Nationwide Flex Account Worth Keeping?

bankersmug

Can anyone think of a good reason to keep a Nationwide Flex Account open?
It's now cheaper to withdraw money abroad on a Halifax Clarity Credit Card, and there are plenty of banks who don't have those annoying card readers.
The only thing I can think of is if there's some kind of sale or buyout in the future there might be a payout to members.
Any thoughts?

anamenottaken

European travel insurance if you pay in £750/month?

pqrdef

bankersmug wrote: »

The only thing I can think of is if there's some kind of sale or buyout in the future there might be a payout to members.

I wouldn't let my membership go, for precisely that reason. I never bothered with any carpetbagging, but I'd be miffed to miss out on a payout from the society that I was a genuine user of, just because their current product range doesn't grab me.

Not strictly true - the Derbyshire BS is offering 3.25% instant access and can be used to maintain a continuous Nationwide membership.

bankersmug

Thanks for your replies folks! The travel insurance - you can get a very good annual European Travel Policy from Virgin for £17.50 per annum, or around £25 for worldwide (via money supermarket). Favourable terms too. Travel insurance isn't quite a big enough incentive for me, but I think I might keep it open anyway in the off chance of a sale and qualifying for a payout. I've got a mortgage with them anyway.

tagq2

This may not apply to you (though it will affect whether a sale would ever happen!) but I think they introduced a lifetime windfall sign-away-to-charity for anyone who has not been a continuous member since 1997.

bankersmug

tagq2 wrote: »

This may not apply to you (though it will affect whether a sale would ever happen!) but I think they introduced a lifetime windfall sign-away-to-charity for anyone who has not been a continuous member since 1997.

You're quite right. Go to http://www.thisismoney.co.uk/money/saving/article-1608906/Anger-at-derisory-Portman-merger-bonus.html and scroll down to the last question.
That'd count me out then - I joined in 2004.

Equaliser123

bankersmug wrote: »

You're quite right. Go to http://www.thisismoney.co.uk/money/saving/article-1608906/Anger-at-derisory-Portman-merger-bonus.html and scroll down to the last question.
That'd count me out then - I joined in 2004.

Also, generally operating a current account does not constitute 'membership' of a building society.

gardner1

Equaliser123 wrote: »

Also, generally operating a current account does not constitute 'membership' of a building society.

flex account IS a share in nationwide

alanq

Agreed.

"Who are Society members? There are two types of Society member:
Investing members - those who hold a FlexAccount or a savings account.
Borrowing members - those who have a Society mortgage."


http://www.nationwide.co.uk/about_nationwide/membership_matters/membership.htm#1

C_Mababejive

NW are currently swapping out some of their credit cards for platinum ones..presumably for selected customers. The card offers unlimited cashback amongst other things..

InsideInsurance

They also require you to have a current account to gain access to some of their saving vehicles (their ISA had a very good rate recently and required you to haev a current account)