Nationwide travel insurance

moneyistooshorttomention

BoGoF wrote: »

General wisdom on these boards is that you shouldn't put all your eggs in one basket and have a back up account "just in case"

1. What are the reasons basically that a back-up bank account is advised? What benefit would there be to me from having one? (ie not just getting round a bit of small print one particular bank has?)

2. I'm now wondering how I could run this system (eg with an account with the Post Office Bank) without hassle at intervals - rather than just a one-off hassle and "job done"? "Head hurts" as to how to avoid ongoing hassle at intervals...hates hassle with a passion and doing best to eliminate it from my life...

BoGoF

I'm assuming you are paid by BACS transfer, to the best of my knowledge these can't be received on non banking days - usually I get paid on the last day of the month but if this falls on a weekend/bank holiday then my employer does the pay run on last working day of the month.

EachPenny

moneyistooshorttomention wrote: »

1. What are the reasons basically that a back-up bank account is advised? What benefit would there be to me from having one? (ie not just getting round a bit of small print one particular bank has?)

The main issue is with technology failures - the more things become electronic the more reliant everybody becomes on the technology working. If a power failure or hacking shut down your bank's computer systems then you could be without access to cash or means to pay electronically for days. Also there is an increasing risk of your bank blocking your account due to suspicious activity, and it would appear from issues raised on this board that you could one day get a letter simply telling you your account is being closed.

Having additional accounts reduces the risk that you will be affected by those issues.

moneyistooshorttomention wrote: »

2. I'm now wondering how I could run this system (eg with an account with the Post Office Bank) without hassle at intervals - rather than just a one-off hassle and "job done"? "Head hurts" as to how to avoid ongoing hassle at intervals...hates hassle with a passion and doing best to eliminate it from my life...

My approach would be to open an account with any other high-street bank (probably not the PO). Assuming you never go overdrawn and maintain a healthy balance in your current account then I'd set up a standing order to transfer money from the FlexAccount to the second account and a 'mirror' standing order to transfer the money from the second account back to the FlexAccount. Depending on the level of risk you are comfortable with the two standing orders could be on the same day, or some days apart. (FlexAccount to 2nd account always happening first though!)

If you always have more than £750 in your FlexAccount then you can do one pair of SO's for £750. If your balance sometimes go lower then reduce the amount but have two or more 'pairs' per month. E.g. two transfers of £375.

Once you have set the standing orders up there is no hassle. Both banks take care of all the work and it costs you nothing so long as you always make sure your accounts have sufficient funding to meet the SO on the due date.

moneyistooshorttomention

EachPenny wrote: »

My approach would be to open an account with any other high-street bank (probably not the PO). Assuming you never go overdrawn and maintain a healthy balance in your current account then I'd set up a standing order to transfer money from the FlexAccount to the second account and a 'mirror' standing order to transfer the money from the second account back to the FlexAccount. Depending on the level of risk you are comfortable with the two standing orders could be on the same day, or some days apart. (FlexAccount to 2nd account always happening first though!)

If you always have more than £750 in your FlexAccount then you can do one pair of SO's for £750. If your balance sometimes go lower then reduce the amount but have two or more 'pairs' per month. E.g. two transfers of £375.

Once you have set the standing orders up there is no hassle. Both banks take care of all the work and it costs you nothing so long as you always make sure your accounts have sufficient funding to meet the SO on the due date.

Hmmm....that sounds like a possible plan....

Out of interest - why preferably not the Post Office Bank? Just thinking of them because I'm not exactly overloaded with banks to choose from in this area....:cool:

colsten

moneyistooshorttomention wrote: »

Out of interest - why preferably not the Post Office Bank? Just thinking of them because I'm not exactly overloaded with banks to choose from in this area....:cool:

There have been various reports, over a long period of time, of people being unable to access their funds in PO savings accounts for no apparent reason, and for longer periods. I have stopped using them myself for that reason.

If you are just SO-ing money from one bank to another, you can use any bank which offers internet banking. They don't have to be in your area.

redux

glentoran99 wrote: »

I'm taking it they were telling him he didn't qualify for it in the first place rather than saying its been cancelled


Perhaps the OP could confirm have you ever got a letter confirming your travel insurance?






FlexAccount travel insurance eligibility criteria

If you'd like the Travel Insurance, you'll need to meet the following eligibility criteria by 30 September 2017


#
How to confirm your travel insurance:
Once you qualify for free travel insurance we will send you a FlexAccount Travel Cover Eligibility Declaration to read, complete and return to us by 31 October 2017.
If you don't return your declaration by this date you won't be able to benefit from the Travel Insurance.
Your cover will not start until you receive your Certificate of Insurance - we’ll send this to you within two weeks of receiving your completed FlexAccount Travel Cover Eligibility Declaration.

I don't understand this. I thought the travel insurance for new accounts stopped about a year ago.

I was a bit annoyed, as I'd intended for a few days to swap an account, and when I actually came to do it they'd removed the insurance a couple of days earlier.

Was the qualification later extended (again without them telling me, despite previously showing interest, and a complaint on the subject), or is this September and October 2017 about some other conditional hurdle?

glentoran99

redux wrote: »

I don't understand this. I thought the travel insurance for new accounts stopped about a year ago.

I was a bit annoyed, as I'd intended for a few days to swap an account, and when I actually came to do it they'd removed the insurance a couple of days earlier.

Was the qualification later extended (again without them telling me, despite previously showing interest, and a complaint on the subject), or is this September and October 2017 about some other conditional hurdle?

it did, your account had to be opened by December 2016, but you have to qualify each year

FOREVER21

I. wonder how long the travel insurance perk will last.

I have a gold cash reward credit card from Nationwide and have just been told that the travel insurance together with the extended guarantee on purchases is to end in March.

pollypenny

moneyistooshorttomention wrote: »

Have just been on the phone to my pension provider and they say (though they don't put it in that language) that it's the Nationwide's fault this is happening - because they aren't putting through payments yet at weekends and bank holidays.

Told this is not down to my pension provider causing this issue. The Nationwide itself is causing it.

Out of interest - does anyone know if other banks have a policy of refusing to take payments through at weekends and bank holidays? Or is it just the Nationwide that won't take them then?

Transfers by customers go through at weekends certainly.

I suspect that it is a quirk of the CS that they pay it on the due day without considering whether banks take it. Money saving?

Why else would other firms pay on the Friday? Teachers' Pension Agency, Gen Motors and Prudential in our case.

Edit to add: why not have an account which pays cash back on bills for your D/Ds and as a reserve. We have Santander 123,which we use as saving as well. Martin writes about their 'Lite' account today.

moneyistooshorttomention

FOREVER21 wrote: »

I. wonder how long the travel insurance perk will last.

I have a gold cash reward credit card from Nationwide and have just been told that the travel insurance together with the extended guarantee on purchases is to end in March.

Hmmm....that is a possibility of course, ie that the "stiffening" of conditions is to try and kick some people out - but they're planning to kick everyone out regardless later. Think it might be wise for me to "hold the horses" until, say, April - whilst I see how that one plays out - as I have a letter en route to me safely confirming I have my travel insurance for 2018 okay.

I know there have been quite a few reports in the media recently about holidaymakers putting in fake compensation claims etc on holidays they've made - to the extent that some foreign holidays are now wary of us British because of this. So maybe these "fakers" have been doing this once too often and the rest of us might suffer because of them?