
* 4.5% credit interest on the FlexAccount. ("45 times more than some banks" - including Natwest.)
* Award winning savings rate on linked e-savings account.
* Load free for foreign currency transactions worldwide.
* Fully integrated with Microsoft Money.

Now:
* Zero credit interest. (As far as I'm aware NatWest is still 0.1%.)
* E-savings interest a derisory 0.45%. They even have the nerve to say that this is "competitive". No it isn't.
* (Soon) 2% loading fee.
* No support for Microsoft Money at all.

I'm seriously looking at the Santander deal. The only thing is that once they've snared people in, they will most likely do the same thing. I can understand that with a bank, but aren't Nationwide supposed to be a building society owned by their customers? :mad:

MiserlyMartin

apt wrote: »

I am expecting A&L to phase out the free European travel insurance now the bank has been merged with Santander.

I don't think they can do that, at the moment anyway I doubt it.

woolibear

I have been nationwide for 25 years+ this is the last straw for me and looking for alternative , so many benifits have been stripped for this account. Whats the travel insurance they going to give you for free, more cover with an umbrella!

Why not just Charge those who dont use it as their main account, or min deposit monthly?

apt

MiserlyMartin wrote: »

I don't think they can do that, at the moment anyway I doubt it.

They cannot remove the insurance while it is currently in force - the policies run for a year. However, there is nothing to stop Santander withdrawing the benefit when it's due for renewal. I think they will drop the benefit as they are no longer actively promoting the account.