Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • pochisoldi
    • By pochisoldi 2nd Apr 19, 9:37 AM
    • 180Posts
    • 120Thanks
    pochisoldi
    Nationwide Current Accounts - Is there any point?
    • #1
    • 2nd Apr 19, 9:37 AM
    Nationwide Current Accounts - Is there any point? 2nd Apr 19 at 9:37 AM
    Is there any point in holding a Nationwide Current account?

    Post April 5th when they pull their Flexclusive Regular Saver, all of their "flexexclusive" products can be easily beat by other products on the open market.

    Their "loyalty saver" account similarly punishes naive loyalty.

    Their Visa rewards program (for what it was worth) was canned at the end of last month.

    I can't believe that an organisation that was "tÍte de la Course" not that long ago, has so willingly allowed itself to be caught by the peloton, and will probably drop further behind.
Page 1
    • clivep
    • By clivep 2nd Apr 19, 10:02 AM
    • 419 Posts
    • 219 Thanks
    clivep
    • #2
    • 2nd Apr 19, 10:02 AM
    • #2
    • 2nd Apr 19, 10:02 AM
    We still have a joint Flexaccount with £750+/month going through it to retain the free travel insurance.


    The credit card still gets used for holidays abroad or on-line purchases in foreign currency.
    • eskbanker
    • By eskbanker 2nd Apr 19, 10:20 AM
    • 11,361 Posts
    • 14,062 Thanks
    eskbanker
    • #3
    • 2nd Apr 19, 10:20 AM
    • #3
    • 2nd Apr 19, 10:20 AM
    I can't believe that an organisation that was "tÍte de la Course" not that long ago, has so willingly allowed itself to be caught by the peloton, and will probably drop further behind.
    Originally posted by pochisoldi
    Just a straightforward business decision for them, in terms of how generous they need to be in order to attract and/or retain customers - other institutions have also downgraded market-leading products before them and no doubt this will continue.

    The comment about average savings held (with Nationwide) by their regular saver customers is quite telling though, i.e. they're not actively seeking MSE rate tarts!
    A spokesperson for Nationwide said the regular saver isn't reaching its intended market.

    She said: "The [regular savings] account was launched to help members new to saving get into the savings habit. However, the significant majority (86%) are opened by existing savers and, on average, members with the account have around £20,000 saved with Nationwide in other accounts."
    Not sure it would be universally accepted as fact that Nationwide were the best and are now in the pack, but they still offer a 5% current account (with strings attached obvs), which nobody else comes close to....
    • JuicyJesus
    • By JuicyJesus 2nd Apr 19, 11:22 AM
    • 3,645 Posts
    • 4,154 Thanks
    JuicyJesus
    • #4
    • 2nd Apr 19, 11:22 AM
    • #4
    • 2nd Apr 19, 11:22 AM
    Nationwide are not aiming themselves at the rate tart market and are instead focused on sustainability. The Regular Saver was only really attracting rate tarts, and the prospect of interest rates going up soon is pretty low, so they're knocking it on the head. Seems like a reasonable decision to me.

    Ultimately if you don't think they're worth staying with then ditch and switch. Personally I'm very happy with my FlexAccount simply because even if it isn't optimal in a financial sense, I'm happy with their service otherwise. I'm bored of switching for bonuses and interest and value stability more. Your calculus may be different.
    urs sinserly,
    ~~joosy jeezus~~
    • colsten
    • By colsten 2nd Apr 19, 11:30 AM
    • 11,021 Posts
    • 10,306 Thanks
    colsten
    • #5
    • 2nd Apr 19, 11:30 AM
    • #5
    • 2nd Apr 19, 11:30 AM
    It depends on what accounts you have, or can have, and how long you have been with Nationwide. I for one won't give up my FlexAccount for a long, long time as it gives me
    1. european travel insurance with pretty decent terms
    2. years for loyalty products

    The loyalty years still come in handy at times. Though I admit, they have seen much better times.

    Anyone who hasn't yet had their year of FlexDirect and has £2.5K spare won't find better.
    • bd10
    • By bd10 2nd Apr 19, 12:43 PM
    • 133 Posts
    • 65 Thanks
    bd10
    • #6
    • 2nd Apr 19, 12:43 PM
    • #6
    • 2nd Apr 19, 12:43 PM
    I started with their standard Flex a/c and switched to Flexdirect recently.

