Nationwide Flexaccount

colsten

EarthBoy wrote: »

Did the travel insurance exist 20 years ago when chelseablue opened their account? It's been around quite a few years, but I don't think it's that old, so it's possible that chelseablue was never told about it if they've never met the qualifying criteria.

I don't know about 20 years ago but I do know that all FlexAccount holders had the european travel insurance as long as they paid £750 a month into the account, since at least 2005 (when I opened my FlexAccount). If this was introduced after the initial launch, it would have been a change to the T&Cs that all existing account holders would have been told about.

SpanishBlue

IvanDP wrote: »

I did consider swapping my basic FlexAccount for the flexPlus account, but, as I still get the free European travel insurance, and we travel a lot, having to pay for Annual multi trip travel insurance would eat into the £100 odd that we would earn in interest.
If as the OP has said, they do not get, or have no need for the insurance, then the FlexPlus is a no brainer.

There is nothing to stop you keeping the basic Flex account, and opening an additional FlexPlus account.


That's what I did a couple of years ago.

IvanDP

SpanishBlue wrote: »

There is nothing to stop you keeping the basic Flex account, and opening an additional FlexPlus account.


That's what I did a couple of years ago.

Yes, that is true, but the inconvenience of having to cycle £1750 through the accounts every month hardly seems worth it for a quite small return.

(Or maybe i'm just lazy :rotfl::rotfl:)

abz88

IvanDP wrote: »

Yes, that is true, but the inconvenience of having to cycle £1750 through the accounts every month hardly seems worth it for a quite small return.

(Or maybe i'm just lazy :rotfl::rotfl:)

It takes 5 minutes to set up the standing orders to cycle it and then you just collect the £10 a month in interest. Not much of an inconvenience

System

Couple of tips. Set up an alert on your FlexDirect to warn you when you are getting near to breaking into the £2,500 (ie if your spending is about to reduce your balance).

Keep enough in your Loyalty Saver to top up if you are about to go below £2,500. Someone has suggested you keep the rest of your savings in a Marcus account, which is a good idea, as the interest rate on the Loyalty Saver is less (1.1% once you hit your 20 year anniversary), but still keep some in the Loyalty Saver to transfer as that is instant, whereas Marcus might take a bit longer (not a lot, but it won't be immediate as it's a different bank).

IvanDP

abz88 wrote: »

It takes 5 minutes to set up the standing orders to cycle it and then you just collect the £10 a month in interest. Not much of an inconvenience

Taken your advice, and set it all up last night while there was nothing on the telly.

Thank you

:beer:

keef-WhatStandards

Going on my other post it looks as if you'll only get 1% interest on your 5% account, if you already have one with the same name.

Like you I've been with Nationwide for over 20 years and didn't realise this 5% account exsisted. Looks like it doesn't as you and I will only get 1%. Usual trick of paying new customers more than loyal ones.

[Deleted User]

keef-WhatStandards wrote: »

Going on my other post it looks as if you'll only get 1% interest on your 5% account, if you already have one with the same name.

Like you I've been with Nationwide for over 20 years and didn't realise this 5% account exsisted. Looks like it doesn't as you and I will only get 1%. Usual trick of paying new customers more than loyal ones.

It’s nothing to do with “usual tricks”.

Maybe next time look for an account that offers a tin-foil hat as a welcome gift :money:

keef-WhatStandards

Why advertise an account as offering 5% interest, when it doesn't then?

I think most banks offer an hat to customers; not a tin foil one, but one with a big D on it.

[Deleted User]

As per your actual thread, read the terms and conditions.

It’s clear and evident who it is and isn’t offered to.