Wanting to Switch from Barclays to Nationwide

Venusflytrap

I have had a Barclays bank account for over 4.5 years which now charges £6.50 monthly for some perks like mob. phone & gadget insurance, interest-fre OD, extended warranty cover etc (only use mob. and extended warranty insurance which I am happy to drop as my mob. is probably worth less than the policy excess!).

Nationwide Flex caught my eye cos there's no monthly fee and offers free travel insurance and free foreign debit card spends if you pay in at least £750 monthly (hope i've got this right). Can any Flex account customers comment - is it a good move to switch to NW? If I do switch I will not be using the bank's switching service (learnt my lesson with Halifax) but will personally ensure that all DDs, SOs and my salary are transferred over. Hope this doesn't disqualify me from the account's benefits?

jen245

I thought Nationwide stopped doing the fee free debit card use abroad, and that's why they introduced the European travel insurance?

Chorlie

I have both a Barclays Current A/c and a Nationwide Flex A/c, I have done for over 20yrs. There is two main reasons, one I don't like to have my money in one place and two if there is a problem with one A/c (be that my fault or the banks) I have access to some funds until it's sorted.

The Nationwide Flex A/c give you free European Travel Insurance if you pay in £750 a month, but I thought they changed the rules on foreign charges, but not sure in what way off the top of my head. They are releasing a new Platinum Credit Card for Flex A/c holders with free foreign spending (I had a letter yesterday but not yet read the small print).

As for a monthly charge, there isn't one for Nationwide, but you could ask for your Barclays A/c to be downgraded to a standard Current A/c without a monthly fee (and no extras). That way you could open a Nationwide A/c and run the two together (as I do) and in a few months close the Barclays one if you wish.

hugheskevi

I also have both accounts.

Nationwide have a £1,000 daily limit on Faster Payments, whereas Barclays have a £10,000 limit. That is enough for me to use Barclays as my primary account.

Venusflytrap

Chorlie wrote: »

The Nationwide Flex A/c give you free European Travel Insurance if you pay in £750 a month, but I thought they changed the rules on foreign charges, but not sure in what way off the top of my head. They are releasing a new Platinum Credit Card for Flex A/c holders with free foreign spending (I had a letter yesterday but not yet read the small print).

Ah, right...thought it was the VISA debit card that offered this. Does the debit card have any perks btw? Also is the Platinum CC another perk for Flex a/c holders or one that has to be applied for separately?

As for a monthly charge, there isn't one for Nationwide, but you could ask for your Barclays A/c to be downgraded to a standard Current A/c without a monthly fee (and no extras). That way you could open a Nationwide A/c and run the two together (as I do) and in a few months close the Barclays one if you wish.

Makes sense; If I get the Flex then I will down grade Barclays and leave open as my ISA is on there.

Last thing: will I be credit checked for the Flex? I ask cos i've already got three searches this year - 2 for CCs and one for Halifax reward acct - and would like to keep this down. Also, will I still get the flex benefits if I opt out of using their account transfer service and move finances over myself?

rb10

jen245 wrote: »

I thought Nationwide stopped doing the fee free debit card use abroad, and that's why they introduced the European travel insurance?

No longer free, but still much cheaper than other debit cards.

(There are some credit cards, e.g. Santander Zero and Halifax Clarity, that beat the Nationwide Flex Account, but it's significantly better than Barclays).

hugheskevi wrote: »

I also have both accounts.

Nationwide have a £1,000 daily limit on Faster Payments, whereas Barclays have a £10,000 limit. That is enough for me to use Barclays as my primary account.

Nationwide - like all banks and building societies - will be obliged to send any amount by Faster Payments from 1st Jan 2012. So your point only holds for the next three months.

Chorlie

Venusflytrap wrote: »

Ah, right...thought it was the VISA debit card that offered this. Does the debit card have any perks btw? Also is the Platinum CC another perk for Flex a/c holders or one that has to be applied for separately?

Makes sense; If I get the Flex then I will down grade Barclays and leave open as my ISA is on there.

Last thing: will I be credit checked for the Flex? I ask cos i've already got three searches this year - 2 for CCs and one for Halifax reward acct - and would like to keep this down. Also, will I still get the flex benefits if I opt out of using their account transfer service and move finances over myself?

It is a Visa Debit Card, but not free to use overseas (anymore) but still better than most. The Platinum Credit Card is being offer at the moment to Nationwide CC holders (I have a Gold CC with them) who have there main A/c with them. It's free to use overseas and you get 0.5% Cashback (1% for first 3 months), not sure if there was anything else.

I've had several credit checks in the last 12 months I've open 5 Lloyds A/c, 2 Halifax A/c and a Credit Card. If your Credit is good than a Flex A/c shouldn't be an issue, if you've already been turned down for something then that maybe another issue.

Not sure about the Transfer service, I don't think so. Just credit the A/c with £750 a month.

Venusflytrap

Chorlie wrote: »

It is a Visa Debit Card, but not free to use overseas (anymore) but still better than most. The Platinum Credit Card is being offer at the moment to Nationwide CC holders (I have a Gold CC with them) who have there main A/c with them. It's free to use overseas and you get 0.5% Cashback (1% for first 3 months), not sure if there was anything else.

I currently have a Halifax Clarity CC which I use for both overseas spends and cash withdrawals. Might be a good idea to have the NW CC strictly for overseas spends and the Clarity for cash withdrawals. Would it be advisable to run the Flex acct for at least 6 months before applying for the CC?

I've had several credit checks in the last 12 months I've open 5 Lloyds A/c, 2 Halifax A/c and a Credit Card. If your Credit is good than a Flex A/c shouldn't be an issue, if you've already been turned down for something then that maybe another issue.

Great! Have had all my credit products approved this year, just cautious that I do not have too many searches.

Not sure about the Transfer service, I don't think so. Just credit the A/c with £750 a month.

Did you use the transfer service? Just questioning because the NW website says this: "To be eligible for free FlexAccount Travel Cover Cover is only available to permanent residents of the UK.
Unless you have already been notified that you are eligible, in order to qualify for free Nationwide FlexAccount Travel Cover you must hold a Visa debit card (not cash card+**) and complete a transfer of all of your Direct Debits and standing orders from an account with another bank or building society to your FlexAccount using our Account Transfer service."

I'll probably pop into my local branch tomorrow and ask.

Venusflytrap

Oops...should have asked before opening the account but, is the Flex Travel insurance just for me or can my hubby benefit? If not can I upgrade to include him and does anyone know how much this would cost?

Chorlie

I'm really not sure if you have to use there Transfer Service, I had my A/c with them when I was still at school and in them days there wasn't a Transfer Service, I qualified but I had a Flex A/c which was being credited with more than £750 a month and I had DD's etc.

Again you'll have to ask Nationwide how quick you can apply for a Credit Card, I got one years after I opened the A/c, think they almost begged me to have one.

The Travel Insurance in for the A/c Holder, so if it's a Join A/c both if not just you; but you can upgrade it to cover Family Members, Worldwide Cover etc, it was £20 extra for Worldwide Cover.

You're best going into the branch and ask them.

Venusflytrap

Thanks for your input Chorlie. Hitting my branch first thing tomorrow!