Nationwide Building Society Accounts
104 reviews from the community
Review of "Nationwide Building Society Accounts"
Everyone and their dog are promoting an online account these days and I spotted the NATIONWIDE e-SAVINGS account leaflet at my local branch towards the end of last year.I already had a ‘Flex Account’ and this is something that you are required to have to open and operate the e-Savings. The ‘Flex account’ gives you a cheque book facility and an ATM Card compatible with over 50,000 machines worldwide. You are able to transfer money between these two accounts, but the one small drawback with the e-Savings account is than unlike it’s rivals, you cannot transfer money direct from it to a non-Nationwide account.
OK Fair enough – but you do get a very good interest rate. And if you combine the two aforementioned accounts you have a very flexible online and offline Banking system. The way I use them is that I can pay money in through a Nationwide branch – either through the counter tills or the growing number of in-branch ATMs which allow you to pay cash or cheques into your account. You can set up a ‘bill pay’ facility from your ‘Flex account’ as well as Standing orders and anything left over you can freely transfer into your online e-Savings account.The ‘Flex account’, like most Building Society and Bank cheque book /savings accounts only gives you just under 1% in interest, but the e-Savings account boasts, one of the best rates around – currently a fraction over 5% (since the recent round of rate reductions).
Hopefully, as time goes by Nationwide may well expand the service. The facilities already available on-line include cheque book ordering, credit card applications and a comprehensive information portal. Just recently they have allowed internet bank customers link other Nationwide accounts to their online facility. The Bonus Saver (regular savings account) for one.The one drawback – at present – as far as I can see, is that you cannot just pay direct from your e-Savings account to buy online. If you want access to your e-Savings you must transfer back to your ‘Flex account’ and go from there – and that will not be till the next day when balances get updated. But what the Nationwide system does give is the same facilities as a regular cheque account PLUS the option to 'salt away' money easily and at a better rate - in your Internet acount.
Product Information : Nationwide Building Society Accounts
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Listed on Ciao since: 28/07/2000