Big Momma Posted June 23, 2009 Share Posted June 23, 2009 After seeking advice from members of this forum on the best way to take my holiday money to Spain, rather than withdraw a whole wedge of Euro's, I was given great advice on the Nationwide Flex Account (Current Account as they now call it). It seemed to be perfect being able to use it all over the world in the majority of ATM's with no charge. So went in to local branch today to open a current account in which I could deposit my holiday cash. No can do (!) unless I am willing to change my primary current banking arrangements over to them. It appears that they have a lot of these 'flex' accounts on the go which cost the Building Society money to manage with little return. I realise that in the current climate that all Financial Institutions are attempting to increase business but I am not willing to change my current banking facilities so that I can get effectively a 'debit card' to use once a year on my foreign holidays. So it looks like it will have to be the Post Office Travel Money Card which works in a similar way. Those of you who already have a Nationwide Flex account and did not have to transfer their banking facility to Nationwide, well done :-( Link to comment Share on other sites More sharing options...
CliveH Posted June 23, 2009 Share Posted June 23, 2009 Eric - try applying for an account on line with Nationwide. I have been told that what you want is available this way but that the branches have been given instructions to restrict the number of new accounts. I think you can select the facilities you want. Link to comment Share on other sites More sharing options...
CliveH Posted June 23, 2009 Share Posted June 23, 2009 Ooops ! - forgot the link:- http://www.nationwide.co.uk/current_account/apply.htm Link to comment Share on other sites More sharing options...
Big Momma Posted June 23, 2009 Author Share Posted June 23, 2009 CliveH - 2009-06-23 5:06 PM Eric - try applying for an account on line with Nationwide. I have been told that what you want is available this way but that the branches have been given instructions to restrict the number of new accounts. I think you can select the facilities you want. Clive, many thanks. I have looked at the link and I am afraid it says the same thing, If I do not intend to change to them being my main bank they will not entertain me opening a current account. I took a look at the 'Cash card' which they explain as being their basic current account but this does not come with a 'Visa' debit card, which is what I assume you need to use in ATM's in Europe (?) Link to comment Share on other sites More sharing options...
Mel B Posted June 23, 2009 Share Posted June 23, 2009 We use their credit card so we can restrict the amount of cash we take, you don't have to have a current account with them for this and the exchange rate is usually much better than changing the cash here and taking euros. Link to comment Share on other sites More sharing options...
Guest Tracker Posted June 23, 2009 Share Posted June 23, 2009 We too use the NW credit card but it is paid off in full each month fromour main current a/c elsewhere. It is handy to have two lots of credit and debit cards each when abroad just in case one goes pear shaped for no good reason - and yes it does happen! Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted June 23, 2009 Share Posted June 23, 2009 we have both the NW current account and credit card. Why don't you just get the credit card? and set up auto payment from your own bank? Link to comment Share on other sites More sharing options...
maggyd Posted June 23, 2009 Share Posted June 23, 2009 We have left our current account as normal with our private pension going in and our direct debits going out but arranged our state pension to be paid in to Nationwide plus we deposited a largish amount to cover our first hols and I use the debit card to pay for groceries that way it works well and they up to now are satisfied as it is always in the black. Link to comment Share on other sites More sharing options...
CliveH Posted June 24, 2009 Share Posted June 24, 2009 Not sure why Nationwide are now restricting their Flex accounts. At one time they were pushing them quite hard. They are run very differently to a bank tho' being a Building Soc. and have some very good rules to ensure the stupidity of the likes of Northern Rock never happens to them. Not sure of the current exact percentages but the last data I saw indicated that under their own rules they could not lend out more than circa 80% of their assets held (i.e. money held on deposit for savers). This is very conservative. In contrast Northern Rock was lending up to 80% MORE than the assets it held, and so this was why it had to go outside the UK to the USA to borrow money to lend via its appalling lending criteria. When the USA money dried up so to did the business model for Northern Rock. Good lending practices are not just seen within the Building Societies; some banks apply them as well. In Spain for example their regulator forbids a Spanish bank from lending more than the assets it holds. That is why Banco Santander is doing so well at the moment. As for Nationwide - it could be that they feel that they want more true savings accounts rather than lots current accounts that people use for holidays! I can see why they would want to restrict what could be quite a costly exercise for them. The answer would be as many have said on here - get a NW Credit card - use it abroard and just pay it all off at the end of the month. Obviously not the same as being able to access a current account from ATM's abroad but the NW Credit Cards are still the best to use with their very low charges. But there are others. http://www.money.co.uk/credit-cards.htm Link to comment Share on other sites More sharing options...
Tony Jones Posted June 24, 2009 Share Posted June 24, 2009 Guilty as charged - I'm one of those who has a Flexaccount for holiday use only, and is therefopre responsible for them saying "we don't want any more of these part-timers." Sorry folks, my fault! I'd change to them for my "normal" banking, though, but for three things: 1) their nearest "proper" branch is 25 miles away from me, and nearest "agency" 12 miles. I do like to pop in and say "hello" to my bank people! 2) I'm quite happy with the service from my local branch 3) my church pays my salary, by cheque, and having my account at the same bank/branch as the church means instant clearance. Oh, not any more it doesn't, because "to prevent fraud" Barclays have now ruled that they want two working days even to clear "in-house" cheques which, back in the dark ages, used to be cleared at the counter. Which removes one advantage of staying with them. So if Barclays now do anything to upset me (see (2) above!) I'll put up with the distance and "go Nationwide" - then I'll be a "proper" customer there! Link to comment Share on other sites More sharing options...
