Nationwide or Halifax?

slipthru

My wife and i are looking to switch our current accounts from A&L as our year is up, I was going to use Halifax as they have a high interest rate of 6.17% with no 12 month limitation, but i have seen a few bad posts about them on here.

Then i saw that Nationwide are now offering the Flex Account with 4.24% on balances up to £3000 and i don't think it's a limited offer either.

Are halifax really that bad? and does anyone use Nationwide as there main current account here? as it seems people just open Nationwide account's for the free money withdrawals abroad.

gelato_cat

Halifax CS never seem to know what they're talking about. I've been with Halifax for 18 years and probably won't switch away as the 6.17% current account interest is good. I think if you're lucky and never have problems then you're fine, but God help you if you need to ring CS or speak to CS in a branch.

Suze

[Deleted User]

I use nationwide and find them excellent. You can also do instant transfers to/from their esavings account which pays 5.8%. Online bill payment system is good and overdraft rate is competitive (just increased to 9.9% I think).

gelato_cat

When I had a Sainsbury's saver there were no advantages to having a Halifax account at the same time (transfers still took three days, couldn't see the Sains account on the Halifax online banking) - what's changed?

Suze

sav4it wrote: »

Recently opened Halifax account for the incentive and so far seems fine but can't be bothered to change over all my DD and SO. It's useful if you wanted some savings with Sainsbury's online saver. That's why I'm keeping my account.

slipthru

sav4it wrote: »

I've been with Nationwide for years and am very happy. Recently opened Halifax account for the incentive and so far seems fine but can't be bothered to change over all my DD and SO. It's useful if you wanted some savings with Sainsbury's online saver. That's why I'm keeping my account.
Recently found out that you can use Nationwide debit card at a Post Office for withdrawals ( not with Halifax) but managed being blissfully unaware of this for years.

Which account is usful for the sainsbury's online saver and why? as we have each just applied for the internet saver aswell.

sav4it

If you have already got the Sainsbury's online saver why not open a Halifax one anyway as you can do your £1000 funding requirement from there if you so wish. See if you like it and if you do, then set up all your normal banking stuff.

sav4it

Suzey wrote: »

When I had a Sainsbury's saver there were no advantages to having a Halifax account at the same time (transfers still took three days, couldn't see the Sains account on the Halifax online banking) - what's changed?

Suze

Didn't see this post originally. Hopefully my post further up helps. Not three days now.

slipthru

sav4it wrote: »

Halifax is useful for a shorter timescale to access the funds in Sainsbury's as part of HBOS group. Overnight S to H ( if before 8pm)and instant H to S.

Thanks for the info.

Thats made my decision harder, so far it's halifax for the higher interest rate and the quicker transfers for the sainsburys saver account and nationwide for the better customer service, free withdrawals abroad and taking money out at the post office.

mothershipton

weve been with nationwide for 20 years now and they are excellent. we have never had a problem with them, unlike Halifax who we had a mortgage with once upon a time. Our local branch of nationwide were very good ( we moved) and the charges for going overdrawn are pennies if you agree an overdraft. You can operate your account on line and I pay all my bills that way. Hardly ever have to go to the bank.

Mikeyorks

slipthru wrote: »

Are halifax really that bad?

They're fine if you use their excellent online system and avoid going into the Branches. I use one of their agencies for paying in the odd cheque - so have little problem with them.

But do watch the 6.17% Current a/c is capped at £2500 and the interest then freefalls to 0.01%. So if you're going to maximise the benefit of the 6.17% - you really have to use their online facilities to stay adjacent, but not over, the £2500. However, with some instant access accounts now above that (6.17%) level - it's not quite as attractive as when first introduced.

Rafter

I'd go with Nationwide.

You will earn about £4 per month more interest with Halifax (if you amazingly manage to keep exactly £2500 in the account all the time) but you will probably lose overall in other ways:

If you spend £500 a year overseas on cash withdrawls or debt card transactions (in 5 transactions) - Halifax cost £21.25, Nationwide £0.

Go overdrawn by mistake - Halifax £58 or £148 if 3 items on same day - Nationwide £50 max.

Personally I'd rather bank with an organisation who is working for me rather than their shareholders. I'd also rather receive a reasonable rate and pay reasonable charges than get seduced by a juicy rate (with catches) and pay through the nose through either poor service or outrageous charges.

Remember that 'faster payments' will mean immediate transfers between accounts within 12 months, so the benefits of being with a bank that is part of the same group will diminish.

R.