MSE News discussion. Nationwide kills cheap overseas spending

sly_dog_jonah

I see no evidence of any 'reward' for proper customers, so will almost certainly switch my personal and joint flex accounts elsewhere. Nationwide have dropped the ball on this one...

AHAR

Oh well, it was good while it lasted.

Material_Girl_2

They are still advertising it on their website under current account benefits! It is very annoying for people like me, who do use the Flexaccount as their main account.

There could have been better ways to retain the rewards for account holders who use their account "properly". Why do they not just stipulate a minium balance to be paid in or a minium of 2 direct debits coming out the account etc.

I don't think it's good for Nationwide's image and reputation to not stand by their previous stated values and promises,

MancBrel

Why didn't they announce this BEFORE we elected the board recently? Hmmm!!

I've had several Nationwide products over the years (Savings, Mortgage, Bonds, Insurance, more Savings & a current account for utility bills) and one by one I've moved away/closed them.

So what are the benefits of being a Mutual Society then? I don't know anymore?

It's time to say goodbye to Nationwide.

greyteam1959

Oh & by the way Nationwide say they make no money from this !!!!
Not true.....they receive interest on the money in the Flexaccount from which the debit card draws they money yet.....THEY DONT PAY ANY INTEREST TO THE CUSTOMER ON THIS ACCOUNT !!!

I think they have made a very serious PR blunder with this one..........
I am sure another bank etc will be along to pick up those million or so disgruntled customers

jezza2412

sly_dog_jonah wrote: »

I see no evidence of any 'reward' for proper customers, so will almost certainly switch my personal and joint flex accounts elsewhere. Nationwide have dropped the ball on this one...

Exactly. First they stopped paying interest on the FlexAccount, then the rate paid on linked eSavings became next to nothing, and now this. Very poor Nationwide...

le_loup

mervyn11 wrote: »

they receive interest on the money in the Flexaccount from which the debit card draws

Cor! I bet they can't wait till 3 o'clock each day when they can lend out your average balance of what - £100 - on the interbank market at just under 0.5% ....
No wonder they can pay their directors so much!

Musicman

I used NW as one of my main accounts, just never sorted out switching my Abbey account fully over to NW. I only stayed with NW, due to the fee free foreign ATM on my debit card.

So it now looks like I will switch my account over, with the hassle that involves. I was already annoyed at receiving no interest on my account and this is the final straw.

Though I will wait a couple of months, as really need to see what the 'Rewards' on offer are, but free European Travel insurance is not really worth a huge amount, as it usually has so many exclusions it is not worth bothering with.

leew

I'll be getting shut then of my Nationwide Account as that was the only reason i really used it :mad::mad:

I have just opened and deposited all my previous cash into their e-isa aswell which is now annoying me

Edit! think i'll keep my account now after reading what Martin says in MSE news! just to be a pain!!

Reaper

callum9999 wrote: »

Probably the free insurance.

Ah yes that's it. The MSE news story really should have mentioned that as the whole point is they are swapping card fees for free insurance.

For those who have not uncovered the details yet the press release and insurance cover can be found here:
http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1590

It is actually better than you might expect as cash and baggage are covered too (which are not always included on cheap policies), though skiing is extra. The excess is a reasonable £50.