Nationwide to charge for all Flexaccount Foreign withdrawals

[Deleted User]

Oh well - our mortgage is up in August anyway, so if they're taking this feature away, I guess it may be time to take our current accounts elsewhere.

Inactive

I was seriously considering making NW my main bank account, so glad I didn't.

They are no better than any of the major banks now.

Nothing about this on their Home Page...no surprise there.

richardw

I was going to change my bank account to Flex account, but sha'n't bother now.

Ethel_2

C_Mababejive wrote: »

I too have been a NW member for decades and if this crisis we have had over the past couple of years has taught me a few things its;
1)Loyality is stupid
2)Saving is stupid (within limits)

I shall look elsewhere and chop NW if i have to.

When is this happening??

From November. I'm still very angry and disappointed at this.

bagand96

Nationwide has been frustrated by the number of customers who use the FlexAccount purely for travel purposes and who maintain their principal bank account elsewhere. Of the 3.5 million people with a FlexAccount, only 1.2 million use it as their main account.

Unfortunately that is the side effect of websites such as this. How many current account holders did Nationwide have before sites like this reccomended them?

The problem is, people want it all - they want the benefits of every single account going. This website even reccommends getting a Flexaccount just for travel, but not using it as the main account.

If you want the benefits of any account then why shouldn't you use it as your main account? If you're not prepared to do that then you don't get the benefits - why should they subsidise you? I've been using the account for years as my main account - knowing that it may not be the absolute best deal for a current account, but I liked the overseas benefit so was hapy to use it.

I'm very dissapointed by this news and will probably review who I bank with. However, I do kind of understand Nationwide's viewpoint.

trisha

I too am very annoyed, we have used Nationwide for years, the Flex card was one of the perks.

Now we are being penalised because people have exploited the system as advised in this and other forums. Can't blame them really they were on to a good thing

It would have been fairer to insist that people used it properly for banking or had their accounts suspended.

We shall now close our accounts and take our money elsewhere.

jnm21

Agree that they should have done better than this - travel insurance isn't a draw for me and the fee is a massive push. No interest - they never seemed to advertise that, more & more overdraft interest - again, no advertisement & now no fee-free foreign transactions - again no advertisements. I'm spotting a pattern.

As Ethel says, now looking for a new account.

C_Mababejive

Santander is the obvious choice. £100 to switch plus £35 via quidco plus 5% gross on first £2500.

Donnie

bagand96 wrote: »

Unfortunately that is the side effect of websites such as this. How many current account holders did Nationwide have before sites like this reccomended them?

The problem is, people want it all - they want the benefits of every single account going. This website even reccommends getting a Flexaccount just for travel, but not using it as the main account.

If you want the benefits of any account then why shouldn't you use it as your main account? If you're not prepared to do that then you don't get the benefits - why should they subsidise you? I've been using the account for years as my main account - knowing that it may not be the absolute best deal for a current account, but I liked the overseas benefit so was hapy to use it.

I'm very dissapointed by this news and will probably review who I bank with. However, I do kind of understand Nationwide's viewpoint.

Some have more than one 'major' account. The free cash withdrawals made the account for me. Now I'm struggling to see the benefits. I'll keep the account, but just use it less.
I certainly won't give them the opportunity to 'scalp' me with their new charges.

alanrowell

C_Mababejive wrote: »

Santander is the obvious choice. £100 to switch plus £35 via quidco plus 5% gross on first £2500.

There's also a branch across the road from me - which is OK except when the drunks start using the ATM at 3:00am.

The question is - is 1.5% a good rate (minimum £1.99) for getting money abroad with a cashcard? Or would the Santander Zero CC be a better choice for even though you get charged interest on the withdrawal?