No brainer for a(n extra) current account ?
Discussion
Nationwide Flex Plus is paying 3% gross up to 2.5k, with no minimum balance, payments in or DD - unlike Santander, our main account. I registered online for one just now.
For £10 a month on a joint account we'll get worldwide travel insurance, breakdown cover (UK and Europe), mobile phone cover and identity theft cover. We're paying about £330 for the first two of those currently. What's not to like?
For £10 a month on a joint account we'll get worldwide travel insurance, breakdown cover (UK and Europe), mobile phone cover and identity theft cover. We're paying about £330 for the first two of those currently. What's not to like?
Some of the Nationwide accounts are good; I've just switched to the Flex current account that gives 5% gross interest per month on balances up to £2.5K for the first 12 months. Just having my salary paid in and keeping a £2.5K float in there, so over the year could be worth the best part of £1500.
OP, all I'd say is check the T's and C's of the various insurances to make sure the cover is what you need.
OP, all I'd say is check the T's and C's of the various insurances to make sure the cover is what you need.
ShortShift811 said:
Sorry, yes, bad wording on my part. 5% AER - Annual Equivalent Rate. Clue is in the name 
Bad maths as well!I'm looking at this account as well, already have various savings products with Nationwide. Just note that 5%AER on £2500 is only worth around £100 after tax, that doesn't cover the £10/m fee.
Shaoxter said:
megaphone said:
I'm looking at this account as well, already have various savings products with Nationwide. Just note that 5%AER on £2500 is only worth around £100 after tax, that doesn't cover the £10/m fee.
What £10 a month fee? There was no fee when I took it out...http://www.nationwide.co.uk/current_account/defaul...
Shaoxter said:
Ah ok, the one which I have and has also been mentioned is FlexDirect which has higher interest, no charges but no benefits either.
Yes the standard Flex Direct has no fee, however it's 5% for 12 months, then reverts to only 1%. So it will give £100 ish interest after tax in the first year. I need to decide if it's worth all the grief of opening the account and paying £1K in every month, just for £100. megaphone said:
Yes the standard Flex Direct has no fee, however it's 5% for 12 months, then reverts to only 1%. So it will give £100 ish interest after tax in the first year. I need to decide if it's worth all the grief of opening the account and paying £1K in every month, just for £100.
The account you can just open online and it's pretty quick to set up a standing order from your main current account. Considering it's only taking up £2.5k capital I'd say it's a decent enough amount.Actually the only reason I opened the account was to get their Select credit card which has no foreign currency fees!
Shaoxter said:
Actually the only reason I opened the account was to get their Select credit card which has no foreign currency fees!
You could have applied for a Halifax Clarity instead: http://www.halifax.co.uk/creditcards/low-rate-no-f...KTF said:
Shaoxter said:
Actually the only reason I opened the account was to get their Select credit card which has no foreign currency fees!
You could have applied for a Halifax Clarity instead: http://www.halifax.co.uk/creditcards/low-rate-no-f...
One card each for me & the missus when we go travelling just in case one of us gets lost or something.Check the T&C's on the travel insurance, there's a lot of stuff the "free" ones don't cover. Might not be an issue for you but for us most trips involve either diving or riding a motorbike which loads of companies don't cover.
I've become a bit of a Santander fanboy. My Zero account lets me withdraw money abroad with no fees, and the £10/month cashback I get on the mortgage and household bills more than covers the £2/month fee for the 123 account which pays 3% up to £20k, and 3% cashback on fuel makes the 123 credit card worth the £2/month fee.
I've become a bit of a Santander fanboy. My Zero account lets me withdraw money abroad with no fees, and the £10/month cashback I get on the mortgage and household bills more than covers the £2/month fee for the 123 account which pays 3% up to £20k, and 3% cashback on fuel makes the 123 credit card worth the £2/month fee.
RizzoTheRat said:
3% cashback on fuel makes the 123 credit card worth the £2/month fee.
Not as good as the Luma cashback card! (although I think it's been discontinued now) 4% back on fuel and groceries up to a limit of £225 a month and no fees. Although what's concerning is that I've realised I spend about £200 a month in fuel on a car which is only used in the weekends...Gassing Station | Finance | Top of Page | What's New | My Stuff