Top Bank Accounts Discussion Area

innovate

graduate2012 wrote: »

I just called Nationwide to find this out for myself, and they said that their flex account does not charge to receive international payments

That's true, they don't charge any extra for receiving money from abroad. However, their exchange rate might be pants. The least costly approach is probably a specialist currency transfer service.

http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1572

http://www.fxcompared.com/
http://www.mycurrencytransfer.com/

JR1985_2

Has anyone taken advantage of the £100 to switch to First Direct? Is it woth waiting until the guarantee from the paymetns council kicks in to protect my D/D

innovate

JR1985 wrote: »

Has anyone taken advantage of the £100 to switch to First Direct?

yes sure, hundreds, if not thousands, of people have

JR1985 wrote: »

Is it woth waiting until the guarantee from the paymetns council kicks in to protect my D/D

Waiting for/with what? Are you referring to the Direct Debit guarantee? This applies as soon as you agree to a DD.

NatFeerick

Having spent an hour in my local Halifax branch yesterday applying for their Reward Account before the £100 transfer incentive ends on Sunday, I was shocked to be told I wouldn't qualify for the bonus because my company pays my salary into my account by Online Transfer not by Automated Credit (CHAPS). After summoning a manager and explaining the finer points of the Payroll system and the fact that monthly pay can differ by a few pence because of the tax element therefore cannot be set up to automatically generate the same amount every month, they eventually agreed to give me the £100, but I really had to fight for it and there is nothing on their website to clarify it. I wonder how many thousands of people simply accepted the 'no deal' line and have missed out?

Bigcol25

Just got a letter yesterday from Santander saying that from mid October my account will revert to an "everyday" account with no travel cover, breakdown, fraud prevention cover etc, feel a bit as if rug pulled from under feet, anyone else feel the same?

stattman

Hi,

I got a similar letter. It states the benefit of free European travel cover will end 30-Sep-2014. So a while to go...

But, I was never overly amazed with Santander, the free insurance was the only thing going for it...

I think they've made a bit of a mess as there's no real incentive to stay. I suspect they've done their homework and figured on apathy for people to stay on the everyday account.

Hopefully by next year current accounts will become more , not less competitive. Just hope we don't go down the fee paying route...

Mark

Hard_food_for_midas

I have been ploughing my way through this interesting thread and wanted to know what are Currently the best accounts:

Fortunately, I'm likely to have around £100K to save until I can decide whether or not to reduce my mortgage next year. However the mortgage rate is currently only 1.89% until September 2015.

I know I can use up my ISA allowance. Which is the best currently?
I'm hearing negative things about Coop (went with them because they were supposed to be ethical) See here: http://www.ethicalconsumer.org/scoredetails.aspx?ProductId=253125

Thinking of Nationwide for current account as it's ranked highly ethically and interested in free travel insurance, but don't think there is ever a smooth transition when moving current account. All my bills are paid using Lloyds & that runs well, though the rates could probably do with a review!

thanks

alanq

innovate wrote: »

Waiting for/with what? Are you referring to the Direct Debit guarantee?

I assume that the question was a reference to the Current Account Switch Guarantee which comes in on September 16.
http://www.paymentscouncil.org.uk/switch_service/
http://www.theguardian.com/money/2013/aug/16/banks-current-account-switching-customer-guarantee

Tractorbob3

Just a word of caution for long-standing Nationwide Flexaccount customers who may be contemplating a switch. If you had the account before a certain date (not sure when it was exactly, but Martin's team may - it was when 'demutualisation' was all the rage) you were and are entitled to a 'windfall' payout in the event that Nationwide demutualises. Nationwide then moved the goalposts and all new account customers had to sign away their rights to any payout. As far as I am aware, as an account holder for many years, I still have this entitlement .... which may or may not be worth something at some time in the future. If I switch, all is lost!

rb10

Tractorbob3 wrote: »

Just a word of caution for long-standing Nationwide Flexaccount customers who may be contemplating a switch. If you had the account before a certain date (not sure when it was exactly, but Martin's team may - it was when 'demutualisation' was all the rage) you were and are entitled to a 'windfall' payout in the event that Nationwide demutualises. Nationwide then moved the goalposts and all new account customers had to sign away their rights to any payout. As far as I am aware, as an account holder for many years, I still have this entitlement .... which may or may not be worth something at some time in the future. If I switch, all is lost!

To clarify:

- If you are a member through another account (e.g. savings or mortgage) then switching current account won't impact your membership.
- If you switch to a FlexDirect or FlexPlus account, then you'll still have continuous membership, so are still entitled to any windfall.
- I can't see the chances of Nationwide demutualising being particularly high. Why would they?