Nationwide Packaged account

TheShape

Deleted_User wrote: »

So, worldwide travel, car breakdown and phone insurance, all for £120 a year [STRIKE]or £42 if you can spare the cash to leave in the account[/STRIKE]. It's a brilliant deal, I don't know how they do it. I can't recommend this account highly enough.

I have a Nationwide FlexPlus and would agree that it is good value at £120 p/a but always remember that it is £120 p/a. I often see that posters reduce the effective cost by the amount of interest earned but that is only relevant if you couldn't earn the same amount of interest elsewhere.

jimjames

I have the account and fortunately haven't needed the travel cover. I have however used the breakdown service in the UK and France. Both times were excellent with a very efficient service so I'm very happy with the account too.

[Deleted User]

TheShape wrote: »

I have a Nationwide FlexPlus and would agree that it is good value at £120 p/a but always remember that it is £120 p/a. I often see that posters reduce the effective cost by the amount of interest earned but that is only relevant if you couldn't earn the same amount of interest elsewhere.

I agree and if you can point me in the direction of an account where I can earn more than 3% I'd be very grateful.

As a matter of interest I also have just opened the alternative Nationwide account where you earn 5% (only for a year) so by my way of looking at things I'm not actually paying anything for the insurance package. :rotfl:

TheShape

Deleted_User wrote: »

I agree and if you can point me in the direction of an account where I can earn more than 3% I'd be very grateful.

You've already found the FlexDirect and Flexclusive regular saver. Also at 5% are the HSBC, First Direct and M&S regular/monthly savers. BOS, Tesco (if and when available again), TSB, Club Lloyd's monthly saver will match the 3% along with a handful of Building Society regular saving accounts.

Some useful links (one MSE article and a the regular saver forum thread)

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

https://forums.moneysavingexpert.com/discussion/608697

Deleted_User wrote: »

As a matter of interest I also have just opened the alternative Nationwide account where you earn 5% (only for a year) so by my way of looking at things I'm not actually paying anything for the insurance package. :rotfl:

You won't be surprised that it's not my way of looking at things. If you haven't got the funds available to keep all the Nationwide accounts full, prioritise keeping the 5% accounts as full as possible.

[Deleted User]

Without wishing to sound like a know it all, which I certainly am not, I have been taking a particular interest in different ways of earning extra money since I retired last May with a useful lump sump and have found this site very useful indeed. I may not post much but I am taking notice.

I have

In HBOS one account (3% on 5,000)
In Santander three accounts (1.5% on £20,000) plus two linked regular savers at 5%
In Tesco 3 accounts (missed out on the 4th) (3% on £3,000)
1n TSB one account (3% on £1,500) plus an esaver (an unimpressive 0.85%) and an Isa (1.8%)
In Virgin one isa at 2.5%
In Nationwide two accounts (3% on £2,500 & 5% on £3,000) plus a linked regular saver at 5%
In Norwich & Peterboro one account for the purposes of taking cash free sums from ATM's whilst abroad plus a regular saver at 4%
and finally (hooray) in First Direct one account with a regular saver at 5%.

That's pretty much all my money tied up. My next move I'm mulling over is, when the new isa allowance kicks in, should I close one of the Santander accounts at 1.5% (less £5 fee) and move the money to the TSB isa at 1.8%?

What do you think Mr Shape? All advise much appreciated.

Note: I hope Mr ceredigion doesn't think I'm advertising all these accounts.

[Deleted User]

Just to add, my family think I'm mad.

TheShape

Deleted_User wrote: »

Without wishing to sound like a know it all, which I certainly am not, I have been taking a particular interest in different ways of earning extra money since I retired last May with a useful lump sump and have found this site very useful indeed. I may not post much but I am taking notice.

I have

In HBOS one account (3% on 5,000)
In Santander three accounts (1.5% on £20,000) plus two linked regular savers at 5%
In Tesco 3 accounts (missed out on the 4th) (3% on £3,000)
1n TSB one account (3% on £1,500) plus an esaver (an unimpressive 0.85%) and an Isa (1.8%)
In Virgin one isa at 2.5%
In Nationwide two accounts (3% on £2,500 & 5% on £3,000 £2500???) plus a linked regular saver at 5%
In Norwich & Peterboro one account for the purposes of taking cash free sums from ATM's whilst abroad plus a regular saver at 4%
and finally (hooray) in First Direct one account with a regular saver at 5%.

That's pretty much all my money tied up. My next move I'm mulling over is, when the new isa allowance kicks in, should I close one of the Santander accounts at 1.5% (less £5 fee) and move the money to the TSB isa at 1.8%?

What do you think Mr Shape? All advise much appreciated.

Note: I hope Mr ceredigion doesn't think I'm advertising all these accounts.

If you have a partner (you mention 3 Tesco current accounts) then you could have a total of 6 BOS Vantage accounts @ 3% between you. That could be a home for the balance from one of your 123 accounts.

You can also have up to three FlexDirect Accounts between you, 2 Flexclusive regular savers and three(may only be two?) TSB Classic Plus accounts.

You could also aim to get two M&S current accounts and its linked 5% regular/monthly savers and an additional FD First Account + regular saver.

There are also referral incentives available with Nationwide and First Direct.

Also, keep an look out for if/when Tesco allows further applications.

The number of accounts that a couple can have between them is significant.

TheShape

My girlfriend also thinks I'm completely mental.

pollypenny

Thanks for that reassuring post, OP.

We're with Nationwide Flex a Plus, too and find it excellent value for around £4.50 a month, allowing for interest on £2500.

We also have regular savers at 5%, but the true interest rate is much less, of course.

We had been with HSBC since its Midland days, lately with a Premier ac, the benefits if which had been gradually whittled away. We'd keep Nationwide for the travel insurance alone, as we go to the USA regularly.

jimjames

pollypenny wrote: »

We also have regular savers at 5%, but the true interest rate is much less, of course.

Trying not to get diverted but this really isn't correct. The true interest rate is exactly as stated. Why would you expect to be paid interest on money not in the account?