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

Voyager2002

Time for a reality check: the insurance they offer is virtually worthless, and the hassle of opening an account and moving money in and out of it is not justified by the very limited benefit.

adindas

Indeed, It is just about £20ish per annum, very little money though (although they quote £80.00).

But when the FP is available on both banks then it makes the difference as we just need to supply very little effort.

Just set up SO and leave it for at least 1-2 days (e.g. 1 day slack to avoid our account is going red/overdraft) and SO back to the origin a/c. Very little effort as it just takes a few minutes to set up SO on both a/c and job is done, this is what I am thinking.

ADINDAS

Voyager2002 wrote: »

Time for a reality check: the insurance they offer is virtually worthless, and the hassle of opening an account and moving money in and out of it is not justified by the very limited benefit.

System

You can by all means open the account and do what your saying, but the cover is really worth less than £20 and if the Faster Payment system goes down with either your main bank or Nationwide then you'll get charged - probably more than £20 unless your willing to leave a £750 float in the account.

What people are trying to say is that there is such a thing as a false economy.

adindas wrote: »

Indeed, It is just about £20ish per annum, very little money though (although they quote £80.00).

But when the FP is available on both banks then it makes the difference as we just need to supply very little effort.

Just set up SO and leave it for at least 1-2 days (e.g. 1 day slack to avoid our account is going red/overdraft) and SO back to the origin a/c. Very little effort as it just takes a few minutes to set up SO on both a/c and job is done, this is what I am thinking.

ADINDAS