Farewell, Nationwide.

Any

adindas wrote: »

There more other players E.G.:
-Metro Bank
-Cumberland BS
-Halifax Clarity 1% per month for the interest for cash withdrawal. This could be negated with immediate payment rather than leaving it until the statement month
-Santander Zero 1,5% oper Month for cash withdrawal. his could be negated with immediate payment rather than leaving it until the statement month
Fair FX anywhere only just cost 1.5%. This card is very easy to get even for the person with low crider score and cost nothing.

So there are few of them

COMPARE IT with NW Post November 1st
2% with NW.

Other specialist
Sainsbury Creadit card + travel insurance with £5 monthly fee.

ADINDAS

All brilliant deals.
Metro Bank - have you seen where I live?
Cumberland - have you seen where I live? And a bit too small for me to trust them with my money
Halifax Clarity - mentioned I might get, but still need to have current account somewhere and I don't want it with robbing Halifax
Santander - see my previous post - Santander? I only have 1 set of nerves.

Fair FX - charge of 1.5% - that is not that much of a difference really, is there? And you still need to have bank account somewhere..

So I can't see how any of what you posted gets me better deal then the one I already have.

You also have to consider that you still need to have current account somewhere.

adindas

Dear Any

I am responding to your general statement

"Nationwide knew they can get away with it, because noone else can beat them"

I am not refering to your particular circumstances as my statement is general.

I do not think NW is better than Halifax. In case people want an a/c for general purposes (not for overseas spending) people will normally go for the high interest rate. NW is 0% for (less than £1500), 0.5% for 1500+. My lloyds TSB Vantage account pays me 4% interest. Like any other Credit Card to get Halifax Clarity card no requirement to bank with Halifax.

For Cash Withdrwal:
0.5% different (with FairFx Anywhere) or 1% (with Halifax Clarity Card) in comparison to NW could make a siginificat different for those who are traveling a lot or doing a gap year oveseas.

Also for cash withdrawal for some people the different could be
0% (with Halifax Clarity Card) Vs 2% with NW Debit card if people do FT payment on the same day of withdrawls as no interest to be paid.

For Purchase/buying: is even more
Halifax Clarity card cost nothing as long as you clear your balance on the statement month.

But I agree is up to the people to decide whether they want to pay 2% more. Me defenitely not as I have a lot of other options as low as 0%.

ADINDAS

Any wrote: »

All brilliant deals.
Metro Bank - have you seen where I live?
Cumberland - have you seen where I live? And a bit too small for me to trust them with my money
Halifax Clarity - mentioned I might get, but still need to have current account somewhere and I don't want it with robbing Halifax
Santander - see my previous post - Santander? I only have 1 set of nerves.

Fair FX - charge of 1.5% - that is not that much of a difference really, is there? And you still need to have bank account somewhere..

So I can't see how any of what you posted gets me better deal then the one I already have.

You also have to consider that you still need to have current account somewhere.

powerone

is citibank any better for overseas travel.

System

It's reasonably difficult to get 0% on cash withdrawals as Halifax don't accept Faster Payments...

Nationwide ARE different to all the other options are they are a UK wide institution so have wide access. Metro bank and Cumberland Building Society are very much local players.

adindas wrote: »

Dear Any

I am responding to your general statement

"Nationwide knew they can get away with it, because noone else can beat them"

I am not refering to your particular circumstances as my statement is general.

I do not think NW is better than Halifax. In case people want an a/c for general purposes (not for overseas spending) people will normally go for the high interest rate. NW is 0% for (less than £1500), 0.5% for 1500+. My lloyds TSB Vantage account pays me 4% interest. Like any other Credit Card to get Halifax Clarity card no requirement to bank with Halifax.

For Cash Withdrwal:
0.5% different (with FairFx Anywhere) or 1% (with Halifax Clarity Card) in comparison to NW could make a siginificat different for those who are traveling a lot or doing a gap year oveseas.

Also for cash withdrawal for some people the different could be
0% (with Halifax Clarity Card) Vs 2% with NW Debit card if people do FT payment on the same day of withdrawls as no interest to be paid.

