Does Nationwide Flexaccount use BACS ?

wombat42_2

Just wondered if the clearance times for paying money in and out of a Nationwide Flexaccount was a s good as any bank and that they use BACS ?

RayWolfe

It's all on their website.
They do use BACS.

KTF

I have found that Nationwide is one of the quicker banks when it comes to moving money. Typically its 2 to 3 days.

FastBlueCar

What about when you move money between Nationwide accounts?
In particular to and from the Flexaccount to the e-Savings account ....... is it instant transfers?

KTF

Yes, its instant.

MarkyMarkD

How in the world would they transfer money to other banks OTHER than by using BACS?

FastBlueCar

Thanks for the quick reply KTF.
I'm currently with firstdirect - have been since they started going, but I am now not too happy with the new account I am being forced onto.

I'm seriously looking at moving to the Nationwide Flexaccount, although I do have a few more questions :

1. On their website it says that you may be eligible for a debit card. So how long do you typically have to wait before getting one?
2. I understand that there is not an automatic overdraft with the account but it is easy to request one. Is this the case?
3. Is there any fee for setting up an overdraft (can't see any one)?

Many thanks.

KTF

1. When you open an account you will get either a debit card or a cash card depending on your credit score. There have been some posts about this on the forums as it seems the majority of people get given the cash card. However, when I opened my account I was offered a debit card and credit card immediately so didnt have this problem.

2. In the online banking it says that an overdraft of x amount is available to you (the amount appears to increase over time). You have the option to apply for an overdraft for an amount up to the limit displayed and will get a reply within 2 working days.

3. There is no fee for setting up an overdraft. The interest rate is going to be 9.9% from November 1 I think.

cheltenhamlady

BACS faild today nationwide has a glich in paying some benefits, so no money for new years eve shopping!!!!

apt

Fastbluecar why are you unhappy about the First Direct Account? Yes there's no interest, but as it offers a an interest free £250 overdraft you don't need to run a positive balance on your account for most of the month. First Direct offers faster payments whereas Nationwide are dragging their heels on this. Now Nationwide are only paying 0.4% on the Flexaccount for paying in £1,500 a month and a miserly 1.95% on the e-saver the only real value Nationwide offer is for foreign currency spending. It's very good for that, but poor in many other respects.