Opening Nationwide Current account.

hm2be

I want to open a Nationwide current account to pay bills/ rent etc through. I already have a credit card with Nationwide and a good credit history and have a good credit limit on my CC. I have held this CC for 4 years from when I was working full time (before child). Now I work part time and earn less I am concerned that if I open a current account with my wage details NW may cut my CC limit because of the drop in my wages. I dont use my CC much but I like the security of having it there if needed.

Also on the application form it asks for sort code of any other current accounts. Why do they ask this and what do they do with thte information?

I hope that all makes sense. Thanks in advance.

hm2be

One more question; will it take the same time opening an account in branch as online or is either way quicker?

Milarky

It is unlikely that they will cross check income (etc) information since Nationwide credit card unit is run quite separately from the banking operation which handles current accounts. In fact, if you look across the piece, most banks that offer credit cards seem in reality not to link these account together and you can be accepted for the credit card but not the current account - and vice versa.

Other current account details are just used to verify your identity as far as I am aware- this information is often asked for when applying for a pure savings account for instance.

If anything Nationwide is going a bit 'sub-prime' and their current account will allow them to make money more easily out of you - the overdraft rate is going up from 9.9 to 12.9 next month for example. And the in-credit interest from 1st August is going to be a joke (with 4/5 interest rate bands) - far more complicated than anyone else's

KTF

Opening one in branch will be quicker than doing it online as all the paperwork/ID can be sorted out there and then.

sloughflint

Milarky wrote: »

And the in-credit interest from 1st August is going to be a joke (with 4/5 interest rate bands) - far more complicated than anyone else's

I didn't know about this. What's happening there then? Decent interest?

Milarky

sloughflint wrote: »

I didn't know about this. What's happening there then? Decent interest?

Details discussed here...

http://forums.moneysavingexpert.com/showthread.html?t=904577

sloughflint

Milarky wrote: »

Details discussed here...

http://forums.moneysavingexpert.com/showthread.html?t=904577

I think you've given me the wrong link unless it's still too early in the morning for me.

sofa_surfer

sloughflint wrote: »

I think you've given me the wrong link unless it's still too early in the morning for me.

http://forums.moneysavingexpert.com/showthread.html?t=923415
simply run zero balance account and don't pay attention to the interest rate:rolleyes:

sloughflint

sofa_surfer wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=923415
simply run zero balance account and don't pay attention to the interest rate:rolleyes:

Wow they really are changing things! It used to be based on incoming amount; not balance.
I'm pretty sure I haven't received any notification of this from Nationwide.

hm2be

I went into the branch and they went through the application and it was declined. I believe the lady entered my address wrong-not as I wrote it on the the application form. I checked my credit rating which is excellent- no late payments CCJ etc. long time at same address registered on the electoral role and have a credit card with them. The lady was rushing through it because I had my son with me who was getting grumpy.

Have phoned to ask how the address was entered and it was entered incorrectly. I have to go and get it sorted tomorrow. what Im worried about is; are these multiple applications affecting my credit rating? The lady said they wouldnt.

rdp1980

hm2be wrote: »

what Im worried about is; are these multiple applications affecting my credit rating? The lady said they wouldnt.

They shouldn't do as at that point Nationwide presumably hadn't contacted any credit reference agency. It was probably their own systems that declined the application (based on duff information) so would not have gone any further.

Like you I have had a Nationwide CC for years and when I got married opened a joint account for us to pay in cheques that people wrote out to both our names. Went in branch, was served there and then with no need to make an appointment, and as I was an existing customer (only the CC) they didn't need any ID from me, but did from my wife.

We also opened the Nationwide online saver which links to the current account. Surplus funds can be moved into there to earn a better rate of interest. Probably not the best in the market but it is convenient that you can transfer to and from quickly.