For Purchase/buying: is even more
Halifax Clarity card cost nothing as long as you clear your balance on the statement month.

But I agree is up to the people to decide whether they want to pay 2% more. Me defenitely not as I have a lot of other options as low as 0%.

ADINDAS

Fedz

Inactive wrote: »

They do, but other banks don't seem to need to close down their websites on a regular basis like Nationwide.

Yeah I've noticed this quite often - weird!

Doesn't alter using the debit card at least as I used it 3am Sunday norning :beer:

powerone

Fedz wrote: »

Yeah I've noticed this quite often - weird!

Doesn't alter using the debit card at least as I used it 3am Sunday norning :beer:

Your life is more exciting than mine. I was asleep in bed!!

glitter123

I've been with Nationwide for around 20 years. I don't need their free travel insurance as I already get that elsewhere. Now they have announced they are closing all agencies, and that is all we have in our town, i'll be heading elsewhere. Why on earth would I want to travel 7 miles to the nearest branch to pay in a cheque when there are numerous other big boys in our High Street? Sometimes people are queuing out of the door of our agency. They can obviously afford to lose lots of "members".

Tbh they haven't been working in favour of members for many years, most noticeably since the laptop "went missing". Who paid the imposed fine? Members of course. Directors still received their bonuses - no accountability there.

adindas

Dear Hen Len

I have not tried it with Halifax Clarity Card. Someone needs to try it, informs us his experience and we will learn it from there. I have read a lot of people in this forum are suggesting this method to avoid paying interest. Presumably they have tried it, I do not know. But from Lloyds TSB to Halifax account (not Halifax Credit Card) it is instant FP, have not actualy tried from Lloyds TSB to Halifax Clarity Card. We could easily experiment it by sending £1.00 and see how long will it take. Someone want to try it and tell us their experience ??

But I have tried it a few times with Santander Zero Card. I have tried it in real situation when I was abroad. Also I have tried it through experiment a few times by sending £1.00 from my HSBC to Santander Zero Credit Card a/c and could tell that it is less than 20 minute to arrive.


ADINDAS

Heng_Leng wrote: »

It's reasonably difficult to get 0% on cash withdrawals as Halifax don't accept Faster Payments...

Nationwide ARE different to all the other options are they are a UK wide institution so have wide access. Metro bank and Cumberland Building Society are very much local players.

knightfox

Inactive wrote: »

They do, but other banks don't seem to need to close down their websites on a regular basis like Nationwide.

There are some changes to the way the accounts are running from the 1st November. So I can only presume thats why the 'upgrade' was last weekend. Although if people continue to run their accounts as they should, ie pay out money they have, then no one will notice.

baby_boomer

Nationwide's underlying problem which is a millstone around its neck for the next 12 years is this

http://www.nationwide.co.uk/mortgages/interestrates-types/standard-basemortgagerate.htm

Its base mortgage rate (for around 2/3 of borrowers) is 2.5%

Its standard mortgage rate (for a few recent borrowers) is 3.99%.

If all the borrowers were on a standard mortgage rate, Nationwide could afford to offer its savers and current account holders 1% more interest. But they can't. Which is why they are starting to look and feel like any other bank.

We are all suffering from the decision of the board to offer a cap on Nationwide mortgage rates of Bank base rate (0.5%) + 2% for everyone who took out a Nationwide mortgage before April 29 2009.

This was irresponsible and could only have been undertaken by a mutual with little accountability and a board fuelled by a peculiar testosterone of proving mutuality is best at all costs and being prepared to throw good sense out of the window in the process.

In the process they have crippled the world's largest mutual.

You only have to look at the appalling performance of Nationwide PIBs v the rest of the sector over the last two years to see how the market views this stupid decision.

Ordinary members should be lobbying the board before the 2011 AGM to break the 2% mortgage link with the base rate. Skipton BS has already done so, so there is a precedent.

All 3 main political parties believe in mutuals providing competition for the banks. So there would be political support for such a practical, necessary and socially useful change.

Perhaps MSE could lead the way?