Nationwide Current Accounts - Is there any point?

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pochisoldi
pochisoldi Posts: 261 Forumite
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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 "tête de la Course" not that long ago, has so willingly allowed itself to be caught by the peloton, and will probably drop further behind.
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  • clivep
    clivep Posts: 577 Forumite
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    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
    eskbanker Posts: 31,034 Forumite
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    pochisoldi wrote: »
    I can't believe that an organisation that was "tête de la Course" not that long ago, has so willingly allowed itself to be caught by the peloton, and will probably drop further behind.
    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
    JuicyJesus Posts: 3,830 Forumite
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    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
    colsten Posts: 17,597 Forumite
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    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
    bd10 Posts: 347 Forumite
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    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
    hoc Posts: 557 Forumite
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    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
    vixen1500 Posts: 644 Forumite
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    pochisoldi wrote: »
    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 "tête de la Course" not that long ago, has so willingly allowed itself to be caught by the peloton, and will probably drop further behind.

    Is this the select card you are referring to ?

    Thanks
    Typically confused and asking for advice
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
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    colsten wrote: »
    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

    Is the account with the travel insurance still available ? - Is there a monthly charge for that ?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    BigBlueSky wrote: »
    Is the account with the travel insurance still available ? - Is there a monthly charge for that ?

    You need a FlexPlus account now. Costs £13 per month. Come with other benefits too
  • deadendwaterfall
    deadendwaterfall Posts: 308 Forumite
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    Nationwide accounts are great for making money from switching referrals! :D

    (If you can find anyone to refer, that is, plus is the main reason I have one with them).
    :o
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