New Flexi a/c with NW, for Insurance cover ...

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

interbear

I think you'll find you need to pay a minimum of £750 into the NW account each month to get the free travel insurance.

Also - the insurance only covers the people named on the account. If you want or need family cover that will cost you more.

adindas

Thank you for the info. Yes indeed, I just notice that. Also, it is only for EU not Worldwide. Such kind of insurance will only cost about £20ish a year form money supermarket.com (not £80.00)

ADINDAS

interbear wrote: »

I think you'll find you need to pay a minimum of £750 into the NW account each month to get the free travel insurance.

Also - the insurance only covers the people named on the account. If you want or need family cover that will cost you more.

adindas

Dear All

I just have alook the following statements from NW:

"To make FlexAccount your main account, all you have to do is:

• Pay in £750 per month or more for three months, or
• Successfully complete our account transfer service

http://www.nationwide.co.uk/current_account/account_benefits.htm

1. What is not clear is that is it true that we just need to pay for 3 months, and after 3 months no more transfer is required andwe will keep enjoying EU travel insurace ?

2. Is there any dormancy fee or the like ? WHat I am thinking is that if point 1 was true that just keep it open as long as possible to enjoy EU travel insurance, it is actually very little effort ?

Could someone confim about this please ?

Thank you
Rusdy Hartungi




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YorkshireBoy

adindas wrote: »

1. What is not clear is that is it true that we just need to pay for 3 months, and after 3 months no more transfer is required andwe will keep enjoying EU travel insurace ?

It's very clear to me...

To maintain this offer, you must then credit at least £750 per month into your FlexAccount (excluding internal transfers).

Just scroll down to the bottom of your linked page.

I'm sure there will also be something in the account T&Cs regarding this. Have you looked?

System

If you can pay in enough per month, you'd be better off switching to Halifax (for example) and using part of the reward to shop around for travel insurance that meets your specific needs, not Nationwide's rubbish. Nationwide's inept management appears to be relying on lots of people not doing that simple sum.

adindas

Sure. I already have Halifax rewards.
What I am thinking here is that this scheme is indefinite, as long as you could maintain payment of £750.00. Maintain this is quite easy and effortless, as you could use Standing order and bounce it back to the original a/c. Only that NW do not do FP ? Need to check it as we will loose interest rate for about 6 working days to return to origin a/c.

I am aware that Co-op offer Premier A/c with perks which is refundable up to 1 year (or free for 1 year). But again here it is only for 1 year after that you need to downgrade it or be ready to pay £13.00 per month, but with NW is indefinite, what do you think ...

Also there is no requirement for Switching (this is always my main objection), just pay £750.00that is all.

ADINDAS

YoungNick wrote: »

If you can pay in enough per month, you'd be better off switching to Halifax (for example) and using part of the reward to shop around for travel insurance that meets your specific needs, not Nationwide's rubbish. Nationwide's inept management appears to be relying on lots of people not doing that simple sum.

Baldur

adindas wrote: »

Only that NW do not do FP ? Need to chack it as we will loose interest rate for about 6 working days to return to origin a/c.

Nationwide do faster payments but the cumulative daily limit is low at only £1,000 - see http://www.nationwide.co.uk/faster_payments/faq.htm

adindas

Thank you for let me know.
So it is dead easy then as the payment requirement is less than £1000 (£750) so it could be done by standing order FP transfer in and out from one bank to another using the same money. So very little effort ....

What I am thinking here is that
- With NW there is not any Switching SO&DD requirement
- The travel insurance perk is indefinite not just for 1 year like any other bank as long as we maintain the miminum payment requirement (e.g.£750) the perk continue.
- We could use the same money to be transfered in and out from one bank to another using SO FP so very little to loose in term of interest rate.
- I am aware that NW insurance is just for the main a/c holder and only for EU.

I just manage to open coop premier a/c with travel insurance perks but thinking about open felxi a/c with NW in about 1 year when the coop start to charge me.

Do I miss something here that I have not considered ?

Thank you for your expert opinion ...
ADINDAS

Baldur wrote: »

Nationwide do faster payments but the cumulative daily limit is low at only £1,000 - see http://www.nationwide.co.uk/faster_payments/faq.htm

Baldur

adindas wrote: »

What I am thinking here is that
- With NW there is not any Switching SO&DD requirement.....

According to the eligibility criteria on their website, you may need to confirm that statement, as the wording for accounts opened from 02/08/2010 suggests that they do require you to switch all DDs & SOs - see http://www.nationwide.co.uk/current_account/travel-cover-eligibility.htm

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 don't think that I'd consider switching my current account purely on the basis of an (overpriced and limited) travel insurance offering.

adindas

Dear Baldur
Thank you again for your time look at the case.
Of course there is no point to switch the SO&DD just for very little money they mention about £80, this is just try to fool less knowledgable person. There are a lot of EU multi trip annual insurance for individual available with approx similar cover with NW flexi a/c for less than £20. Bases on MSE guide you could even fins it for £12 a year.

But I confirm (I have called them a few times with different person), there is no requirement for switching SO & DD as long as we pay at least £750.00 for at least 3 months, the perk start to kick on after 3 months. We need to continue this payment in order to maintain the perk though.

This is also confirmed in their website:
To make FlexAccount your main account, all you have to do is:

• 1.Pay in £750 per month or more for three months, OR
• 2. Successfully complete our account transfer service

http://www.nationwide.co.uk/current_account/account_benefits.htm

They explained to me when I called them.

With option 1 you need to wait for 3 months in order to get the insurance to take effect. They want to see the payment £750.00 for 3 consecutive months coming into a/c for sure.

For option 2 the perk start on the day the switching request is received. But the funding of £750.00 is still required.

Other people could probably try to check it again by calling them to see whether they give similar answer to what I have got.

We could use this for our own advantage

ADINDAS

Baldur wrote: »

According to the eligibility criteria on their website, you may need to confirm that statement, as the wording for accounts opened from 02/08/2010 suggests that they do require you to switch all DDs & SOs - see http://www.nationwide.co.uk/current_account/travel-cover-eligibility.htm



I don't think that I'd consider switching my current account purely on the basis of an (overpriced and limited) travel insurance offering.