Nationwide axing interest on Flexplus A/C

irm

You need a current account to open the Select credit card, but if you close a FlexPlus would they then take the CC away from you?

roddydogs

Can see loads of us switching the £2,500 out and just leaving enough to fund the fee.

20vt-rs

roddydogs wrote: »

Can see loads of us switching the £2,500 out and just leaving enough to fund the fee.

I've just received an official email from NW about this, from 1st nov the 3% interest up to £3.5k will be removed. At that point I shall be moving the £2.5k somewhere else, probably keep the account for travel insurance, breakdown and mobile cover, as it's still not bad on a joint account basis for two of us. Shame though as the interest paid for nearly half that, just get it elsewhere instead (TSB, Lloyds, 123 etc)...

class2ldn

I'm a bit unsure what do now, we cancelled our o2 phone insurance as they wanted 15 quid a month each, now we pay 13 a month between 2 of us.
We are going away at the end of october which will overlap with the date of the change so I'm a bit worried about the travel insurance changes.
Can't see anything major that would affect us but still a concern.
The breakdown cover I think is good as someone like the rac would want a fair amount more , about 20 quid a month so for me I think its worth staying but I am wondering whether to transfer our money to a flexdirect account and just top up the flexplus one with 15 each month to cover the cost of the fees.

20vt-rs

roddydogs wrote: »

Can see loads of us switching the £2,500 out and just leaving enough to fund the fee.

Did this on Friday last week, I think the change came into effect from 1st Nov. Going to keep the account for the benefits (breakdown, phone insuance etc), for £13 a month it's ok, hasstle free and all in one place, no yearly renewals etc. I am now just putting in £13 a month, leaving a couple months buffer just in case.

blunt

20vt-rs wrote: »

Did this on Friday last week, I think the change came into effect from 1st Nov. Going to keep the account for the benefits (breakdown, phone insuance etc), for £13 a month it's ok, hasstle free and all in one place, no yearly renewals etc. I am now just putting in £13 a month, leaving a couple months buffer just in case.

Same idea here, I set up a standing order on the 25th of each month to fund the £13 account fee that comes out on the 1st. Keeping the account for the insurance benefits and will only be using it as a bank account when travelling abroad (no-fee purchases and withdrawals while abroad). It also gives me access to a better interest on my child's Future Saver account.

Such a shame they axed the 3% interest.. it was an almost perfect account

hillcats

Have now moved all savings away from Nationwide as no benefits at all, we’ve switched both sole FlexDirect accounts away to Lloyds for their incentive and also closing our joint FlexDirect. This just leaves the joint FlexPlus account open with just minimal amount to cover the monthly fee which ‘just about’ still benefits us for just Breakdown and family Mobile Insurance cover but being watched closely for better alternatives!
I can understand why they’ve done this, as after the interest was paid on each account (we had 3 FlexDirect and the FlexPlus) meant that we were previously paying next to nothing for this benefit... now it’s costing £13.00

sal_III

You guys are true MSEs, I'm too lazy and just put in £156 to take care for the next year and a reminder to fund again next year

TerracedHouse

If your phone is lost or stolen do you have to declare that when renewing house insurance?

nicetomeetyou

I like the free transaction fees when using my Flex-plus card. I used my card all the time in Italy. On the normal flex-account the fee is £2.44 for each 100 euro shop purchase or cash machine withdraw.

Also the phone insurance the amount you are covered for has now gone up to £1.500.. Which is good for me as I have the latest iPhone,

Unfortunately I'm not covered for travel insurance as I have a pre-existing condition, I may need to ring up and see if I can pay an excess?