Nationwide Flex Account - Close Down?

humfer

Have one of these and top it up about once or twice a year for taking cash out whilst abroad. However as they are jacking up the fees from the start of November may as well stay with my main current account as although will pay a few more quid its probably better than all the hassle of tranferring cash just before each holiday. Just wondering if anyone reckons there would be any benefit to leaving the acc open? Have a CC and mortgage with NW but neither are in any way linked to the current account

LongTermLurker

Some reasons to keep it

1. It doesn't need funding - might be useful one day if other banks keep making entry criteria so much more difficult
2. It may prove useful in applying for special offers or accounts only open to existing customers
3. It's useful to have a sacrificial current account, one you can use to "switch" to another account for a one off reward
4. Same sacrificial account could be used if you need to give someone your account details but don't want it to be your main account, for whatever (legal) reasons
5. It's a Building Society - always worth having an alternative to a bank, depending on what the future brings
6. A second current account's always useful if you fall out with your main bank - saves messing about researching & applying while sorting out salary credits and Direct Debits

Some reasons to ditch

1. If you don't keep on top of it you may get trapped with an unknown fee
2. It's another account to be compromised, especially if you don't check it regularly
3. If you have an overdraft the available credit will show on your credit file

digitaltoast

I'm wondering the same thing about my accounts. In fact, I've got a few of those "pay in for a year to get good rates" accounts. Plus a Nationwide account which I opened for the free overseas currency, but it took them so long to send the card that I missed out on that, so didn't switch my account, so have never used it.
There's 4 of them in total, they all have £1 in and no overdrawal facility so it's not get frauded that bothers me, just keeping everything tidy.
Now to add to all of that, Natwest have just closed their local branch, so as protest I've moved my "high street" banking to a different bank's account I opened years ago to get a £50 bribe. So that also has £1 in, again, no overdraft now.
The thing is, I've had the Natwest account for 24 years - they pay virtually no interest, but by closing it, am I going to lose the good rating of having such a long-standing bank relationship?

It's not like I need the £5 urgently, but all the paperwork and crap that comes with 5 "dormant" accounts just makes me want to close them.

Yes or No?

Sceptic001

digitaltoast wrote: »

I'm wondering the same thing about my accounts. In fact, I've got a few of those "pay in for a year to get good rates" accounts. Plus a Nationwide account which I opened for the free overseas currency, but it took them so long to send the card that I missed out on that, so didn't switch my account, so have never used it.
There's 4 of them in total, they all have £1 in and no overdrawal facility so it's not get frauded that bothers me, just keeping everything tidy.
Now to add to all of that, Natwest have just closed their local branch, so as protest I've moved my "high street" banking to a different bank's account I opened years ago to get a £50 bribe. So that also has £1 in, again, no overdraft now.
The thing is, I've had the Natwest account for 24 years - they pay virtually no interest, but by closing it, am I going to lose the good rating of having such a long-standing bank relationship?

It's not like I need the £5 urgently, but all the paperwork and crap that comes with 5 "dormant" accounts just makes me want to close them.

Yes or No?

If any of them are Santander you are likely to get stung with a £5 per month "underfunding fee" if you do not pay in a certain amount per month (£500, I think), so get them closed pronto if you don't need them!

Several people on these boards have suffered this and their problems have multiplied as they have had overdraft charges on top.

patrick0

If you live near London then open an account with Metro Bank who offer the same commission free overseas withdrawals for debit card users.
https://www.metrobankonline.co.uk/personal/

I believe there are also a couple of other building societies who still over this too.

For a overseas commission free credit card use the Halifax Clarity.

I closed my NW account as NW no longer have any good offerings (except the 2.5% SVR mortgage).