Open new Flex a/c with Nationwide; Travel Insurance

adindas

I am interested in opening a flexi a/c to get the benefit of free EU travel insurance. I have got the following info from theor website:

"During the application process you must be offered a Visa debit card and:

• transfer all your Direct Debits and standing orders from an account with another bank or building society to your FlexAccount using our Account Transfer Service and be aged 64 or under.

When applying online, you will be given the option of transferring all your Direct Debits and standing orders during the application process.
On completion of your Account Transfer you will receive confirmation of your cover and the supporting documentation."

I am currently holding current a/c with A&L with few SO and DD (My salary is in anothe bank a/c).

Do you think it could work if

-I am using their "Switching Transfer Services" to close my A&L a/c and open a new flexi a/c with NW.
-After my new flexi A/c is open I will cancel some of DD and SO and keep my balance as minimum as possible.

- I believe there is no minimum monthly payment each month, am I right ?.
-There is no minimum balance, am I right ?.

Your valuable advise is very appreciated

Thank You
ADINDAS

Hungerdunger

As a long-standing NW customer, I was a bit peeved that they had decided to cease free foreign cash withdrawals apparently because of the number of Flex accounts which were opened purely to take advantage of this.

I will be even more peeved if sufficient people like you try to do the same just to take advantage of the free insurance cover and they end up cancelling or modifying that too.

Whether you are able to get away with what you are suggesting, I have no idea.

noh

To be eligible for the travel insurance you need to pay in at least £750 per month.

adindas

Dear Noh and other

Thank you for the answer, I am aware that some banks only require few months monthly payments to quality. How long do we need to maintain monthly payment requirement ?. Does it need to be regular continuously if we want to get travel insurance?

The reason why I am asking this question, becasue I am trying to figure out whether it is worth a hassle, as I am aware that we could get annual multi trip europe travel insurance for £20 something a year from money supermarke.com

Thank you
ADINDAS

noh wrote: »

To be eligible for the travel insurance you need to pay in at least £750 per month.

finder

Hungerdunger wrote: »

As a long-standing NW customer, I was a bit peeved that they had decided to cease free foreign cash withdrawals apparently because of the number of Flex accounts which were opened purely to take advantage of this.

I will be even more peeved if sufficient people like you try to do the same just to take advantage of the free insurance cover and they end up cancelling or modifying that too.

Whether you are able to get away with what you are suggesting, I have no idea.

Although I understand how you feel, you should probably direct your anger towards NW's board. They have taken very poor decisions lately and they are in no-listening mode.

The last straw probably is this article in the guardian. I have never seen anything like it. It goes beyond comprehension how out of touch NW's board is!

If people play the system is because NW terms and conditions allow so. So, change the terms and conditions of the account and do not blame your customers! NW is a mutual and as such it should not make of profit for profit's sake their main directive, but profit for the benefit of their stakeholders which, as of lately, they have completely forgotten!

Please, do not take this personally. I am also a very angry NW's long term customer, but for goodness' sake, how are they expecting me to leave my savings with NW with such shameful rates?

mike88

Is it worth the hassle just to get free travel insurance. Some travel insurance policies are so cheap it hardly seems worth the bother.

And is the travel insurance any good or is it littered with get out clauses? Personally I wouldn't bother.

rb10

finder wrote: »

The last straw probably is this article in the guardian. I have never seen anything like it. It goes beyond comprehension how out of touch NW's board is!

It's a bit of a nothing story, to be honest. Was there ever a guarantee that emails to graham.beale were read directly by him? I bet he's always had his own internal Nationwide address as well.

curios

rb10 wrote: »

Was there ever a guarantee that emails to graham.beale were read directly by him?

In the past he did read them and responded very promptly and courteously.

Then, following all the complaints about the proposed changes to the FlexAccount, he decided to close his ears...

Fortunately, he has now changed his mind and will now be publishing his real e-mail address again, so that people can contact him.

I would urge anyone concerned about any aspect of Nationwide's business to contact him on his new address:

[EMAIL="gjbeale2@nationwide.co.uk"]gjbeale2@nationwide.co.uk[/EMAIL]

Thanks!

luci

Two emails on the way to Mr Beale. One complaining about the changes and the other thanking him for making me take stock and opening accounts with LTSB and the Halifax.

brook_son

Hi

Just to say when I went into the NW the other day I was going to stop my Credit Card as I have both with my flex credit and debit - but the lady said it was still 0% abroad - now thinking about it may check as I am thinking it may just be for purchases not cash.

Hungerdunger wrote: »

As a long-standing NW customer, I was a bit peeved that they had decided to cease free foreign cash withdrawals apparently because of the number of Flex accounts which were opened purely to take advantage of this.

I will be even more peeved if sufficient people like you try to do the same just to take advantage of the free insurance cover and they end up cancelling or modifying that too.

Whether you are able to get away with what you are suggesting, I have no idea.

Voyager2002

brook_son wrote: »

Hi

Just to say when I went into the NW the other day I was going to stop my Credit Card as I have both with my flex credit and debit - but the lady said it was still 0% abroad - now thinking about it may check as I am thinking it may just be for purchases not cash.

I think "the lady" meant that it was still 0 per cent interest if you pay in time. My understanding is that there will be a cost involved with foreign currency payments made with their credit card, although lower than with most other credit cards. You would do better using a card like the Santander Zero or the Post Office.