Nationwide FlexBasic

MuddyFunster

I wonder if I could trouble the MSE Brain Trust for a sanity check.

I've been with Nationwide for years, maybe decades, they ain't perfect - but better the devil you know...

Due to a pretty massive financial meltdown 5 years ago I was downgraded to a 'Cash Card' Account, their basic account.

FF to Dec '15 - I had a letter from Nationwide saying that they've upgraded my Account to FlexBasic, they didn't say as much but I know some government intervention was involved - it was the same as the account I had, BUT I could now use my Debt Card abroad and it would have a contactless card if I wanted one. More importantly I think, it seemed to completely remove you from any sort of financial penalty for misusing the card, go overdrawn, no fee, bounce a DD, no fee, etc. I think I'm an honest person and I'd never purposely do any of that, but it's nice to know if a mistake happens I no longer get the shaft for it - £20 for the card misuse fee, £30 for going overdraft - two fines for the same offence etc.

Now, after almost 6 years of financial chaos - things are looking up, my income is steady, my outgoings low and I have some savings for a rainy day.

Today Nationwide contact me again, after nearly 6 years of saying 'no' to me having a mainstream account again, they've offered me a Free FlexAccount or, FlexDirect a FlexPlus for £10 a month, but no overdraft due to historic (but soon to be gone) bad credit data.

I can't really see the point to me - I don't expect to go OD, or bounce DDs etc. so the fines shouldn't be an issue, but the travel insurance isn't really of any use to me either - I don't expect the change from basic account to mainstream account will do anything for my credit history data - but am I missing something? On the face of it, their new FlexBasic account seems to be the best thing since sliced bread for people wanting "just an account".

[Deleted User]

Some thoughts...

1) Maybe after holding a FlexAccount, and running it well for 6 months or a year or so, they might let you have a small overdraft - which will then help your credit file.

2) FlexDirect offers interest, which might be nice.

3) Holding one of the non-basic accounts could qualify you for their Flexclusive offers.

Although, you mention "misusing" the card. Are you at risk of doing that?

It sounds like there are pros and cons to you.

MuddyFunster

Thanks for the second set of eyes BillBennet.

There's *almost* no chance I'll "misuse" my card - that's just Nationwide speak for using your card when you don't have enough to cover it, but after I put my savings away I usually rundown to £20-£50 upto payday and I've forgotten about buying the odd thing before now so never say naver.

I think I'll keep my totally free banking for now, I don't want or need an OD, I've got a credit card and my savings if I ever need to spend more than I've got.

colsten

MuddyFunster wrote: »

.....after I put my savings away.....

Where do you put them away to?

There's a good chance that you can't find anything better for the next 12 months than the 5% Nationwide FlexClusive Regular Saver, which you will qualify for as soon as your have a FlexDirect. The FlexDirect also can also pay you 5% interest a month if you meet the conditions. There is every possibility that going for the FlexDirect is a no-brainer.

NectarCollector

take the flexdirect - 5% interest up to £2500 (for 1 year then 1% after that) if you have 2 DD set up + pay in £1k/month. No monthly fee

It will also make you eligible for some other accounts they offer

Kim_13

You don't need DD's on the FlexDirect to get the interest. DD's are only needed if switching in for the £100.

pmduk

Just take comfort from the fact Nationwide have welcomed you back to the world of the creditworthy.