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

tug

Copied from their email about the changes:

If you’re 70 to 74
• If you book a holiday on or after 3 January 2019, you’ll need to buy a £65 age upgrade.

I think the charge for pre existing health issues was about the same price.

fiat_lux

Freda_Salway wrote: »

there is no charge to withdraw cash from machines abroad - well certainly in Europe.

There is no charge for purchases abroad either; the change was introduced on 1 August.

Nationwide removed not only the 3% interest rate on the FlexPlus, but they've also removed the £250 fee-free overdraft. However, I think I will keep the account, and just move out the £2500 elsewhere (I've been using the FlexPlus as a savings account).

I get £8 each month from Barclays (£12 blue rewards less the £4 account fee) so that offsets some of the £13 fee that Nationwide charges me.

The £5 difference pays for my ww travel insurance and mobile phones insurance, and it also gives me no-fee currency withdrawals and no-fee purchases abroad. On Barclays I also have a hefty fee-free overdraft facility, so I don't really need the Nationwide overdraft...

Lumiona

This is typical as I've only just switched to them following Halifax's (increasing again) monthly fee and complex rules for discount. My plan is to stay with NWide as the benefits do suit me and I've been paying £15pm with Hfx for a year so it is still a decrease in effect for me, I'll open a flex direct for when the rules change in Nov and tfr the £2.5k over to gain the 5% for a year and then see what is being offered elsewhere in a years time.

wollix

I have overdraft capacity in Nationwide which I have had to use in the past but am not doing so at present... oddly we also have a joint married account but they havent written to us about that one and it is going to be changed - only to me about my single account!


I cant understand why Martin/ the media world/ others arent reacting as I do - 39.4% is double what a respectable credit card charges - it is the rate of the cards that 'help your credit score' it is reaching towards the lowest rates of payday lenders.


its appalling and I have made a formal complaint to them - and to come from a mutual!


the only one that I am aware of that is worst is Lloyds with its oh so clever 'we only charge fees daily so we have no APR that we can quote you' which is actually charging almost 60%


On my side? certainly not...


When oh when will there be a bank that actually wants to look after people and help them? Certainly not Lloyds and now certainly not Nationwide either...


And yes Nationwide - after this- you are a Bank - you just pretend not to be...

colsten

wollix wrote: »

When oh when will there be a bank that actually wants to look after people and help them?

How about you start one? Just an idea

System

wollix wrote: »

On my side? certainly not...

When oh when will there be a bank that actually wants to look after people and help them? Certainly not Lloyds and now certainly not Nationwide either...

And yes Nationwide - after this- you are a Bank - you just pretend not to be...

Nationwide didn't want to demutualise to protect the staff.

It's in the perfect position, no plc shareholders to answer to (executive pay) but can operate as any a bank to its customers (most of whom are also it's owners).

TerracedHouse

Need to find someone who is doing a deal on car breakdown cover now

Tharweb

TerracedHouse wrote: »

Need to find someone who is doing a deal on car breakdown cover now

https://www.moneysavingexpert.com/car-insurance/breakdown-cover/

torus

I just went online to switch our FlexPlus account back to a regular one but it seems that because it's a Joint FlexPlus account we can't do this online and the ONLY way we can do this is to BOTH go into the bank. I called up to check this and after a lot of time wasted on the phone with menu options, piped music and being cut off (twice) I finally got someone who not only confirmed this but said we had to make an appointment via a different number. This is a one hour journey door-to-door for us and not exactly convenient with work, etc. Are they allowed to do this? Has anyone found a workaround? We've had this account for over 20 years. So much for customer loyalty. I only 'upgraded' to this account a year ago and had great misgivings at the time as I read online that downgrading was next to impossible. How I regret not going with my instincts then and not upgrading.

Rich2808

Wheel_nut wrote: »

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?

The Halifax account now ceases travel insurance cover at 71 according to their website - with no option to pay extra if you are older to keep it? And their home emergency cover only has a £250 claim limit - most houshold home insurance policies will offer than to homeowners for a modest premium anyway.

https://www.halifax.co.uk/bankaccounts/current-accounts/ultimate-reward-current-account/#collapse1-1527885826399

Another alternative is the Yorkshire/Clydesdale signature current account for £13.50 a month. It provides travel cover up to age 75, gadget cover for gadgets up to 5 years old including theft and damage and loss worldwide (albeit ipads/laptops/tablets aren't covered for loss), plus ID defender (free credit file checks and support if you are an identity fraud victim) as well as the usual breakdown and mobile phone cover.

https://secure.ybonline.co.uk/personal/current-accounts/signature-current-account-personal/

There is also a Co-op account for £15 a month - which is eligible for the £4 everyday rewards bonus if 4 direct debits go out (can all be to the same supplier or savings account) and you pay in £800 plus monthly which reduces the cost potentially to £11. That also provides travel cover up to age 80 - obviously as with other providers with extra costs for pre existing conditions.

https://www.co-operativebank.co.uk/currentaccounts/everydayextra