Switching from Nationwide

Bookowl

Hello,
I’ve been a life long member of Nationwide. But, becoming more money savvy in 2018, I realise it’s not doing much for me. I currently, have a flex direct account and don’t earn any interest or any incentives. I also hold a credit card with them at 17.9% interest. My questions are 2fold.
1. Are there bank accounts that offer better rates and incentives than I currently have?
2. What credit cards are on offer that have low interesf and if I switch will my credit score be Affected?

radoslaff

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

2. https://www.moneysavingexpert.com/credit-cards/cashback-credit-cards

And yes, your credit score will be affected, but you don't really care about this effect.

System

What is your usual monthly credit [FlexDirect pays either 5 or 1%] if you deposit £1000 per month. If you are getting nothing then you will be depositing less than this.

Are you actually borrowing on the credit card or do you clear it off each month?

soulsaver

I'd keep an account with NW to ensure continuity of membership.
They have a loyalty ac that pays OK interest from time to time, rate depending on length of membership.

And if you've been a member before they brought in the conversion charitable donation rule, you may wish to keep the exemption... in the even unlikely event.

Malchester

I agree with soulsaver. At the moment NW rates are appalling, even for long time members (I have been with them for over 30 years). At the moment I have no savings with them because of their low rates and have just opened a Tesco current account to use but will keep the NW Flexaccount open to keep up membership in case they return to decent interest rates in the future. IMHO they have slipped in customer service recently

Bookowl

Hi, why should I not be worried about my credit score being affected?

Bookowl

I usually credit £1300 roughly. I borrow usually £300, not every month just now and again, for example, Christmas travel is on this month's and am paying it off weekly as I get paid weekly.

Bookowl

What bank account options would be useful for me if I'm in credit monthly?

binaryuniverse

If you don't have a large lump sum, to instantly put somewhere, rather than open a new bank account, why not open a NW Flexclusive Regular Saver. This pays 5% interest and you can in up to £250 a month.

If you do, then Tesco is the next top paying account, with 3% up to £3000. And you can open two of those. However, each account must be fed 3 direct debits per month.