Nationwide Flexplus account

[SuperMike]

Let me know as well please when you find out

Need to put my 2’ and 6” somewhere

For goodness sake. Clearly were not born at that time, it’s written 2/6d.

 

[gus-lopez]

nlike my Lloyds one which they are cancelling at the end of November for lack of use, It had charges for use abroad and purchases as well as withdrawing money abroad. Hence I never used it.

When I use my LLoyds card ' abroad' they don't charge me
then again 'abroad' to me is the UK.

Tell Lloyds your muslim,,,NO OVERDRAFT CHARGES THEN,,,BUSBY,,

No it is shown as 'account access fee'

My biggest worry is hanging on to as much as I can from the revenue man .

That's easy . Just use an account that pays no interest therefore you have no need to register for paying tax or any forms to fill in every year & they get nothing. It's all I've ever done.

As @MyrtleGuru said

The deal always used to be: you give your money to the bank to look after. That keeps it safe -- better than putting it under the bed. The bank meanwhile uses your money to do stuff like investments and hopefully makes a profit from that stuff. At any time you can ask for your money back. Sometimes you struck a better deal when the bank paid you (a little bit) for holding your money and making a profit out of it.

& that is all I want done.

 

[barsteward]

When I use my LLoyds card ' abroad' they don't charge me
then again 'abroad' to me is the UK.


No it is shown as 'account access fee'


That's easy . Just use an account that pays no interest therefore you have no need to register for paying tax or any forms to fill in every year & they get nothing. It's all I've ever done.

As @MyrtleGuru said



& that is all I want done.

I've heard Eamonn Holmes is in need of your
services

 

[South_Wales_Lady]

Just looked into this and found if you have pre medical conditions they charge you extra for cover. Had my hips done 8 Year’s ago so they want £150 plus to cover this pre medical condition. Also heart attack and stent fitted 12 months ago so no cover for this or any heart related condition. Has anyone else looked into medical side of this insurance.

Yes, we've been quoted an additional £230 for epilepsy and narrowed arteries. It's still only £50 excess though - last year I paid out about the same but the excess shot up to £300. The account is still worth it for us anyway as the UK and European breakdown cover on two cars, the motorhome and the scooter we take with us on our travels would cost far more than the £84-ish we spend nett on account fees.

I don't need this yet, but does anyone know if the medical insurance covers cruises as well? I had a look through but couldn't find any specific reference to it, just wondered if they just included it in 'worldwide' although insurers do usually charge extra for cruises in my experience.

 

[gus-lopez]

I've heard Eamonn Holmes is in need of your
services

& as I said on the other thread any decent accountant would have told him that self-employed or Ltd.co & only one client/customer = employee. Even I was told that 34 years ago.
"Find some other clients or invent them"

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[carolyn]

Yes, we've been quoted an additional £230 for epilepsy and narrowed arteries. It's still only £50 excess though - last year I paid out about the same but the excess shot up to £300. The account is still worth it for us anyway as the UK and European breakdown cover on two cars, the motorhome and the scooter we take with us on our travels would cost far more than the £84-ish we spend nett on account fees.

I don't need this yet, but does anyone know if the medical insurance covers cruises as well? I had a look through but couldn't find any specific reference to it, just wondered if they just included it in 'worldwide' although insurers do usually charge extra for cruises in my experience.

Yes, we've been quoted an additional £230 for epilepsy and narrowed arteries. It's still only £50 excess though - last year I paid out about the same but the excess shot up to £300. The account is still worth it for us anyway as the UK and European breakdown cover on two cars, the motorhome and the scooter we take with us on our travels would cost far more than the £84-ish we spend nett on account fees.

I don't need this yet, but does anyone know if the medical insurance covers cruises as well? I had a look through but couldn't find any specific reference to it, just wondered if they just included it in 'worldwide' although insurers do usually charge extra for cruises in my experience.

I have found quite a few references on the Cruise critic website to people who have used their Nationwide travel insurance successfully, they were dated 2017. I would give them a ring for a definitive answer though. It does say Worldwide includind USA and Carribean so hopefully but I'd want to be certain. I must admit it didn't cross my mind that our LLoyds Premier one wouldn't cover cruises but it's a good point and I wouldn't now risk it.

 

[2657]

& as I said on the other thread any decent accountant would have told him that self-employed or Ltd.co & only one client/customer = employee. Even I was told that 34 years ago.
"Find some other clients or invent them"

It ain't necessarily so!
I and my son have been subcontracting with our own truck for the same firm for around 15 years now.

There are other criteria.

 

[Minxy]

Where are the 5% accounts you can get the full interest on a sizeable balance?

When you find out will you let me know so I can borrow some at 1.5% to invest .

I want to know because we have the remainder of a buisness loan we are thinking of clearing its on base +1.25%!!!!!

I think everyone wants to know the answer to this one, including Mark Carney .

