Nationwide

I had to use my Nationwide account on 27 and 29 March to get cash:

On 27th the conversion rate was 62.73 to the pound
On 29th the conversion rate was 62.40 to the pound

and there were no charges whatsoever. Now that is what I call a good deal.

[ceejay]

The same applies to the Nationwide credit card if you use it abroad - commercial exchange rates, not tourist ones (although offshore rates of course) and no fees or commissions of any kind. All together, it can be worth 5% or so of your money spent abroad - which is a decent piece of change on all your hotel bills and so on while you are in Thailand. They are also nice people to deal with - as opposed to the High Steet banks, who do not, in my experience, treat their customers well.

To any UK traveller, they definitely offer the best value plastic around - I recommend them.

They also, if you pay by debit card (not credit card) sell commission free sterling travellers cheques (must make their money on the interest while your money is on deposit with them) which I have found in the past to be the best deal of the lot, because with the favourable "in country" rates you get in Thailand, you get even more baht to the pound.

Let me know how you get on with buying the TCs. Last time I tried my branch said you had to order them by 'phone. When I tried phoning the number they gave they said I should book them in the branch.

I've heard people sing Nationwide's praises before, when it comes to money abroad. That guy that runs moneysavingexpert.com is always going on about it.

This might sound like a really dumb question, but having never changed bank accounts, I don't know much about it. Can you open an account just to get a debit card, but not use that account for day to day banking, like having your salary paid in and direct debits etc. ? I mean, if I opened a bank account (I guess it would have to be a current account to get the debit card) would they expect me to have my salary paid into it, rather than just transferring money over from my original bank account to use every time I go away?

The bank will probably ask you if you are going to have your salary paid into it, you can say, "may be in time, but lets open the account first". It was not obligatory when I opened one a few years back, they might ask you, but you don't have to. I opened an account known as FlexAccount, and they give you the relevant card, if not ask for it.

I've just applied for an account from their website. It seems they're happy with just crediting the account with ┬г100 once it's set up.

Thanks for the info. :)

offer internet banking with this account.

[ceejay]

Let me know how you get on with buying the TCs. Last time I tried my branch said you had to order them by 'phone. When I tried phoning the number they gave they said I should book them in the branch.

Last time I bought any (November) I bought them online from the Nationwide website:

http://www.nationwide.co.uk/travel/default.htm

It was very straightforward. You have to pay ┬г3.50 for postage.

yes, Nationwide TCs are only available on the internet or by phone so there is a delivery charge of ┬г3.50. However, if you have a Lloyds bank account, the TCs with them are free and you can pick them up at any branch. If you don't have a Lloyds bank account it is a bit extreme opening one just for the TCs, but you could ask a friend who has a Lloyds account to get them for you.

Thanks for that. I'll use the web-site next time. I tend to keeo TCs as the backstop and they can be years old before I cash them. I'm thinking about keeping the numbers on a mail to myself on my web-mail.

This evening I resolved a dispute I was having with a very large software company whose license was paid with the NW card. I felt that NW could have been more helpful. As the license was under ┬г100 my payment wasn't protected by UK legislation. Anyhoo, the resolution required a full recovery and re-build of my machine and I don't think that is reasonable when the problem is that the payment process used by the Software vendor has a massive security and process flaw.

On the whole though, I'm very happy with the "banking" services provided by Nationwide, though there are some services that they do not provide e.g. document custody. It seems odd that if you pay off your mortgage you have to find a safe place for your deeds but they'll keep them for "free" if you have a mortgage with them.

The great thing is that they are a mutual; owned by the customers, lenders and borrowers - let's hope that never changes.

[Alaan]

555,

When repaying your mortgage to Nationwide as i did last year, pay the full amount less ┬г1.00. This token amount will keep your mortgage open, [they might occasionally send a statement to show ┬г1 outstanding but will not ask for it to be paid].

The two things about keeping the mortgage open is that....at any time in the future, if for any reason you need a mortgage again, you do not have to go through the hassle of reapplying.. you would only have to apply for an increased amount. Also as the uk is experiencing now, high rates to discourage borrowers, as an existing customer, there would be no question of getting a mortgage. They also keep your deeds safe for you. Even if you just keep the mortgage open for this alone it is only ┬г1.