Considering moving from Lloyds TSB to Nationwide — thoughts?

Jew

I am considering opening a Nationwide Flex account and have some questions:

1. It states that to get the travel insurance, I have to transfer my salary, DDs and standing orders. Does this mean that the Lloyds TSB account that I have will be closed?

2. I was looking at the Nationwide fees and it seems they charge for strange things, like £25 for UK bank transfers, and £25 for SWIFT transfers!

3. It also says that foreign currency costs at "£1 per withdrawal", plus 2% load. Shouldn't they be added to the "cards from hell" because of this?

Is there anything else I should know about moving from a bank like Lloyds TSB (I also have dormant NatWest and Barclays accounts), to Nationwide? It seems there are more charges for stuff.

opinions4u

1. No.

2. What's the question? All banks charge for CHAPS transactions and overseas transfers. Take a look at page 10 of Lloyds TSB charges booklet.

3. No, it's still one of the better charging structures in the market. But not the best. Just don't withdraw small amounts lots of times.

Jew

1. Ah, so it simply moves over all the money and all of the direct debits? What about my salary, do I have to contact my employer myself or will Nationwide cover that also?

2. Bank-to-bank transfers in the UK are free from what I know. International transfers don't cost £25 at other banks!

3. So a Nationwide CC is recommended here, correct?

MoneySaverLog

Nationwide pay no interest on the flex account unlike LTSB

You can qualify for the flexclusive offers by transferring £750 in and out of their flex account every month. You'll have to wait 3 months if you do it that way though.

innovate

You could also just get them to move TWO direct debits, and leave the others at Lloyds. You can move them back later if that suits you. The ongoing commitment is only for a total of £750 to be deposited per month.

You do not have to have just one current account.

Jew

innovate wrote: »

You could also just get them to move TWO direct debits, and leave the others at Lloyds. You can move them back later if that suits you. The ongoing commitment is only for a total of £750 to be deposited per month.

You do not have to have just one current account.

Ah, interesting.

I don't mind leaving Lloyds, or at least moving all my money away.

If I apply online, will it be complicated to do all of this?

Jew

MoneySaverLog wrote: »

Nationwide pay no interest on the flex account unlike LTSB

You can qualify for the flexclusive offers by transferring £750 in and out of their flex account every month. You'll have to wait 3 months if you do it that way though.

What do you mean?

So I won't get the insurance until 3 months if I transfer everything over?

But how measly is the TSB interest on their account? I can just open an ISA or something with Nationwide, no? I'd prefer to have a savings account with them — if you know, which is the most flexible but with the best rate?

spendaholic66

I moved from Lloyds tsb to nationwide and have never looked back

MoneySaverLog

No, if you transfer over you get the insurance from day 1.

Just thinking about how to get the best of both worlds.

Jew

spendaholic66 wrote: »

I moved from Lloyds tsb to nationwide and have never looked back

Thanks!

- Are bank transfers to other UK accounts/banks free of charge?

- Are the online savings accounts good? Something flexible.

innovate

Jew wrote: »

What do you mean?

So I won't get the insurance until 3 months if I transfer everything over?

But how measly is the TSB interest on their account? I can just open an ISA or something with Nationwide, no? I'd prefer to have a savings account with them — if you know, which is the most flexible but with the best rate?

You probably will not qualify for the insurance until you have paid in £750 for three months. For insurance purposes, make sure you comply 100% with the T&Cs. But if you talk nicely to them, they will let you open a Regular Saver if you open a Flexaccount and ask them to transfer two direct debits.

Nationwide ISAs do currently not figure in the best buys. Though they did have a fantastic offer in April (which is "ISA season" and you usually get the best rates then).

Apart from the Flexclusive Regular Saver, the Nationwide savings accounts pay terrible interest. You can do hugely better at tons of other places. Search the Forum a bit for Best Savings Accounts.

I sense you have the concept of having all your money in one and the same bank? If so, make sure you never have more than £85K in the same institution (you'd lose anything above it if they went bust), and be aware that you will not get the best deal for any length of time. No bank always offers the best deal - and I can't actually think of any time that any of them did. You get the best for yourself if you pick and choose what suits you best (and if you don't let yourself intimidate by bank 'advisors' trying to tell you differently).

Bank accounts are commodities, a bit like clothes - surely you aren't buying all your clothes always from the same shop?