Let me know as well please when you find out

Need to put my 2’ and 6” somewhere

I already said where you can put the £2,500 to get 5% ....

... you can get 5% interest on the normal account so no need to pay monthly for the 'benefit' account to get it ... but if the benefits you get by paying a monthly fee mean it is more cost effective etc than buying them elsewhere then that's a good thing. As I said above, its the 'belief' that its cheaper than it is that makes me giggle.

I never ever said you could put in more than £2,500 though and get that rate, but if you both have single accounts that's £5,000 at 5%.

 

[2657]

I already said where you can put the £2,500 to get 5% ....



I never ever said you could put in more than £2,500 though and get that rate, but if you both have single accounts that's £5,000 at 5%.

There are conditions though, like paying in £1000 a month, transfers from other NW accounts not allowed, it only lasts for 12 months, which means going to the trouble of switching accounts direct debits etc.....not worth the faffing about in my opinion.
I know you also do the £100 recommendation thing to one another but I would think that NW will at some point catch on to that wheeze if lots start doing it and probably abandon the scheme altogether.

 

[Minxy]

There are conditions though, like paying in £1000 a month, transfers from other NW accounts not allowed, it only lasts for 12 months, which means going to the trouble of switching accounts direct debits etc.....not worth the faffing about in my opinion.

Some won't want to do it but some will, once it's all set up it just looks after itself - you simply set it up so that another account automatically pay £1,000 in to NW each month via standing order, then another SO in the NW account to send it back to the original account. If you haven't got an account to switch, or don't want to move an existing one preferring to leave it where it is so no changing DDs etc, you can easily get a basic account elsewhere and then switch that ... we've done it and it works a treat.

Yes the 5% only lasts for 12 months but nowadays that's good enough for me rather than locking my money away to get half the interest at best by tying it up for 2 years or more ... so 5% for a year on the current account with with funds that you can access immediately if you need to rather than lock them away in a bond etc to me makes better sense. Each year you can open another account - single in the first year (to get the switching/recommend rewards), then joint in the second year to get the 5%, then back to 2 x singles again to get 5%. Its not difficult to do - think of it as a savings account rather than a current account.

In addition you can have a regular saver which also pays 5%, although in reality this works out at 2.71% max over the term as you can only put in £250 a month so the capital/interest is cumulative - each person who holds a single CA can have one, or one if it's a joint CA.

I know you also do the £100 recommendation thing to one another but I would think that NW will at some point catch on to that wheeze if lots start doing it and probably abandon the scheme altogether.

They allow you to do it, there is no restriction and it's been going on for a long time - they reward their customers up to the tune of £1000 per tax year (maximum of 5 x £100 for you and £100 for each of your 5 friends) - so I can't see why they's restrict it, it was the staff in the branch who told us about it when we first enquired about their accounts.

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[2657]

Some won't want to do it but some will, once it's all set up it just looks after itself - you simply set it up so that another account automatically pay £1,000 in to NW each month via standing order, then another SO in the NW account to send it back to the original account. If you haven't got an account to switch, or don't want to move an existing one preferring to leave it where it is so no changing DDs etc, you can easily get a basic account elsewhere and then switch that ... we've done it and it works a treat.

Yes the 5% only lasts for 12 months but nowadays that's good enough for me rather than locking my money away to get half the interest at best by tying it up for 2 years or more ... so 5% for a year on the current account with with funds that you can access immediately if you need to rather than lock them away in a bond etc to me makes better sense. Each year you can open another account - single in the first year (to get the switching/recommend rewards), then joint in the second year to get the 5%, then back to 2 x singles again to get 5%. Its not difficult to do - think of it as a savings account rather than a current account.

In addition you can have a regular saver which also pays 5%, although in reality this works out at 2.71% max over the term as you can only put in £250 a month so the capital/interest is cumulative - each person who holds a single CA can have one, or one if it's a joint CA.


They allow you to do it, there is no restriction and it's been going on for a long time - they reward their customers up to the tune of £1000 per tax year (maximum of 5 x £100 for you and £100 for each of your 5 friends) - so I can't see why they's restrict it, it was the staff in the branch who told us about it when we first enquired about their accounts.

You obviously like playing the system, as I said far too much faffing about for me.

 

[Minxy]

You obviously like playing the system, as I said far too much faffing about for me.

Its worth it when you can make quite a few £'000s by doing so ... probably covered at least half of what it cost us to change campers recently ... or buy a good second-hand Smart car.

 

[gus-lopez]

It ain't necessarily so!
I and my son have been subcontracting with our own truck for the same firm for around 15 years now.

There are other criteria.

Yes but there are 2 of you. That negates one of the IR 35 tests . "can someone replace you ? "
In the case of Eamon Holmes when he isn't there he doesn't send in a replacement or is able choose who stands in for him.
In my case as a sole contractor I had to find other clients, even though I didn't want them, to remain self -employed.

