Nationwide or Halifax?

slipthru

Rafter wrote: »

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.

Where can i find info on the faster transfers between banks in the future and also will this cost?

sav4it

Why not go for both ie joint accounts with each and salaries paid into one of each if you see what I am trying to say so spreading your money around ( or as I suggested above just fund the Halifax by rotating from/to your savings)?
That way you have access to Nationwide's esavings which although not the highest, is consistently pretty good and perks for when abroad and also have quck access to your Sainsbury's accounts in the meantime while Sainsbury's is being one of the top players. You could always close one in the future if not happy.

YorkshireBoy

slipthru wrote: »

Where can i find info on the faster transfers between banks in the future?

www.fastpayments.co.uk

...and also will this cost?

Nothing finalised yet AFAIK, but if there is a cost it is likely to be pence (according to the above website).

andrew164

I've been with Nationwide for just over 3 years and found them to be excellent. The only transactions I can't do with them is share dealing as they only offer phone dealing only.

For this I use the excellent Halifax Share Builder Account where I can buy for example £250 worth of shares a month in 5 companies.

Going back to nationwide, I get a text message once a week with my balance and the last 5 transactions which is handy when you're on holiday. Also, I entered a competition earlier in the year and won two tickets to an England game via them so was well impressed.

If you have a recent version of Microsoft Money you can keep a tighter reign on your funds as you can download your entries automatically, it even sets the accounts up for you initially within MS Money.

evergreen

I have been with A & L for well over a year. Although the regular saver rate goes after 1 year the 6.5% on balances up to £2500 in current account does not stop as far as I am aware. My monthly interest is about the same.

I have also had a main account with Nationwide for about 28 years and have always been really pleased with them. However I have read on this site that from this month to draw out cash abroad with Nationwide card will cost 2.5% on the amount you draw out.

slipthru

evergreen wrote: »

I have been with A & L for well over a year. Although the regular saver rate goes after 1 year the 6.5% on balances up to £2500 in current account does not stop as far as I am aware. My monthly interest is about the same.

I have also had a main account with Nationwide for about 28 years and have always been really pleased with them. However I have read on this site that from this month to draw out cash abroad with Nationwide card will cost 2.5% on the amount you draw out.

Really, in which case there is no point in us opening an account with them. We use Cahoot to withdraw money which a little less than 2.5%

Does anyone have a link to this as they are still advertising on there website free withdrawals abroad.

evergreen

Sorry, please ignore my post re charge for Nationwide debit card when used abroad. The charge of 2.5% is on cash withdrawals from ATM abroad when using a Nationwide CREDIT card from 17th October 2007 not DEBIT card.

slipthru

evergreen wrote: »

Sorry, please ignore my post re charge for Nationwide debit card when used abroad. The charge of 2.5% is on cash withdrawals from ATM abroad when using a Nationwide CREDIT card from 17th October 2007 not DEBIT card.

Oh good, will be setting up our accounts today then.

Treading_Water

JUst like to add - I have a Nationwide account and would thoroughly recommend it.
The service is superb.
If you have an agreed overdraft, you only get charged during the actual period you are overdrawn.
and yesterday I got a call from the fraud department, recognising a dodgy transaction that hadn't actually appeared on my online statement yet!!
Also when the kids got their cards cloaned - again they picked it up and sorted it with no problems what so ever.

slipthru

Oh well looks like the decision has been made for me as i just tried to sign up online to nationwide and got declined.

I don't understand why as i have never been in debt and i have decent enough salary.

Last time i sign up online aswell.

How long will it take before they write to me and tell why i was turned down.