Farewell, Nationwide.

MORPH3US

My Nationwide account will be closed on 02/11/10 and my move away will be complete.

Have been with Nationwide for 6 years and had current account each (wife and I) and a joint account plus savings accounts with each JA.

I am sorry to leave in a way, but not sorry enough to convince me to stay. They have endeared themselves less and less to me over the years.

adindas

For your info

From January 1, 2011 N & P will start nil foreign exchange loading fee, niil Cash withdrawal fee. This could be a perfect substitute for your flexi a/c post November 1.

http://www.nandp.co.uk/current-account/changes-to-your-current-account/

https://forums.moneysavingexpert.com/discussion/2820080
(MSE discussion about this)

NW should be doing like what N&P (e.g. minimum mainthly payment, etc) is doing if they just want to prevent people using it for oveseas withdrawal.

I think this rather better option rather than replace it with useless Travel Insurance.
you could avoid paying £5 low usage fee by appying some tricks.

ADINDAS

Nessie23

adindas wrote: »

For your info

From January 1, 2011 N & P will start nil foreign exchange loading fee, niil Cash withdrawal fee. This could be a perfect substitute for your flexi a/c post November 1.

ADINDAS

Thanks Adindas, you always seem to be on the case!

Just before I closed my Nationwide account I did a little experiment to compare its exchange rate against the Metro Bank debit card. I withdrew 10€ in a Spanish cash point and the result was as follows:

Nationwide debit card (Visa debit): £8.69
Metrobank debit card (Mastercard debit): £8.69

Both cards give an exchange rate of 0.869, which is exactly the same exchange rate as given by oanada.com for the interbank exchange rate on that day.

I was expecting some kind of differences between Visa and Mastercard, however as you can see it was exactly the same.

Nessie

KTF

I wonder if N&P class moving money in and out as a transaction? Do N&P do faster payments?

adindas

Dear KTF
The list of banks who could send and receive FP is available here:
http://www.ukpayments.org.uk/faster_payments_service/value_limits/

I just check it. Unfortunately N&P have not been in the list.

Normally, money in and out is classed as transaction but need to make sure that this is the case with in N&P.

ADINDAS

KTF wrote: »

I wonder if N&P class moving money in and out as a transaction? Do N&P do faster payments?

baby_boomer

apt wrote: »

Norwich & Peterborough look like they are aiming to pick up customers from discredited Nationwide. The have removed all charges on foreign transactions from 1 January 2011 on their Gold Current Accounts. There is a £500 per month funding requirement, but half of this could go straight into a regular saver paying 5%, rather more than Nationwide.

That's all fine and dandy but will N&P survive its deplorable KeyData fiasco in good shape?

http://www.bbc.co.uk/news/business-11011507

Or will they have to be taken over?

By Nationwide :rotfl: ?

Maybe it's the Nationwide board's sneaky way of hanging on to its customers as transfer fatigue sets in .

God knows what'd happen to that Regular Saver a/c once Nationwide got hold of it .

jonesjw

Metro bank account opened today @ Borehamwood.

The opening gift of a free sandwhich toaster should offset the cost of diesel to drive there.
My free overseas cash withdrawals should save about £60 a year.

Next job is to hoik as much of my money as possible away from Nationwide.

jonesjw

Well, I've opened my Metro account & will be using that for withdrawals on my December holiday. If they don't foul up anything, I'll start transferring everything over to them in January & then close the Nationwide current account. Or leave it with 50p balance. I'll NOT be paying the extortionate Nationwide withdrawal charges.

agsnu

jonesjw wrote: »

Well, I've opened my Metro account & will be using that for withdrawals on my December holiday. If they don't foul up anything, I'll start transferring everything over to them in January & then close the Nationwide current account. Or leave it with 50p balance. I'll NOT be paying the extortionate Nationwide withdrawal charges.

Nationwide's withdrawal charges are not extortionate.

Inactive

agsnu wrote: »

Nationwide's withdrawal charges are not extortionate.

Maybe not, but they are no longer attractive to customers.