 

[Spriddler]

There are conditions though, like paying in £1000 a month, transfers from other NW accounts not allowed, it only lasts for 12 months, which means going to the trouble of switching accounts direct debits etc.....not worth the faffing about in my opinion.

Well that's odd. I've had a 'pocket money' Nationwide FlexPlus a/c more or less since it began (over a year anyway). I keep a balance of about 3 grand in there and it receives only £250 a month paid in from a minor pension, and it hasn't 'expired' and they still take the £13 a month. I guess I'd better check that with them......

 

[2657]

Well that's odd. I've had a 'pocket money' Nationwide FlexPlus a/c more or less since it began (over a year anyway). I keep a balance of about 3 grand in there and it receives only £250 a month paid in from a minor pension, and it hasn't 'expired' and they still take the £13 a month. I guess I'd better check that with them......

You have the Flexplus account, as have I, the account under discussion is the Flexdirect account which has different conditions and benefits.

Sorry for the confusion, the thread went off in another direction as usual, I do not think the Flexplus account needs any amount paid in each month and for the sake of clarity only pays 3% on balances up to £2500.

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[Minxy]

You have the Flexplus account, as have I, the account under discussion is the Flexdirect account which has different conditions and benefits.

Sorry for the confusion, the thread went off in another direction as usual, I do not think the Flexplus account needs any amount paid in each month and for the sake of clarity only pays 3% on balances up to £2500.

Yes, that's what it says on the NW website about the Flexplus, no requirement to pay in any money per month after all you're already paying THEM for the account:

 

[Spriddler]

Thanks @matamoros @Minxy Girl. Yes, threads do wander and there's a real mind-boggling range of accounts offered by service providers; phone and T.V. platforms, Utilities, banks...........and it'll save me the unenviable task of contacting N/W, not that I've had to so far but most businesses seem to need numerous button pressings and 'small print' narrations to be heard before demonstrating their pride in how passionate they are in providing an 'amazing experience for our customers' shopping journey'. Or some such self-congratulatory nonsense.

 

[Minxy]

It's just dawned on me that those who are paying for the FlexPlus account at £13 a month are getting a lower rate of interest on their capital (3%) than the non-fee FlexDirect account (5%) ... how can that be right???? I appreciate that the FlexPlus interest rate doesn't end after a year but it does seem a bit daft that it pays less.

 

[Millcourt]

As of Monday 8 October, it seems Nationwide have made changes to their travel insurance and holiday spending terms, with some increases in fees for overseas card use and travel insurance cut for older travellers.

More information is available on the Public Pages of the Consumers Association.

https://www.which.co.uk/news/2018/10/nationwide-hikes-overseas-card-fees-how-much-will-you-pay/ - Which?

 

[Silver-Fox]

For goodness sake. Clearly were not born at that time, it’s written 2/6d.

I was but a nipper when the new fangled money came in.
As my Gran said everyone was getting diddled, how right she was.

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[Sundowners]

As of Monday 8 October, it seems Nationwide have made changes to their travel insurance and holiday spending terms, with some increases in fees for overseas card use and travel insurance cut for older travellers.

More information is available on the Public Pages of the Consumers Association.

https://www.which.co.uk/news/2018/10/nationwide-hikes-overseas-card-fees-how-much-will-you-pay/ - Which?

Does not affect Flexplus account holders, withdrawing cash from ATM's. Travel Insurance for over seventies is still possible but at a cost.

 

[JockandRita]

https://www.which.co.uk/news/2018/10/nationwide-hikes-overseas-card-fees-how-much-will-you-pay/ - Which?

An extract taken from that page..................

‘We remain competitive within the market and members can continue to benefit from zero ATM usage fees abroad with FlexPlus, zero fees on purchases with the Select credit card, and zero overseas usage fees on the Youth products (FlexOne, FlexStudent and FlexGraduate).’

Obviously not as competitive as Metro, Starling, or Monz .

Cheers,

Jock.

 

[Minxy]

Each year you can open another account - single in the first year (to get the switching/recommend rewards), then joint in the second year to get the 5%, then back to 2 x singles again to get 5%. Its not difficult to do - think of it as a savings account rather than a current account.

Just checked the Nationwide T&Cs for the FlexDirect (not FlexPLus) account and looks like they've recently altered it so can only have the 5% introductory rate on your account ONCE, so if you do intend to get them, do one each (singles) so you get 2 x the 5% rate, saying that it APPEARS that if you do singles AND a joint you MAY be able to get the rate on all 3 accounts at the same time - check it out with them before opening any to be sure:

*You're only entitled to one introductory rate at any one time, even if you open more than one FlexDirect account, unless an additional joint account is held. If you previously held a FlexDirect account and benefitted from the introductory interest rate on that account you're not entitled to the introductory rate again.​