N&P discontinuing £5 fee on basic account

Legacy_user

N&P appear to be making their basic current account fee free from 2014.
Is currently waved if used 5 times a month or has a balance of 5k plus.

Obviously makes it much more competitive with Metro Bank
Also, if you prefer Visa Debit over Debit MasterCard when travelling.

Gibblet

Heng_Leng wrote: »

N&P appear to be making their basic current account fee free from 2014.
Is currently waved if used 5 times a month or has a balance of 5k plus.

Obviously makes it much more competitive with Metro Bank
Also, if you prefer Visa Debit over Debit MasterCard when travelling.

This is great news and N&P have been absolutely fantastic! I love their customer service.

I think, however, the Gibraltar branch is an exception and the £5 rule will continue.

System

Strangely, the Gibraltar branch only has one type of current account and it seems to the the light account in all but name including the abolishment of the £5 fee.

I would prefer Yorkshire BS abolish the N&P, Chelsea and Barnsley brands altogether.

Gibblet wrote: »

This is great news and N&P have been absolutely fantastic! I love their customer service.

I think, however, the Gibraltar branch is an exception and the £5 rule will continue.

CG19a

Just to update everyone concerned

N&P are removing the £5 usage charge for not making 5 transactions on the account per month, however the terms have been updated now that if you don't make at least 5 transactions a month they reserve the right to close your account.

From 1st January 2014, we will no longer charge a low usage fee on Gold Light or Gibraltar Gold Current Accounts. The requirement to carry out a minimum of 5 transactions into or out of your account per calendar month remains. Any low usage charge incurred in December 2013, which will be pre-notified to you on your January statement, will still be debited on the last day of that month. (Condition 7.3)

Minimum transaction level for Gold Light Current Account and Gold Start Current Accounts

If fewer than 5 payment transactions are made in a calendar month into or out of your Account or you keep an average balance of less than £5,000 in the Gold Light Current Account or Gold Start Current Account, N&P reserve the right to close the account, giving you at least 60 days' notice, as a savings account may be more appropriate for your needs. (Condition 7.3)

kirkbyinfurnesslad_2

Heng_Leng wrote: »

Strangely, the Gibraltar branch only has one type of current account and it seems to the the light account in all but name including the abolishment of the £5 fee.

I would prefer Yorkshire BS abolish the N&P, Chelsea and Barnsley brands altogether.

I don't see why.

The likes of the Barnsley are very regional brands

System

Only by giving 60 days notice of closure - which is pretty standard in banking.

CG19a wrote: »

the terms have been updated now that if you don't make at least 5 transactions a month they reserve the right to close your account.

There seems little point in retaining the failed brands and it would give Yorkshire Building Society a larger, unified branch network.

kirkbyinfurnesslad wrote: »

I don't see why.

The likes of the Barnsley are very regional brands

kirkbyinfurnesslad_2

Heng_Leng wrote: »

Only by giving 60 days notice of closure - which is pretty standard in banking.



There seems little point in retaining the failed brands and it would give Yorkshire Building Society a larger, unified branch network.

Yes but brands like the Barnsley have a loyal following....

inertia and all that....

EarthBoy

I'm sure that loyal Barnsley members, as native Yorshire men and women, would be quite happy to have their branches rebranded under the banner of God's own county. A bigger problem would be rebranding the Chelsea or Norwich & Peterborough branches, whose members won't have the same loyalty to the county.

Having said that, I think they will most likely all be rebranded eventually. I don't know of any evidence which shows a significant loss of customers from any regional building society following a takeover/merger with another society and a change of name. The Nationwide is getting rid of the Dunfermline, Derbyshire and Cheshire, so I'm sure the Yorkshire will eventually get rid of the Chelsea, Barnsley and N & P.

Atidi

EarthBoy wrote: »

...The Nationwide is getting rid of the Dunfermline, Derbyshire and Cheshire, so I'm sure the Yorkshire will eventually get rid of the Chelsea, Barnsley and N & P.

But surely Nationwide is a nationwide brand.
So no point keeping the local brands, just for Dunfirmline, Derbyshire or Cheshire.


Not sure if those dragged up in Norwich, Peterborough or Chelsea have much affinity with Yorkshire.
And if you are from Barnsley, I expect you have a great affinity with Yorkshire so that particular brand may well disappear as you suggest.