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  • FIRST POST
    • Bookowl
    • By Bookowl 8th Jan 18, 8:19 PM
    • 20Posts
    • 9Thanks
    Bookowl
    Switching from Nationwide
    • #1
    • 8th Jan 18, 8:19 PM
    Switching from Nationwide 8th Jan 18 at 8:19 PM
    Hello,
    Iíve been a life long member of Nationwide. But, becoming more money savvy in 2018, I realise itís not doing much for me. I currently, have a flex direct account and donít earn any interest or any incentives. I also hold a credit card with them at 17.9% interest. My questions are 2fold.
    1. Are there bank accounts that offer better rates and incentives than I currently have?
    2. What credit cards are on offer that have low interesf and if I switch will my credit score be Affected?
Page 1
    • radoslaff
    • By radoslaff 8th Jan 18, 8:30 PM
    • 112 Posts
    • 36 Thanks
    radoslaff
    • #2
    • 8th Jan 18, 8:30 PM
    • #2
    • 8th Jan 18, 8:30 PM
    1. https://www.moneysavingexpert.com/banking/compare-best-bank-accounts

    2. https://www.moneysavingexpert.com/credit-cards/cashback-credit-cards

    And yes, your credit score will be affected, but you don't really care about this effect.
    The journey of a thousand miles begins with one step.
    • SPalin
    • By SPalin 10th Jan 18, 5:23 AM
    • 171 Posts
    • 41 Thanks
    SPalin
    • #3
    • 10th Jan 18, 5:23 AM
    • #3
    • 10th Jan 18, 5:23 AM
    What is your usual monthly credit [FlexDirect pays either 5 or 1%] if you deposit £1000 per month. If you are getting nothing then you will be depositing less than this.

    Are you actually borrowing on the credit card or do you clear it off each month?
    • soulsaver
    • By soulsaver 10th Jan 18, 12:38 PM
    • 1,714 Posts
    • 685 Thanks
    soulsaver
    • #4
    • 10th Jan 18, 12:38 PM
    • #4
    • 10th Jan 18, 12:38 PM
    I'd keep an account with NW to ensure continuity of membership.
    They have a loyalty ac that pays OK interest from time to time, rate depending on length of membership.

    And if you've been a member before they brought in the conversion charitable donation rule, you may wish to keep the exemption... in the even unlikely event.
    • Malchester
    • By Malchester 10th Jan 18, 5:38 PM
    • 101 Posts
    • 55 Thanks
    Malchester
    • #5
    • 10th Jan 18, 5:38 PM
    • #5
    • 10th Jan 18, 5:38 PM
    I agree with soulsaver. At the moment NW rates are appalling, even for long time members (I have been with them for over 30 years). At the moment I have no savings with them because of their low rates and have just opened a Tesco current account to use but will keep the NW Flexaccount open to keep up membership in case they return to decent interest rates in the future. IMHO they have slipped in customer service recently
    • Bookowl
    • By Bookowl 12th Jan 18, 8:39 PM
    • 20 Posts
    • 9 Thanks
    Bookowl
    • #6
    • 12th Jan 18, 8:39 PM
    • #6
    • 12th Jan 18, 8:39 PM
    Hi, why should I not be worried about my credit score being affected?
    • Bookowl
    • By Bookowl 12th Jan 18, 8:44 PM
    • 20 Posts
    • 9 Thanks
    Bookowl
    • #7
    • 12th Jan 18, 8:44 PM
    • #7
    • 12th Jan 18, 8:44 PM
    I usually credit £1300 roughly. I borrow usually £300, not every month just now and again, for example, Christmas travel is on this month's and am paying it off weekly as I get paid weekly.
    • Bookowl
    • By Bookowl 12th Jan 18, 9:08 PM
    • 20 Posts
    • 9 Thanks
    Bookowl
    • #8
    • 12th Jan 18, 9:08 PM
    • #8
    • 12th Jan 18, 9:08 PM
    What bank account options would be useful for me if I'm in credit monthly?
    • binaryuniverse
    • By binaryuniverse 12th Jan 18, 9:54 PM
    • 685 Posts
    • 433 Thanks
    binaryuniverse
    • #9
    • 12th Jan 18, 9:54 PM
    • #9
    • 12th Jan 18, 9:54 PM
    If you don't have a large lump sum, to instantly put somewhere, rather than open a new bank account, why not open a NW Flexclusive Regular Saver. This pays 5% interest and you can in up to £250 a month.

    If you do, then Tesco is the next top paying account, with 3% up to £3000. And you can open two of those. However, each account must be fed 3 direct debits per month.
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