NWBS Flex Ac? 31 December 2019 at 1:24PM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts 22 replies 1.5K views

Spiggle

Hi All,

Now that I can no longer get a Reg Saver from NWBS and the interest rate is paltry on my current account and the savings account, is there any point in me keeping this account open?

I'm just working on simplifying accounts and have the option of clearing and closing the account or leaving a £10 balance. I will not need any sort of financing through NWBS and can't see any reason for needing the account any longer. Do you have any thoughts on why I should keep it open please?

Happy New Year all when it arrives,
Spigs

18cc

One obvious reason is in case some switching incentive you are eligible for comes along in which case you can switch it and earn whatever incentive is being offered.

Also I think that account incurs membership benefits and if you have been a member for a while (ie not signed away any future demutualisation reward to charity) then if they ever become a bank...

Spiggle

Thanks 18cc,

Hmm, member benefits not much help for me - travel insurance etc nullified by pre-existing conditions, I did check. The only reason to keep this was the 5% reg saver. Of course in the first year I was getting 5% on the £2.5k balance as well but this dropped some time ago but kept going with reduced balance as had the reg saver to service. My second reg saver with them has just matured, paid out and been transferred out to earn 1.5% initially.

Thanks for your thoughts,
Spigs

YorkshireBoy

Maybe you could switch another account into it for £100...unless you've already benefited from that?

Spiggle

Thanks YorkshireBoy,

A nice idea but I no longer have any 'spare' switchable accounts having had a tidy up early this year. Thanks for your thoughts though,

All the best,
Spigs

G_M

Let me know if you close/switch. I've had the same thought processes but am currently too tired to search for the next current account that meets all my needs (interest, usable internet, decent security w/out smartphone, reliable FPs, etc)!

Spiggle

Happy New Year G_M,

Yep, I'm definitely feeling that! It's kinda tempting to go for the HSBC account just for the switching bonus but it seems more trouble than its worth having to go through getting the account, diarising closure, etc. Sort of feel my time is worth more than the hassle. Especially as my granddaughter asked me last week "why do you have to do your banking again?'! Seems I'm so averse to paying any charges I have to make sure everything is moving as it should.

Anyway all the best for the new decade,
Spigs

afis1904

Opening the HSBC account and getting the switch done shouldn't take more than 30 minutes. If you don't need the Nationwide account there's not much reason not to do it

Spiggle

Thanks afis1904,

Yes the application wouldn't take long but then there are signatures and cards and it all has to be dealt with.

I've been doing this for years and want an easier life now.

I must be getting lazy in my maturing years!:o

Thanks for your thoughts,
Spigs

Katiehound

The only bonus, and it is a small one, is that I have a NW credit card which pays £0 .05 (1/2p) in the pound on all UK purchasing transactions.
It is also commission free for purchases abroad- so that is my back up when overseas.

I put everything on my CC now that the charges have been dropped- think I earned £45-ish this past year. Better than a slap in the face with the wet fish!! (Charges were not NW but retailers)

I am fairly sure that you need a NW account of some description to qualify for the CC

18cc

I dunno - being slapped in the face with wet fish can be pretty good fun....