MSE News: New best overseas debit card launches in January

choc_mouse

adindas wrote: »

Dear Apt and All

Where could we get the info about
- Sentinel Gold
- can also get 5% interest on the linked regular saver account
I have tried to visit N&P website but no luck sofar

If you could provide the link of this info, it will be great.

thank you

ADINDAS

This is the link for N&P's 5% Gold Savings Account.
http://www.nandp.co.uk/savings/regular-savings/gold-savings-account/

It doesn't sell for me because it's a regular savings account with a limit of £250/month. So, you're not really getting 5% on £3000.

apt

adindas you can find what Sentinel Gold covers here http://www.sentinelgold.co.uk/

Essentially it covers your cards and keys. I think you need the Gold Classic version to qualify for this free benefit.

adindas

Dear Apt and choc_mouse

Thank you for this

ADINDAS

apt wrote: »

adindas you can find what Sentinel Gold covers here http://www.sentinelgold.co.uk/

Essentially it covers your cards and keys. I think you need the Gold Classic version to qualify for this free benefit.

adindas

- You could optimise your Interest by Drip Feed from your FLEXIBLE saving A/C which earn less than 5% to this. e.g you slowly built up from lower interest to higher interest. As far as I know 5% is currently the best rate you could get for 1year fixed rate saving.


ADINDAS

choc_mouse wrote: »

This is the link for N&P's 5% Gold Savings Account.
http://www.nandp.co.uk/savings/regular-savings/gold-savings-account/

It doesn't sell for me because it's a regular savings account with a limit of £250/month. So, you're not really getting 5% on £3000.

adindas

Thank you

ADINDAS

choc_mouse wrote: »

This is the link for N&P's 5% Gold Savings Account.
http://www.nandp.co.uk/savings/regular-savings/gold-savings-account/

It doesn't sell for me because it's a regular savings account with a limit of £250/month. So, you're not really getting 5% on £3000.

murphck

I applied for a N&P card for travel - we have a very healthy bank balance, huge house equity to morgage yet we were refused an account.
My view is that all accounts will be refused if they get the inkling that the account will be used for overseas travel only.
There is a question during the application which asks how much you might be depositing each month - if you say £500 or less my view is that the application will be rejected.

SaveTheEuro

murphck wrote: »

I applied for a N&P card for travel - we have a very healthy bank balance, huge house equity to morgage yet we were refused an account.
My view is that all accounts will be refused if they get the inkling that the account will be used for overseas travel only.
There is a question during the application which asks how much you might be depositing each month - if you say £500 or less my view is that the application will be rejected.

I was surprised at how easy it was to open an N&P account without making a commitment beyond £500 funding per month. There was no requirement to move/set up direct debits and standing orders.

I was annoyed when Nationwide introduced charges for cash withdrawals abroad but now have the luxury of two fee free accounts, Santander and N&P. I walked past Metro Bank in London the other day but resisted the temptation to open a third account for foreign use.

I would suggest you try to find out more about why N&P rejected you. It might be worth getting details of your credit rating. There could be other issues -- late payment on credit cards, you mixed up with someone of the same name with bad debts etc.

adindas

No you are not guilty in my opinion. This is in line with the spirit of providing this MSE forum. You are advising something which are completely in line with N&P T&C (not something illegal).

I remember somewhere I read something like "Consumer Revenge" in this MSE website

We learn from each other to take advantage of the loophole in Banking and finance.

How about if you are saving you just get 4% but if you are borrowing the bank charge you 8% (if you are lucky). Is is fair ?? How about various charges, penalties, etc from Banks ??

I also have advised people regarding meeting the minimum transactions requirements using the method you have mentioned.

I was also inteding to use those a/c in that way as I only need it for overseas withdrawal and taking advantage of Gold Regular Saving 5% interest. But my application was declined.

ADINDAS

premierfella wrote: »

I'm guilty of making this sort of suggestion on the separate N&P thread. I take the point and I myself will be making use of the Gold Classic benefits rather than using this method to obtain a fee-free Gold Light account, but I'm sure the building society must have considered this when designing the new current account products.

If I were them I would have gone down the route of requiring a number of direct debits, which "foreign use only" customers might have been less inclined to go to the trouble of sorting out.

adindas

I am in the same boat with you. I have accounts, Credit Cards, savings with high Limits in many UK high street banks but my application for Gold current A/C with N&P got rejected.

The reasons: "Do not meet the unique N&P scoring system" without any further explanation how the scoring system work. How could I improve my scoring to meet the criteria ....

Contradictory, they immeately approve my applcation for regular saving: Both RSA and E-RSA !!.

They probably know that we are there to use those a/c just for overseas spending and take benefit of 5% regular saving a/c ?

I guess they could see from CRA how many UK banks a/c we already have at the moment.

If you are trying to call them it migh take you 10 minutes before you could talk to them. One of the worst I have ever experience with UK Banks & BS. Once you get through the customer service will just repeat what you have known already e.g. generic answer "do not meet the unique scoring system".

Is anyone else in the same boat with me and murphck;39733622.
Is there anything else we could do for instance appeal. But the problem with appeal is that we do not know what we are lacking what we need to improve.
Is there any legal way to challenge them ??


ADINDAS

murphck wrote: »

I applied for a N&P card for travel - we have a very healthy bank balance, huge house equity to morgage yet we were refused an account.
My view is that all accounts will be refused if they get the inkling that the account will be used for overseas travel only.
There is a question during the application which asks how much you might be depositing each month - if you say £500 or less my view is that the application will be rejected.

margiepargie

I am aware that N&P are currently facing considerable claims for alleged mis-selling. There are also rumours that the Coventry Building Society are considering a bid for N&P. Coventry charge for overseas transactions so what chance of this new free N&P facility remaining if they are absorbed by Coventry? Is it worth the effort of setting up a new account with N&P. What do others think?
PS. I'm an angry Nationwide regular who has been penalised by their new charges although it is my main account. And no the free holiday insurance doesn't cover me as I'm over the age limit.