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

roddydogs

Well, theyve got to find the money for £200 a time refer a friend nonsence. (Yes I know its on other threads)

VT82

Was going to re-open an account in October once the first year's free breakdown cover on my car expires. However, with the higher excess on the phone insurance and the removal of in-credit interest, I now won't be.

stroke

With the family phone insurance (3x iPhones) & family travel insurance I think I'll stick with NW for a while longer ...

david4321

The removal of the 3% interest on £2,500 effectively doubles the £13 monthly fee, as I have been earning approx £6.30 interest per month for several years. I have been with Nationwide for over 40 years, but am considering a move. Interest rates on savings accounts have not been competitive for the last 2 years.

roddydogs

No it dosent because you can get 1.5% elsewhere, it actually going to cost £37.50 more pa.

Scrilla

Daft question: can you hold a FlexPlus and a FlexDirect account at the same time?

Separate daft question: Is there the possibility for couples to have a joint FlexPlus for benefits and individual FlexDirects for interest?

ndf9876

Scrilla wrote: »

Daft question: can you hold a FlexPlus and a FlexDirect account at the same time?

Separate daft question: Is there the possibility for couples to have a joint FlexPlus for benefits and individual FlexDirects for interest?

Yes, my wife and I have individual FlexDirects and a joint FlexPlus.

John_Paul_1540

I opened my flex plus account in Jan 2017, monthly fee £10, then increased to £13. I offset this with the £6 per month interest i received, which I will loose from November 2019. Disappointed customer!

Gordon_the_Moron

david4321 wrote: »

The removal of the 3% interest on £2,500 effectively doubles the £13 monthly fee, as I have been earning approx £6.30 interest per month for several years. I have been with Nationwide for over 40 years, but am considering a move. Interest rates on savings accounts have not been competitive for the last 2 years.

At present Flexplus is costing you £9.85 a month (£13 less £3.15 interest - you could have earned half of the £6.30 for free with a Marcus account holding the £2500) if it isn't worth £13 a month which is what it'll cost after November cancel it.

If you've had an account with them for 40 years I would keep something open to be honest, even if it is only a savings account with £1 in it or switching your Flexplus to a free Flexaccount and not using it. Only reason I would keep something open is on the off chance an offer like the one below that is better for existing customers comes along that is competitive.

https://www.nationwide.co.uk/products/savings/loyalty-isa/features-and-benefits

That one isn't great as you can beat the highest rate it offers (though I don't know of a higher rate on a flexible ISA tbh) but something else like it that is competitive might turn up, you never know.

Wheel_nut

Also hidden in the small print is the reduction in age limit for Travel cover to age 69 (used to be up to 75th Birthday)!

I see that Halifax are offering Travel Insurance up to the age of 80 Years on their £15/ month Ultimate Rewards account, also including Breakdown cover and Home Emergency cober up to £250 per episode.

Is that the best alternative? ... or have any of you found a better account?