Help with changing to nationwide

loveGSDs

Hi there,

Im currently an account holder with RBS, and have been all my life.

I have a current account with them which includes a free £500 overdraft, an ISA with 0.5% interest and a regular savers account.

im looking to change to Nationwide, and incorporate all 3 accounts with them, they're offering 2.9% interest on the ISA, however the overdraft is not free. not something I am overly worried about, just means il need to be more careful not to dip into it.

anyway, my question is... over than the ususal charges for going overdrawn, is there any other charges/monthly fees I should be aware of? iv looked at all the terms and conditions but to be honest a lot of its goboldygook.

anyone on here a nationwide account holder?

thanks

le_loup

Only about several hundred thousand!

loveGSDs

le_loup wrote: »

Only about several hundred thousand!

ok, no need to be sarcastic. i meant anyone on here a nationwide account holder who can give me some advice?

[Deleted User]

http://www.nationwide.co.uk/current_account/rates.htm

Bloomberg

loveGSDs wrote: »

Hi there,

Im currently an account holder with RBS, and have been all my life.

I have a current account with them which includes a free £500 overdraft, an ISA with 0.5% interest and a regular savers account.

im looking to change to Nationwide, and incorporate all 3 accounts with them, they're offering 2.9% interest on the ISA, however the overdraft is not free. not something I am overly worried about, just means il need to be more careful not to dip into it.

anyway, my question is... over than the ususal charges for going overdrawn, is there any other charges/monthly fees I should be aware of? iv looked at all the terms and conditions but to be honest a lot of its goboldygook.

anyone on here a nationwide account holder?

thanks

Is the ISA savings rate the main motivation for you wanting to switch? Nationwide are sort of OK but to be really honest they are a shadow of what they used to be in terms of rates and what they offer. Over recent years they have slowly brought their charges more into line with that of a high street bank but without offering the service. One thing I would say in their favour is that their on line banking is very good.

The in branch service is modest at best. I used to use them for my main account but to be really honest I am glad to be away from them. There were little things which would niggle me. They do not offer weekly standing orders, full statements are a day behind and the Faster Payments implementation was a complete nightmare. I used to go to Asia two or three times a year and the withdrawing of free overseas card usage did not go down well, no doubt countless other people feel the same way.

I would say that you should look at other banks too. All the best.

loveGSDs

Thanks bloomberg, the isa rate is one reason, but also I know nationwide are one of the better mortgage lenders and you're favoured if you have an account with them.

id really rather stick with rbs as i 'know' them etc, but im getting rubbish rates and earning no interest.

Bloomberg

loveGSDs wrote: »

Thanks bloomberg, the isa rate is one reason, but also I know nationwide are one of the better mortgage lenders and you're favoured if you have an account with them.

id really rather stick with rbs as i 'know' them etc, but im getting rubbish rates and earning no interest.

There really is nothing stopping you from spreading your money around. If you have a good credit raring and your account is always in order getting a mortgage should not be overly difficult. I do not know how much you use branches, however if you are a frequent user then I dare say you could well end up very frustrated with the Nationwide. All the best.

loveGSDs

its generally online banking i use. i rarely go into a branch. i dont think i should have a problem getting a mortgage, but id like to move sooner rather than later and i know nationwide offer good 90% ltv to their customers.

thanks for your help

agrinnall

There really is no need to do all of your banking with a single organisation. If you're happy with your RBS current account then stick with it (although if you're in England you'll need to switch to a Scottish sortcode and not have a local branch), transfer the ISA to whichever MSE Best Buy takes your fancy and open a better paying regular saving account that can be funded by Standing Order (paid by Faster Payments) from your RBS account. I currently have various accounts with 6 different providers, you just need to keep on top of when the good rates end so you can move again.

rb10

To answer your original question, there's not really anything special about the FlexAccount ... it pretty much does what it says on the tin.

A good account to have, and Nationwide are a long way ahead of RBS in terms of customer service. Once you've been there a little while I expect you'll wish you'd switched earlier.