Nationwide axing 3% interest on Flexplus Accounts

[ffacoffipawb64]

I have just read that Nationwide are axing the 3% interest on balances up to £2,500 from November due to rising insurance costs. This comes shortly after getting rid of the 5% on the linked monthly savings account.

Easier to switch elsewhere than all the faff of closing on the telephone.

[supremetwo]

They are all on the interest reduction band waggon - most by around 20%.

And such income losses do not figure in the cost-of-living index for the retired with savings.

[mutantpoodle]

agree tough times for any savers

but....reductions of around 20% are bad enough...but this is a 100% reduction!

coming as it does at a time when the 'boss' gets a 2%+ pay increase for continuing to do the job he was employed to do................

[ffacoffipawb64]

agree tough times for any savers

but....reductions of around 20% are bad enough...but this is a 100% reduction!

coming as it does at a time when the 'boss' gets a 2%+ pay increase for continuing to do the job he was employed to do................

Not sure if this is the best packaged account now. My main bankers are first direct who have a similar offering. May switch this NW account over to them, saves liaising with NW to close the account.

Firstdirect have the RAC fir roadside assistance. NW seem to use local garages. Maybe RAC is better now that I have bought a plug in hybrid vehicle?

[swill453]

The 3% on £2,500 is only worth about £6/month. Easy enough to get 1.5% elsewhere so only a £3/month loss.

I'll still stick with my Flexplus account, mainly for the bundled European breakdown cover for my campervan.

The travel and mobile phone insurance is a bonus.

Scott.

[mutantpoodle]

agree its only a £3 net loss...in cash terms
but
when i took this account 3 years ago I advised of my high blood pressure....no additional cost iro the travel insurance
this week I advised again and its £24 extra...same pills same everything!

so its not just the interest that is 'hardening'

Breakdown is of good value
mobile phone...of value but not tested!

in short...its still good...just no longer great!

[ffacoffipawb64]

agree its only a £3 net loss...in cash terms
but
when i took this account 3 years ago I advised of my high blood pressure....no additional cost iro the travel insurance
this week I advised again and its £24 extra...same pills same everything!

so its not just the interest that is 'hardening'

Breakdown is of good value
mobile phone...of value but not tested!

in short...its still good...just no longer great!

Is it still the best though?

Yorkshire / Clydesdale Signature has Rewards at some retailers but doesnt tell you what these are though.

[bruncher]

RBS looks like a similar offer to Nationwide, and they are offering £150 to switch. RBS also offer withdrawals and deposits at Post Office counters, whereas NWBS only offer withdrawals.

[beseeinyou]

Which RBS account is that?, the only one I can see that is comparable is £20 per month whereas Nationwide is £13.

Beseeinyou

[tea42]

I downgraded my account to Flexdirect which is free. As I am in my 70s with Type 2 diabetes so they screw me for travel insurance even though I am very fit and can easily do 100 miles on my bike, my phone is a sub £100 job and Autoaid do a great breakdown cover for £60. I think that Nationwides fees are now in joke territory. They came close to me junking them altogether.

[bruncher]

Which RBS account is that?, the only one I can see that is comparable is £20 per month whereas Nationwide is £13.

Beseeinyou

They have four accounts not exactly the same but comparable.

[swill453]

I downgraded my account to Flexdirect which is free. As I am in my 70s with Type 2 diabetes so they screw me for travel insurance even though I am very fit and can easily do 100 miles on my bike, my phone is a sub £100 job and Autoaid do a great breakdown cover for £60. I think that Nationwides fees are now in joke territory. They came close to me junking them altogether.

The Europe-wide breakdown cover makes it worth it for me (for my campervan). I'm pretty sure it's the cheapest bank account that will give me that, plus travel insurance, plus fee-free cash withdrawals abroad. I agree the mobile phone insurance isn't valuable to a lot of people.

Scott.

[beseeinyou]

"They have four accounts not exactly the same but comparable"

You can compare it of course but the only account they have that provides the same items (Worldwide Travel, Phones, Cars) is £7 per month more expensive, so now that I've compared it I don't see that it's better, it also doesn't include no fee cash withdrawals abroad.

Like Scott says I'm not fussed on the phone part of it, but we have 2 cars covered and my daughter is still covered with the Travel part too, so although I'm not happy about the interest part being removed at £156 for the year it still currently works for us.

Beseeinyou

[Bminusrob]

The cost of the packaged account is now £13 a month. By keeping a balance of £3000 in the account, taking the interest into account, this was effectively £7 a month. Even at £13 a month, I don't think it is bad value. I left the AA as they kept on hiking the annual subscription to more or less £150, but even Green Flag basic was £70 or £80, which is half what the packaged account now costs.

I have never had occasion to use the travel or breakdown cover, but my wife and I both lost our mobile phones this year in an accident at sea, and the insurance company were extremely good in repalcing the phones.

I will stick with Nationwide until I am convinced that there is a better option.

[mutantpoodle]

its good to hear that someone has a good experience with 'claims'
I am sure most of us pay the fee for the benfit but hope not to need it!
so often we all part with our money for these things and can only hope that a claim will be properly seen to!

[beseeinyou]

I had to claim the Travel Insurance part last year and found it all paid out ok, we've both used the car breakdown several times and they have been attended to promptly.

Beseeinyou

[AJC5001]

I had to claim the Travel Insurance part last year and found it all paid out ok, we've both used the car breakdown several times and they have been attended to promptly.

Beseeinyou

I've got a Flexplus account but have never claimed on any of the insurance. On the car breakdown in particular (as it is most likely to be needed at short notice/in an emergency) how does this work in practice. If I ring the correct number, how do the call centre know that I have Nationwide cover? What identification checks do they employ? As this is a joint account and also covers us when a passenger in someone else's car, I would like to know the reality of this.
Thanks in advance for any responses.

Adrian

[swill453]

On the car breakdown in particular (as it is most likely to be needed at short notice/in an emergency) how does this work in practice. If I ring the correct number, how do the call centre know that I have Nationwide cover? What identification checks do they employ?

You just need to identify yourself in some way (account no., or probably name and address will do) and they take you through some typical bank security questions.

Scott.

[beseeinyou]

As Scott says, they just verify your account details as per anytime you would phone them about any aspect of your account.

Beseeinyou

[swill453]

I wonder how many Flexplus accounts have zero balance yet this morning? Mine does.

Scott.