    So, what's the point for me?
    (1) free bank account (no silly fees like RBS platinum this and royalty that...)
    (2) at least in the first 1 year you get 5% interest, so that's a little earner. I prefer than actually over their £250 regular savers which pays interest after 1 year (or account closure) and discounted at the rate of inflation, well, at least you kind of break even. As for their instant savers, there's no point as Marcus offers lots more.
    (3) very stable app/online bank, good customer service when needed. all for free.

    I would not pay for any premium a/c even if they offer some insurance products on the side. If I need travel insurance for specific trips, they need to be custom tailored and are indeed cheaper for 1 trip than the annual fee to keep an account, be it with NW, RBS, etc etc.

    So, is there a point for me to hold a Nationwide bank account? Absolutely.
    • hoc
    • By hoc 2nd Apr 19, 8:10 PM
    • 309 Posts
    • 166 Thanks
    hoc
    • #7
    • 2nd Apr 19, 8:10 PM
    • #7
    • 2nd Apr 19, 8:10 PM
    Polite and efficient customer service both in branch and online. Responsive online secure message, not limited to having to call. Can't remember any unplanned downtime or other technical issues. I would have preferred it to be M&S or First Direct to cut their 5% regular or TSB their 1.5% current. Those are the kind I would switch away the following day. Nationwide I'll keep until I'm down to my last few accounts standing.
    • vixen1500
    • By vixen1500 2nd Apr 19, 8:52 PM
    • 545 Posts
    • 1,057 Thanks
    vixen1500
    • #8
    • 2nd Apr 19, 8:52 PM
    • #8
    • 2nd Apr 19, 8:52 PM
    Is there any point in holding a Nationwide Current account?

    Post April 5th when they pull their Flexclusive Regular Saver, all of their "flexexclusive" products can be easily beat by other products on the open market.

    Their "loyalty saver" account similarly punishes naive loyalty.

    Their Visa rewards program (for what it was worth) was canned at the end of last month.

    I can't believe that an organisation that was "tÍte de la Course" not that long ago, has so willingly allowed itself to be caught by the peloton, and will probably drop further behind.
    Originally posted by pochisoldi
    Is this the select card you are referring to ?

    Thanks
    Typically confused and asking for advice
    • BigBlueSky
    • By BigBlueSky 2nd Apr 19, 10:07 PM
    • 129 Posts
    • 23 Thanks
    BigBlueSky
    • #9
    • 2nd Apr 19, 10:07 PM
    • #9
    • 2nd Apr 19, 10:07 PM
    I for one won't give up my FlexAccount for a long, long time as it gives me
    1. european travel insurance with pretty decent terms
    2. years for loyalty products
    Originally posted by colsten
    Is the account with the travel insurance still available ? - Is there a monthly charge for that ?
    • Gary_Dexter
    • By Gary_Dexter 2nd Apr 19, 11:18 PM
    • 6,553 Posts
    • 4,348 Thanks
    Gary_Dexter
    Is the account with the travel insurance still available ? - Is there a monthly charge for that ?
    Originally posted by BigBlueSky
    You need a FlexPlus account now. Costs £13 per month. Come with other benefits too
    • deadendwaterfall
    • By deadendwaterfall 3rd Apr 19, 12:54 AM
    • 203 Posts
    • 70 Thanks
    deadendwaterfall
    Nationwide accounts are great for making money from switching referrals!

    (If you can find anyone to refer, that is, plus is the main reason I have one with them).
    • colsten
    • By colsten 3rd Apr 19, 7:33 AM
    • 11,021 Posts
    • 10,306 Thanks
    colsten
    Is the account with the travel insurance still available ? - Is there a monthly charge for that ?
    Originally posted by BigBlueSky
    If you haven't got an old (pre-2018-ish) FlexAccount, you'd have to pay for the FlexPlus to get travel insurance. If you have an old FlexAccount which you have been feeding with at least £750/mth, then provided the £750 comes in every month, you still have EU travel insurance for free.
    • Penelopa.Pitstop
    • By Penelopa.Pitstop 3rd Apr 19, 8:38 AM
    • 586 Posts
    • 215 Thanks
    Penelopa.Pitstop
    I'm happy with FlexPlus account, claimed on travel insurance in past and it worked ok. Limits are quite decent on the policy. Also used phone insurance and roadside assitance.

