Nationwide launches interest paying current account

rb10

callum9999 wrote: »

you don't get proper branch access - what exactly is the point!

It appears to me that the branch restrictions are essentially 'if an ATM is available, use that, otherwise, use the counter'.

It does say that anything that you can't do by a self-service method can still be done in branch.

Having said that, the interest rate is disappointing for a current account. I'd expect more from Nationwide.

KTF

Didnt one of A&L current account execs join them about a year or so?

You can tell he has been working hard as suddenly all these 'loyalty' deals have started appearing.

KTF

rb10 wrote: »

It appears to me that the branch restrictions are essentially 'if an ATM is available, use that, otherwise, use the counter'.

It does say that anything that you can't do by a self-service method can still be done in branch.

The past few times I have used one of the fancier ATMs in the branch to pay in cash or a cheque, it has swallowed my card and then shut itself down.

I then have to get a manager to open the thing up and get it out again. "Not again..." seems to be the standard response.

Its a tough choice between that or standing in line with all the people wanting to update the balance on their passbooks (why they still issue them is beyond me).

Hominu

I wonder what the next idea from the marketing department will be be? 10% Interest on your current account for balances of £1,200 or less, but with a fee of £9.99/month? I suppose that would trick a few people into applying...

dave333

I was intrigued when I heard Nationwide offering an in-credit interest rate current account but now I have looked at it I'm very disappointed.

It would have been nice to get some interest on my balance while its waiting for Direct Debits every month but losing the travel insurance makes it not worth it at all... losing branch access doesn't bother me but 2% interest on balances up to £2.5k - come on Nationwide you can do better than that!

alanq

Things could be worse (and perhaps soon will be). Before withdrawing interest completely from FlexAccount in January 2009 Nationwide was paying 0.5% gross on the first £3000...and then only if one deposited £1500 pm.
http://www.nationwide.co.uk/pdf/current_account/historic_Jan09.pdf

System

I can't understand Nationwide bringing this out; why would anyone go for this - especially with the strange removal of branch access and the £5 sting in the tail if you fail to deposit enough funds. Neither are very mutual!

It's like they have taken the poorer parts of Halifax, Lloyds and First Direct accounts to make theirs. Surely they would want prime account holders to use the branch if for no reason but to sell them their other duff products?!

I KNOW they have lost the plot now.

callum9999

rb10 wrote: »

It appears to me that the branch restrictions are essentially 'if an ATM is available, use that, otherwise, use the counter'.

It does say that anything that you can't do by a self-service method can still be done in branch.

Having said that, the interest rate is disappointing for a current account. I'd expect more from Nationwide.

I guess it depends how rigorous they are in enforcing it (i.e. whether the system will physically let you pay in less than £300 at the counter should you need to etc.).

Seems like a lot of hassle when you could just have a Flexaccount with a savings account elsewhere.

GooliesOfFire wrote: »

I had accounts with in-credit interest - A&L 6%+, Halifax 6%+, Intelligent Finance had it to.. Then they all were down to 0.1% APR after a while.

Their free travel insurance is nice so I'm not going to "upgrade" for sure.

The Flexaccount used to have in-credit interest as well. Most bank accounts did while the base rate was something like 5%, then they all withdrew it when it collapsed to 0.5%.

rb10

KTF wrote: »

The past few times I have used one of the fancier ATMs in the branch to pay in cash or a cheque, it has swallowed my card and then shut itself down.

Your card may be damaged, I don't know whether their ATMs read the stripe or the chip.

Regardless, it might be worth phoning up to order a new one, see if that works any better.

lippy1923

The title of this thread got me interested. Reading into it, Nationwide's offer is actaully PANTS imo!

I've not looked into the ins and outs yet, but just from the bits pointed out on here I really do not understand why someone already with a normal Flex account would switch.
How would they benefit? What sort of customer would this suit?

Would be interesting to hear if anyone is going to switch... if so please state why it appeals to you, so I can understand