MSE News discussion. Nationwide kills cheap overseas spending

labp04

My thoughts exactly jonesjw. Being lazy, I havent searched the forums for feedback re Metro Bank but I have emailed queries to them twice in the past couple of days and have been impressed by the speed (9mns for the first and 17mns the second!) and thoroughness of the replies. Guess I will look for views on Metro Bank to make sure my trip to Borehamwood from Lancashire doesnt land me with problems. I will be interested to learn of others experiences good or bad.

Nessie23

labp04 wrote: »

I will be interested to learn of others experiences good or bad.

Hi, I opened an account on Metro Bank when I first heard about Nationwide charging for withdrawals abroad. My experience in general has been good, customer service much better and efficient than nationwide. On a good day you can have your account open with a debit card in your hand in about 30 minutes.

Downsides: Although you can receive, you cannot send faster payments. Internet banking feels quite 'basic' but still works. Branches limited to the London area for now. You will still need another account to be able to pay in cheques and cash near to where you live.

Overall, I would recommend them. The biggest difference I have noticed compared to Nationwide is that they are more helpful - whether this remains when they grow larger time will tell.

ask66

Hi, just found that from January 2011 Santander will offer their Zero Current Account to anyone who has £10,000 or more saved with them (currently it's only available to their mortgage and investment customers). The Zero account offers free cash machine withdrawals worldwide and other benefits. I already have an A&L current account so will probably take them up on this offer. Might also transfer £750 into and straight out of my Nationwide FlexAccount each month to keep their free travel insurance.

KTF

Where did you hear this from and what products do they class as 'savings'?

Edit: I see its mentioned on their site:

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

* From January 2011 when Zero Current Account is made available to Santander Savings customers, the £10,000 balance can be spread across one or more Santander savings accounts. To remain eligible customers must maintain the £10,000 balance.

apt

If Santander allowed the loyalty bond to count as the £10,000 savings that would be a good combination as far as the interest rate is concerned. You will still have to put up with Santander's very poor customer services however. This sort of move shows how Nationwide is going to lose a lot of customers over its intoduction of foreign transaction fees - and those with a decent amount of savings as well, not just the !!!!!!!!!!s.

RobertinHerts

jonesjw wrote: »

Three years ago I opened a Nationwide account, after Nat West introduced 2.75% forex charges. I have been using the Nationwide account as my main current account.
Now I shall probably open a Metro Bank account. I only need to withdraw about £500 from a foreign ATM to recover the costs of travelling to Borehamwood to open the account.

Metro Borehamwood may have been mentioned earlier but this is the first time I've spotted it, thanks:j I'd assumed they'd be staying in Greater London. I think I may well be making a visit very soon!

Robert

Baldur

RobertinHerts wrote: »

Metro Borehamwood may have been mentioned earlier but this is the first time I've spotted it, thanks:j I'd assumed they'd be staying in Greater London. I think I may well be making a visit very soon!

Only opened recently - https://www.metrobankonline.co.uk/Our-stores/Borehamwood/

dzug1

RobertinHerts wrote: »

Metro Borehamwood may have been mentioned earlier but this is the first time I've spotted it, thanks:j I'd assumed they'd be staying in Greater London. I think I may well be making a visit very soon!

Robert

Borehamwood IS in Greater London surely? Well inside the M25

dzug1

jonesjw wrote: »

Three years ago I opened a Nationwide account, after Nat West introduced 2.75% forex charges.

I doubt if they introduced the charges then - more likely listed them openly having actually charged them for years. The case with most banks anyway.

I'm wondering if I can fit Metrobank in with a trip to London for some other reason - especially one where I can get expenses paid.;) Not really worth it on its own - would take too long to recoup the cost.

Marksfish

I am copying and pasting this direct from the EyeonSpain forum. It seems there may be a light at the end of the tunnel, but not with Nationwide:

Some news from the Sunday Times yesterday (November 7th) : Norwich & Peterborough building society has announced it will scrap foreign exchange fees on its debit cards from January. The paper says 'the move will fill the gulf left by Nationwide which pulled the plug on the free-free overseas spending perk on its current accounts on November 1'. N & P is reported to be revamping its Gold current accounts into a Gold Classic (for those paying in more thann £500 per month) or Gold Light - but neither account will carry charges for overseas spending. Consumer group Which? says that if nothing changes between now and January N & Ps current accounts will be the best option for anyone who makes regular trips abroad, providing they don't get caught by overdraft fees or a charge for making fewer than five transactions a month on the Gold Light account (eligible transactions include standing orders, card payments, & direct debits - so achieving five shouldn't be a problem). So for everyone nervous of Santander's reputation, N & P may be the answer.

Mark