Big Momma Posted June 24, 2009 Author Share Posted June 24, 2009 Many thanks for all your comments and suggestions. I do already have a credit card that is accepted all over the world so could use this rather than get an additional one just to do the same thing. I think what I wanted was an account where I could just put in my holiday money, if it got lost or stolen, whilst I may risk losing what was on the card I would not risk the perpetrator from getting anything else. As for the change to banking with them instead of my current bank. It is not a simple as putting all my cash into a different account and then closing down the old account. Banking on line is convenient but as well as setting up and changing Direct Debits etc I have an anti fraud arrangement whereby before I, or anyone else, can use my account to purchase online direct from the account, or by using my debit card, the bank requires me to authorise the transaction e.g. I have recently renewed my vehicle tax on-line through DVLA. DVLA asked for details of the card but before they could take the payment my bank came back to me and asked for authorisation, by way of randomly selected characters from my Password. I know that I could probably set this up with Nationwide as well but all the hassle of changing accounts, getting both my and my wifes wages paid in to the new account and my military pension (all have to be arranged by a certain date in the month), making sure that it was done at a time that would not mess up existing Direct Debits and then re-enter all the details that I make privately about payments for Gas, Electric, Water, CSA etc. etc. I do appreciate all your advice and comments but it looks as if what I need can be provided by the Post Office with their Travel cash Card. I may not get the best rate available but the card is accepted at the majority of ATM's in Europe and restricts daily withdrawals to £500 (or Euro equivalent). This means if it gets lost then I only lose £500. Additionally, they will courier a new card out to me (at a cost of £35). Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted June 24, 2009 Share Posted June 24, 2009 You are missing the point a bit......The reason we use the NW credit card is it gives the same commercial rate of exchange as their Debit card? Whereas my nat west credit card gives a very poor rate of exchange and I have argued this fact with them in the past......I now carry it purely for emergency's Link to comment Share on other sites More sharing options...
Big Momma Posted June 24, 2009 Author Share Posted June 24, 2009 JudgeMental - 2009-06-24 4:39 PM You are missing the point a bit......The reason we use the NW credit card is it gives the same commercial rate of exchange as their Debit card? Whereas my nat west credit card gives a very poor rate of exchange and I have argued this fact with them in the past......I now carry it purely for emergency's Thanks Judge, hear what you are saying and have no arguments against it just personal preference for not wanting another Credit Card, just have the one with 'Nil' balance and want to keep it that way unless an emergency arises. All this advice may soon prove irrelevant anyway. Just got back from the Doctors today, follow up after surgery for kidney stones and insertion of the 'stent' (talked about on another thread). It seems that I now have a Kidney infection, Bladder Infection and still losing a lot of blood so am back on a whole host of anti-biotics, anti-inflammatories etc. This may delay removal of 'stent' and GP has advised that if not removed that I should not continue with my holiday :-( My fingers are well and truly crossed, cannot cross everything, still too painful :D Link to comment Share on other sites More sharing options...
Guest JudgeMental Posted June 24, 2009 Share Posted June 24, 2009 sorry to hear that.......You are the third person I know who has had a kidney infection recently *-) we have 4 credit cards between us, all with zero balance :-D Link to comment Share on other sites More sharing options...
CliveH Posted June 25, 2009 Share Posted June 25, 2009 Yes - sorry to hear that Eric. Keep taking the tablets! and I am sure that holiday will be OK. Let us know how you get on. Link to comment Share on other sites More sharing options...
Hopesy Posted June 25, 2009 Share Posted June 25, 2009 That's bad luck, hopefully all will be well soon, I'll keep everything crossed for you. The much needed holiday will only be delayed at worst not cancelled. keep your chin up Link to comment Share on other sites More sharing options...
Big Momma Posted June 25, 2009 Author Share Posted June 25, 2009 Thanks folks, will keep you informed on progress. I am hoping not to have to cancel as my OH is a teacher so we can only take certain times of the year to get away, summer is the only opportunity for the 'big' break. At this late stage we would probably have difficulty in finding anywhere within the UK if we had to cancel the Spanish trip. I will keep positive but decision will have to be taken soon so as not to forfeit too much on the cancellation insurance :-S Link to comment Share on other sites More sharing options...
CliveH Posted June 25, 2009 Share Posted June 25, 2009 I think if you inform them of the situation now then that pegs the date from which the sum returned is calculated. You do not have to cancel - just inform them of the situation. If you have to cancel then the claim date should revert to the date you first told them. Keep all hosp records etc as you will need this for a claim. Link to comment Share on other sites More sharing options...
Big Momma Posted June 25, 2009 Author Share Posted June 25, 2009 Clive thanks, had not considered doing this but may well be worth doing so, good bit of advice :-D Link to comment Share on other sites More sharing options...
Big Momma Posted June 25, 2009 Author Share Posted June 25, 2009 No sooner had I dug out the insurance policy to get phone number then phone rang at it was the Hospital saying that they had booked me in for the 8th July. Looks like we will get to go on our Spanish trip after all ....Hast La Vista baby :D :D :D Link to comment Share on other sites More sharing options...
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