Nationwide to cut interest and overhaul overdraft fees on FlexPlus account - is it still worth it?

Former_MSE_Naomi

Nationwide has started telling customers about changes it's making to its FlexPlus packaged bank account in November, which include slashing in-credit interest and raising overdraft fees for many. We've full details of the changes below, plus our analysis of whether the account will still be worth it...

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'Nationwide to cut interest and overhaul overdraft fees on FlexPlus account - is it still worth it?'

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Coveredinbees!!!!

Seems like they don't actually want any customers

Robisere

FlexPlus Direct account is still paying 5% for 12 months, then 1%. I would still be with them if they had not closed the local branch. A 44-mile round trip to visit a branch is definitely NOT money saving! And I do have to visit the branch of my current local bank occasionally.

sd999

For people using the golf cover - Only equipment less than 5 years will be covered. Most people I know have some equipment (if not all) that is > 5 years old.
They are also not providing policy document details as yet,just what they are calling changes.
I will probably be leaving, with this and removal of interest on the account.

sharsky53

I joined Nationwide some 3 years ago and held the Flexdirect account because of the 5% interest on £2500. After 12 months it reduced to 1% so I moved over to a Flexplus account. This use to to charge £10/m and then it increased to £13/m. I also had a monthly savings account for my wife and also for myself. You could pay £500/m each into your account and achieve 5% interest. After 12 months you could close the account and start another. They then announced that they were limiting the maximum monthly deposit to £250/m and eventually they completely scrapped this high interest account. They are now scrapping the 3% interest on balances up to £2500 worth £75 per year which helped to offset the monthly fee of £13/m. This is all within the 3 or so years I have been with them. They are no different than Santander with whom I banked previously. They lure you in and they systematically reduce and take away the benefits. I don't have an expensive phone and my car is covered for breakdown with the manufacturer so come November I'm switching.

System

Been with them about 5 years and the flex plus has gradually been eroded. I guess they are relying on people being lazy and not cancelling (or moving banks).

I'm highly likely to cancel the flex plus. I use the travel cover, and would claim on a phone if I became clumsy. My car has breakdown cover.

Anyone offering the packaged extras (or part) elsewhere without a bank account?

[Deleted User]

If you have a joint account, £13 per month for 2 lots of travel insurance, mobile phone cover and UK and EU breakdown cover is good value.

System

!!! wrote: »

If you have a joint account, £13 per month for 2 lots of travel insurance, mobile phone cover and UK and EU breakdown cover is good value.

Basically, Nationwide should charge half for us singletons then?

ColdIron

Robisere wrote: »

FlexPlus Direct account is still paying 5% for 12 months, then 1%.

That'll be the FlexDirect account. The FlexPlus account pays 3% and this is being removed from Nov 1st.

[Deleted User]

Heng_Leng wrote: »

Basically, Nationwide should charge half for us singletons then?

No, that’s not what’s being implied...

boatman

Probably leave with loosing the interest. Shame. No good for holidays over 30 days, you just end up paying twice..