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MSE News: Nationwide to hike fee on flagship packaged bank account
Comments
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It's a hard call - nobody likes to spend more if they can help it
however I still think on balance it's a pretty good deal as you get worldwide travel insurance mobile phone insurance and breakdown cover for £13 a month which to me it's not a bad price
You also know that they are reputable and if you have to make a claim you are likely to have a good experience which counts a lot0 -
Well they've got to recoup some of the £200 sweetners their handing out to people who will be gone as soon as the 3 months is up!0
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Had a bit of a shock today with a letter from Nationwide telling me that the 5% on my FlexDirect is due to end on 7 September - until I remembered that's the anniversary of opening it. How time flies!
Do I remember correctly that I will have to wait 12 months to open a replacement?0 -
Just leave £1 in, then top up in a year., if you can still do the £1,000 bit.0
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Do I remember correctly that I will have to wait 12 months to open a replacement?
The last position was you can leave the account open and then ask for the 5% again after 12 months - but there is a variable amount of hoop jumping to be done depending on who you speak to.
Might be worth getting in writing from Nationwide CS that what you plan to do is acceptable, I asked whether I would be eligible for any offer applicable after 12 months rather than specifically about the 5%. If the policy changes between now and 12 month's time you'll have something in writing to ask them to honour.
The 1% rate on the FlexDirect also isn't that bad as a holding account if other options have been used already."In the future, everyone will be rich for 15 minutes"0 -
We will stay with Nationwide. At the moment it costs us £4pm for the travel insurance, mobile insurance and breakdown. Plus the good credit card rate when abroad. Another £3 will not break the bank.Member #14 of SKI-ers club
Words, words, they're all we have to go by!.
(Pity they are mangled by this autocorrect!)0 -
Ethical mutual my ar*se.
Got a letter this morning extolling the virtues of upgrading to a flex plus for only £10 per month, no doubt trying to suck people in at the lower rate and using apathy to hang on to them once the 30% (yes seriously, with inflation at 2.9%) increase comes in.
They are no better than any of the others.I think....0 -
I was considering signing up for this account after my FlexDirect 5% period ended in a months time. Now I'll give it a miss.
For me, even if I'm lazy and do nothing, it no longer breaks even. £50 extra interest (since the FlexDirect will still pay 1%) + £50/yr for breakdown cover (with AA or RAC, but without home start) + £35/yr for worldwide travel insurance (just for me) = £135/yr. The extended aspects of the cover and all the other extras don't interest me.
I can also probably put that £2.5k somewhere else and beat 3%.0 -
+ £50/yr for breakdown cover (with AA or RAC, but without home start)
If you shop with Tesco there is a way of paying a lot less for RAC cover (depending on the exact cover you want). Use your favourite search if you don't already know about it.
"In the future, everyone will be rich for 15 minutes"0 -
How about, downgrade to the flex account in September, upgrade back before your next holiday, then downgrade again? Should work at least once.
Just realised this works perfectly for me. I have a Flex plus and Flex direct which ends in February. Also have no more holidays until next May. So, close the flex plus in September, then change the flex direct to flex plus in February. Job done and insurance sorted for the holiday period.0
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