    Years of using Select Card for free abroad was also useful. I switched to MBNA card now, that has free use abroad and 0.5% cashback (not available to new customers).

    It's a shame regular saver will be disappearing. I will use Tesco account as donor for switches.

    • BigBlueSky
    • By BigBlueSky 3rd Apr 19, 8:42 AM
    • 129 Posts
    • 23 Thanks
    BigBlueSky
    If you haven't got an old (pre-2018-ish) FlexAccount, you'd have to pay for the FlexPlus to get travel insurance. If you have an old FlexAccount which you have been feeding with at least £750/mth, then provided the £750 comes in every month, you still have EU travel insurance for free.
    Originally posted by colsten
    I opened my FlexDirect in August 2016. Is the FlexAccount the same as the FlexDirect ?

    I haven't been paying in £750/month though, but assume if this is the same account I could start doing so to make this available to me?
    • eskbanker
    • By eskbanker 3rd Apr 19, 9:39 AM
    • 11,361 Posts
    • 14,062 Thanks
    eskbanker
    Is the FlexAccount the same as the FlexDirect ?
    Originally posted by BigBlueSky
    No.

    Nationwide's infinite wisdom led them to unimaginatively but confusingly prefixing all of their current accounts with 'Flex-' but those two are different, as are FlexPlus, FlexOne, FlexBasic, FlexStudent, etc....
    • badger09
    • By badger09 3rd Apr 19, 11:52 AM
    • 7,399 Posts
    • 6,940 Thanks
    badger09
    If you haven't got an old (pre-2018-ish) FlexAccount, you'd have to pay for the FlexPlus to get travel insurance. If you have an old FlexAccount which you have been feeding with at least £750/mth, then provided the £750 comes in every month, you still have EU travel insurance for free.
    Originally posted by colsten
    The upgrade to Worldwide cover, over 70, & various health conditions isn't too expensive either.

    We had occasion to claim last year when I was hospitalised in Thailand.

    Main complaint was that they phoned my husband, who was also ill but not as bad as I was, in the middle of the night to ask if I was still in hospital The method of submitting all the paperwork afterwards was also a faff. Hopefully we won't ever to claim again
    • Alexland
    • By Alexland 3rd Apr 19, 12:06 PM
    • 5,765 Posts
    • 5,031 Thanks
    Alexland
    Also if you have children don't forget that having a Nationwide main account gets you access to 3.5% on the Future Saver passbook account. That's the main reason I will keep my FlexDirect account after my RS runs out next year.
    • gabanker
    • By gabanker 7th Apr 19, 9:40 PM
    • 21 Posts
    • 5 Thanks
    gabanker
    I would suggest keeping your nationwide current account if you don't want to then maybe you could keep another product etc. Due to the fact they offer some of the best rates to there society members not many other financial institutions offer what they do. Plus for anyone looking for a basic current account I would try Nationwide, I got to upgrade a few months later and now my credit is great!
    • xlnc99
    • By xlnc99 7th Apr 19, 9:58 PM
    • 427 Posts
    • 51 Thanks
    xlnc99
    I would suggest keeping your nationwide current account if you don't want to then maybe you could keep another product etc. Due to the fact they offer some of the best rates to there society members not many other financial institutions offer what they do. Plus for anyone looking for a basic current account I would try Nationwide, I got to upgrade a few months later and now my credit is great!
    Originally posted by gabanker
    how did u upgrade if you dont mind me asking? in store or online? Did you apply for a new current account, can you explain the process?
    • Silverspeed
    • By Silverspeed 10th Apr 19, 12:39 AM
    • 6 Posts
    • 1 Thanks
    Silverspeed
    Is there any point in holding a Nationwide Current account?

    Post April 5th when they pull their Flexclusive Regular Saver, all of their "flexexclusive" products can be easily beat by other products on the open market.

    Their "loyalty saver" account similarly punishes naive loyalty.

    Their Visa rewards program (for what it was worth) was canned at the end of last month.
    Originally posted by pochisoldi
    It`s funny, I wanted to switch to them a month ago. ( Because of the regular savings, interest in the account, visa rewards.)
    Still, I would say, I am ok to switch because of the interest (5% on £2500 balance plus refer a friend.) But I have a feeling it`s also over a month later or two.

    You are probably in that position like me with my bank now. It doesn`t cost me money, but I can`t "earn" more than 50p per month interest.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

512Posts Today

6,064Users online

Martin's Twitter