Flexplus now live...

Montmorencymon

Maybe I'm overly cynical, but I wonder if we are being gradually softened up to the principle of paying fees for current accounts.


That is certainly the way the banks have gone / are going (e.g. Lloyds TSB still has a non fee payment current account, but only if you stay in credit. Go into the red (even if it's within your limit) and they charge you an overdraft usage fee as well as interest. Their other accounts have pretty hefty fees as standard.


I worry about Nationwide more generally. The Flexaccount used to be perfect: paid a reasonable rate of interest, all the usual banking facilities, and commission free use abroad. What was not to like (as they say)? Well, the online system was a bit slow and clunky (compared to LTSB anyway), but it was usable. And the related flexible e-saver was also great. Good rate of interest plus good flexibilty.


Come the credit crunch, and we lose interest on the Flexaccount, the flexible e-saver is rubbish, and eventually we lose commission-free usage abroad ("the customers didn't want it..." or something. Yeah, right).


Now, instead of introducing the FlexDirect, they could simply have given us back interest on the Flexaccount, for example, and restored the e-saver to something like it used to be.

I suppose they want to get in new money, but they could have done that with advertising (same as they are doing anyway), without needing a new account. Must cost them money to introduce new accounts, anyway.


So, while I don't fully understand their motives, I'm afraid I don't trust them. I think that these days, they'd much rather be a bank, if they could be.

Gromitt

Montmorencymon wrote: »

Now, instead of introducing the FlexDirect, they could simply have given us back interest on the Flexaccount, for example, and restored the e-saver to something like it used to be.

I see several things:
They want new customers, a new account with good features will pull in those.
Advertising a new bank account and people will investigate more so than an existing account with more features.
They are not that interested in existing customers, apply the interest to FlexAccount and everyone gets it, apply it to a new account and people will need to update. Not everyone will.
The interest comes at a price - its pretty much online and telephone banking access only, which will put some people off. Combine that with the fact the 1K requirement needs to come from another bank and people with only Nationwide as there bank need to rethink and decide what benefits they want.

I expect a lot of people here will just grab a FlexDirect for 12 months and then cancel it and go back to a FlexAccount or FlexPlus if they like the features.

callum9999

Montmorencymon wrote: »

Maybe I'm overly cynical, but I wonder if we are being gradually softened up to the principle of paying fees for current accounts.


That is certainly the way the banks have gone / are going (e.g. Lloyds TSB still has a non fee payment current account, but only if you stay in credit. Go into the red (even if it's within your limit) and they charge you an overdraft usage fee as well as interest. Their other accounts have pretty hefty fees as standard.


I worry about Nationwide more generally. The Flexaccount used to be perfect: paid a reasonable rate of interest, all the usual banking facilities, and commission free use abroad. What was not to like (as they say)? Well, the online system was a bit slow and clunky (compared to LTSB anyway), but it was usable. And the related flexible e-saver was also great. Good rate of interest plus good flexibilty.


Come the credit crunch, and we lose interest on the Flexaccount, the flexible e-saver is rubbish, and eventually we lose commission-free usage abroad ("the customers didn't want it..." or something. Yeah, right).


Now, instead of introducing the FlexDirect, they could simply have given us back interest on the Flexaccount, for example, and restored the e-saver to something like it used to be.

I suppose they want to get in new money, but they could have done that with advertising (same as they are doing anyway), without needing a new account. Must cost them money to introduce new accounts, anyway.


So, while I don't fully understand their motives, I'm afraid I don't trust them. I think that these days, they'd much rather be a bank, if they could be.

They never said their customers "didn't want" free use abroad... Who on earth would actively chose to pay commission fees...

And it's rather obvious what their motive is. They want more customers, more money coming in and therefore more profit (and stability).

BugsyBrowne

Still the best packaged account out there by far and for only a Tenner you can't go wrong unless you own an iphone which many of us do which is £100 excess,apart from that its all good.

simax

BugsyBrowne wrote: »

Still the best packaged account out there by far and for only a Tenner you can't go wrong unless you own an iphone which many of us do which is £100 excess,apart from that its all good.

LTSB packaged accounts have a £100 excess for iPhones too. I think others are the same too.

BugsyBrowne

simax wrote: »

LTSB packaged accounts have a £100 excess for iPhones too. I think others are the same too.

Tell me about as I didn't read the t&cs about excess and mobile phones with Lloyds as I dropped my down the loo.

Toe-Jam

BugsyBrowne wrote: »

Still the best packaged account out there by far and for only a Tenner you can't go wrong unless you own an iphone which many of us do which is £100 excess,apart from that its all good.

It's not a good as ulsterbanks for £9
http://www.ulsterbank.co.uk/ni/personal/daily-banking/current-accounts/extra-benefit-accounts/ufirst.ashx

Hominu

BugsyBrowne wrote: »

I didn't read the t&cs about excess and mobile phones with Lloyds as I dropped my down the loo.

The T&Cs are also available on the website, you don't have try and rescue them from down the loo Quite how you managed to drop them down the loo however is quite puzzling.

adamc260

Andyt1981 wrote: »

Yes, so my wife wouldn't be covered driving our car alone, as it's in her name.

"Where the account is in joint names 2
private cars can be covered"

adamc260

BugsyBrowne wrote: »

Still the best packaged account out there by far and for only a Tenner you can't go wrong unless you own an iphone which many of us do which is £100 excess,apart from that its all good.

Every mobile insurance policy charges more for an iphone on the excess front.

The only time that the excess doesn't differ is when you claim under your home insurance I believe.. it's just whatever your excess is then.