Nationwide FlexPlus/FlexBasic Accounts

Joyce7199

EachPenny wrote: »

So what attracted you to the FlexPlus account?

Because I have the new iPhone XS Max on contract and for mobile insurance for that phone it’s about £13 a month for full cover so I checked out the FlexPlus account and it’s £13 for mobile phone insurance plus worldwide travel insurance, this will come in handy for when I travel abroad next year if me or my girlfriend gets ill, and I’m also getting a car early next year so the breakdown cover will also come very handy! And I will get it for £6.75 a month due to £6.25 interest every month.

EachPenny wrote: »

If you are keeping money in the FlexPlus account to earn interest then you wouldn't have all your savings in an account with no card if you put some money into a Flex Regular Online Saver. Having card access to a savings account is a bad idea if your aim is to have an "account [which] won’t be in touched in terms of spending money from it." The card will make it too tempting to withdraw some of those savings to spend.

Yes but I have savings above £20k I can only have 2.5k in the FlexPlus to maximise interest, I wouldn’t have a large amount in an online account with no card I would like instant access if ever necessary in an emergency.

I will treat the red FlexBasic card as my savings account but with no interest in which I am not really bothered about interest, it’s just as long as my savings are locked away in an account with the card in my possession that’s good enough for me! And as you say it’s only £81.25 a year and it isn’t worth waiting a year for £80.

EachPenny wrote: »

Without meaning this as criticism, it sounds like you are not entirely sure of your priorities when it comes to managing your money. This really is the first thing you need to sort out. (the good news is lots of help is available on the forum )

I am sure it’s just that I’m not totally bothered about interest I’m just going to transfer all my savings except from 2.5k into the FlexBasic account and just leave it there in the card without the need to touch it.

EachPenny wrote: »

You need to think very carefully whether it makes sense to have "savings" earning no interest, whilst also having personal loans, overdrafts, and credit cards which are likely to be costing you interest.

That’s true but my monthly loan repayments, credit card and overdraft repayments are about £270 a month and I can afford to repay them monthly so it’s all fine.

EachPenny wrote: »

A few questions:-
1) Do you use online banking?
2) Did you apply for the new FlexPlus (but got FlexBasic) while logged on to online banking?
3) Do both the FlexBasic and FlexPlus (upgraded from FlexOne) show up in your online banking?

If not, it is possible Nationwide haven't matched your recent application up with your existing account details, so treated the new application as if you were a brand new customer.

1. Yes
2. Yes I did, applied for the FlexPlus account, got declined but did get accepted for FlexBasic so I opened the account. I then upgraded my FlexOne account to the FlexPlus account and it went through fine, so I now have a FlexPlus account instead of the FlexOne and I now also have a brand new FlexBasic account.
3. Yes both accounts are now showing in my online banking, just waiting for both cards and PIN number for my FlexBasic account (I keep the old pin for the FlexPlus account with it being the same account number and sort code as it’s just an upgrade)

No the applications definitely got done via online banking through the app and internet banking. I just failed the credit checks for the FlexPlus so my only way to get it was to upgrade from the FlexOne account.

EachPenny

Joyce7199 wrote: »

Because I have the new iPhone XS Max on contract and for mobile insurance for that phone it’s about £13 a month for full cover so I checked out the FlexPlus account and it’s £13 for mobile phone insurance plus worldwide travel insurance, this will come in handy for when I travel abroad next year if me or my girlfriend gets ill, and I’m also getting a car early next year so the breakdown cover will also come very handy! And I will get it for £6.75 a month due to £6.25 interest every month.

Yes but I have savings above £20k I can only have 2.5k in the FlexPlus to maximise interest, I wouldn’t have a large amount in an online account with no card I would like instant access if ever necessary in an emergency.

I will treat the red FlexBasic card as my savings account but with no interest in which I am not really bothered about interest, it’s just as long as my savings are locked away in an account with the card in my possession that’s good enough for me! And as you say it’s only £81.25 a year and it isn’t worth waiting a year for £80.

I am sure it’s just that I’m not totally bothered about interest I’m just going to transfer all my savings except from 2.5k into the FlexBasic account and just leave it there in the card without the need to touch it.

That’s true but my monthly loan repayments, credit card and overdraft repayments are about £270 a month and I can afford to repay them monthly so it’s all fine.

Ok, you seem pretty sure you are doing the right thing. Although you did fail a credit check applying for an account with a building society you have an established relationship with, and that ought to concern you a bit.

For anyone else reading this thread looking for advice, sticking £20k in a current account earning no interest whilst paying out interest on personal loans, credit cards and an overdraft, isn't a very good move. Even if you can afford the repayments you will be losing money, unless the debts are at 0%.