Nationawide Flexaccount Visa Debit - Minimum Balance

Schwade

Can people let me know whether this account (which I can see from the MSE website is great for travelling) requires a minimum balance?

I will only be using this account as a secondary account. I.e. will only transfer money when I go abroad, but otherwise, the balance will stay at £0.

Many thanks!

ShelfStacker_3

They do have requirements posted on their site that you either have to have regular income credited to the account (and have all your direct debits and such there as well), that you pay £100 in immediately, that you open one of their other accounts or that you're 16 or 17. Assuming the latter doesn't apply, it's probably better just to get one of their credit cards, or even one of the Post Office cards, if you just want to use it occasionally to spend abroad. AFAIK, they don't charge for overseas transactions either.

Schwade

thanks shelfstacker,

I selected the option of paying £100 immediately once the account is opened and was planning to withdraw it straight afterwards.

I have read the Ts and Cs and there wasn't any mention of any charges regarding minimum balance and so wasn't sure about that...

Thanks on the PO credit card as well but I wanted a debit card with no loading and it seems like the only card is the nationwide card....

in any event, i applied and could only get a cash card...hopefully they don't charge for overseas transactions either on this cash card (like the debit card)?

DesG

No, the cash card has no loading overseas, just like the debit card.

Cheers, Des.

Schwade

thanks DesG!

jinkssick

i use it when abroad. 3 poundsis whats inside now. i checked the conversion rate and yes the debit flex rate given was fantasticcc.

billycasper_2

Why cant you just leave a pound in the account and leave it so it has an operating balance.
also the nationwide credit card is free abroad but only for purchases, they will charge you for withdrawing cash

simax

I have no idea why people just use them for the overseas use... I use them as my main account and I think they are one of the best outfits going :j

jennifernil

It is a useful account, but the Natiowide interest rates are not the best around. We mainly use Halifax for our current a/c and a little back-up savings in the BOS IASA, otherwise Icesave and other higher interest payers. We have the Natiowide Flex account and e-saver for money while abroad, also their credit card.

Voyager2002

ShelfStacker wrote: »

They do have requirements posted on their site that you either have to have regular income credited to the account (and have all your direct debits and such there as well), that you pay £100 in immediately, that you open one of their other accounts or that you're 16 or 17. Assuming the latter doesn't apply, it's probably better just to get one of their credit cards, or even one of the Post Office cards, if you just want to use it occasionally to spend abroad. AFAIK, they don't charge for overseas transactions either.

The flex account is worth having for the ability to get commission-free cash when abroad.

The simplest way to satisfy their requirement is to open an e-saver linked to the flex account. The interest rate is reasonable, although not the out. However, if you keep your travel budget elsewhere (at higher interest) you will lose out on the time it takes to transfer it to Nationwide, so keeping money that you will spend abroad in your e-saver before you travel actually makes a lot of sense. And you can instantly transfer it into the Flex account so that you can spent it or withdraw it, using a computer anywhere in the world.

Schwade

Can someone let me know where I can compare

1. the cash card exchange rate
vs
2. the debit card exchange rate?

many thanks!