Nationwide Flex Account

cabbage

I've had an account with NW since 1989. They now offer me free travel insurance and when I go overdrawn it usually costs me pence rather than pounds as I have an authorised overdraft. They only charge until the account is in credit which is usually within days.

I use interent banking alot and its easy and straightforward. I have had problems but they've always managed to resolve them without too much hassle.

rb10

choc_mouse wrote: »

- Slow to implement Faster payments. Limited to £1000 per day. No indication of when they will increase this limit.

By the end of 2011.

All banks are required to do the same under the Payment Services Directive.

choc_mouse wrote: »

- Often have to use chip+pin to authorise online payments/settings. Means security is a bit better but I think it's negligible. Bad guy knows my password also probably knows my pin! So mostly a hindrence.

Keylogger on computer -> password known, but not PIN.

Besides, he would also have to be in possession of your own card. If I know that my Flexaccount card is in my wallet, then I also know that the risk of fraudulent payments made online from my account is significantly reduced.

However, since the bank (/building society) will cover any genuine fraud claims, I don't think it's much of an issue. I trust Nationwide's customer service enough to be confident of them getting that right.

choc_mouse wrote: »

Summary: OK account but nothing much to shout about anymore.

Agreed. Probably one of the best if you can't pay in £1k/month (so can't get interest on Halifax Reward/LTSB Vantage), due to good online banking and good customer service.

Milarky

Originally Posted by choc_mouse
- Slow to implement Faster payments. Limited to £1000 per day. No indication of when they will increase this limit.

rb10 wrote: »

By the end of 2011.

All banks are required to do the same under the Payment Services Directive.

True, but that doesn't cover the question of amounts/daily limits in force. Whilst it should be unthinkable that Nationwide would limit all payments to £1000 per day in the FP-only era there is nothing in the rule changes to prevent that being used by banks. Bottom line - only keep in there what you know you can take out instantly.

Access to Faster Payments will gradually improve [for everybody] is the only thing we can safely assume.


With the Card Reader at Nationwide, do we know if the new log in using them will change (i.e. end) the over-the-top use with every single payment - as now? I have a sneaking suspicion we will have to use CRs even more than now - not less. This is the sort of thing to drive away customers.

stutakesphotos

thanks all, that's helpful. I think there's enough there for me to decide not to go with them. Will consider Smile

Bloomberg

stutakesphotos wrote: »

I'm considering Nationwide's Flex Account and wondered what people's experience of it was? Thanks

Dreadful in branch service

No weekly standing orders

Full statements one day behind

The Nationwide where once really good but not any more. Is there anything in particular you are looking for? For example good on line banking, telephone banking or in branch service.

BreamoreBoy

stutakesphotos wrote: »

Not keen on first direct as they're a part of HSBC

first direct were easily the best i've ever banked with, only moved as my income dropped drastically as result of long term health problems

Chadsman

I used to use NW as my main current account but since the interest rate on the linked e-saver has dropped to punitive levels I have moved to Lloyds who pay 4% on my vantage current accounts so I dont even have to bother moving money from a linked account.

The NW website is good tho- my only gripe is having to use a card reader to make an electronic payment.

stutakesphotos

Bloomberg wrote: »

Is there anything in particular you are looking for? For example good on line banking, telephone banking or in branch service.

Good online banking is a must. I'd prefer not to use one of the banks that received huge bailouts but then paid big bonuses. Any benefits would be good, but I'm aware that some of them are a bit lightweight

stutakesphotos

BreamoreBoy wrote: »

first direct were easily the best i've ever banked with, only moved as my income dropped drastically as result of long term health problems

Sorry to hear that and I hope you make a full recovery

Fred100

I have been with them for many years with no problems. On line banking is good etc. Got a bit miffed when they recently upgraded certain cards to chip and pin "Visa Debit" cards as whilst I can now pay for goods in the UK or use the ATM in the UK I cannot (now) use an ATM abroad and given that I spend nearly nine months of the year working out of the UK this is a pain in the neck. Yes I can still buy things with my card all over the world but cannot simply get some cash.