nationwide flexdirect account - any point in keeping it open

xyz123

hi

i opened a flex account last year paying 5% interest.i think that was for 12 month and that has finished.

main banking is with first direct and quite happy with them. so just wondering if there is any particular advantage or point in keeping the account open?

dont recall nationwide offering any special products just for current account customers (like first direct regular saver)! please correct me if wrong

ta

InsideInsurance

xyz123 wrote: »

dont recall nationwide offering any special products just for current account customers (like first direct regular saver)! please correct me if wrong

They often offer slightly higher interest on their ISAs to existing customers and lower interest on their credit cards

MotheroftheKid

I think they offer 1% interest after the 12 months but that's about it. I think the FlexAccount is the one where you get free travel insurance if you pay £750 in p.c.m.

Hooloovoo

Keep it as a dead account ready to be given up and transferred for a switching incentive.

xyz123

thanks all.

i have just got too many accounts to worry about so was thinking about closing this one. the last of the switching incentive left is i think halifax reward one. just opened a M&S one. will probably transfer that to halifax after 3/4 months.

colsten

Switch it to Coop/M&S/Halifax for some extra cash. Diarise the closing date and check whether the 5% FlexDirect offer with the same terms still exists 12 months after that, and then apply for a FlexDirect again. You might even be able to switch it back, for some Quidco cashback or a refer a friend offer.

xyz123

colsten wrote: »

Switch it to Coop/M&S/Halifax for some extra cash. Diarise the closing date and check whether the 5% FlexDirect offer with the same terms still exists 12 months after that, and then apply for a FlexDirect again. You might even be able to switch it back, for some Quidco cashback or a refer a friend offer.

thanks. having just opened a M&S and switching from lloyds vantage maybe i am better off waiting few months before getting halifax one to avoid any impact on credit score!

badger09

xyz123 wrote: »

thanks. having just opened a M&S and switching from lloyds vantage maybe i am better off waiting few months before getting halifax one to avoid any impact on credit score!

Opening another current account is unlikely to have an adverse affect on your 'credit score'.

Many of us have opened multiple current accounts in a fairly short space of time. I did, but still had no trouble obtaining credit

If you are likely to be applying for a mortgage in the near future, you might consider retaining a long standing current account as this can demonstrate 'stability' to potential lenders.