Nationwide FlexDirect review: Is it the UK's best current account?
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- Опубліковано 18 жов 2024
- For years I’ve been recommending to my readers to check out Nationwide’s FlexDirect account. It’s my main bank account (out of the 14 or so I have), which must say something. And I’m not the only fan.
Which? magazine recently awarded it Banking Brand of the Year 2020 - beating the other finalists First Direct and Starling. And in a poll in the Be Clever With Your Cash Facebook community, you picked also picked it as the best bank.
There are a few reasons for this. Partially it’s down to a recent track record of offering the highest interest rates and free cash. It also ranks well as an ethical bank and scores highly for customer service (74% great at MSE).
But does it still stand up? This year we’ve seen the referral offer paused, regular saver axed and interest rates cut. And what about the app and web banking service, especially when compared to challenger banks Starling and Monzo?
Here’s what you get with the FlexDirect, and whether I think it really is the UK’s best bank account.
#BestBanks #Nationwide #HighInterest
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Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Here's my review over on the blog becleverwithyourcash.com/nationwide-flexdirect-current-account-review/
Whats the difference between a bank and a building society
I use Nationwide as my main account because I feel it’s the most stable. The 2007/8 financial crash showed that banks can be very irresponsible and unethical. I feel building societies are better in that respect. And Nationwide have plenty of branches in my area.
Hi Maz, I've always had really good customer service from Nationwide too
You are protected anyway unless you are storing vast amounts of wealth.
Been with nationwide for over a decade. Thanks for this information
I been with nationwide and have a flex account and it's the best account I've ever had, and being with a building society for the first time I am more likely to recommend nationwide then any bank every time
The card reader is designed to reduce security risks, it's a great feature....it's a shame you don't realise this. Less security might be your preference but a lot of people are thankful for the extra security that's in place.
Yes but clueless how it works
Other banks you use an app instead. It's quite clunky how Nationwide send you an SMS code to log in which seems quite old fashioned now.
@@psammiad and SMS codes really aren't secure
Definitely thinking of switching to them. Will wait to see if 'bonus' comes up again. Thanks for the info! :-)
Thanks for this - Nationwide has been on my radar for a while.
I’m only 17 and has nationwide since I was 15. I’ve recently got into the habit of saving pretty much all of my pay check except for what I absolutely have to since I still live with my parents and don’t have to spend on much except personal costs. Nationwide is great also their flex regular saver is now at 2.5% gross interest rate
Just ordered my card I'm 15 is there anything I should know.
@@Uaeboravisma nationwide can be pretty annoying with their security features. It’s an absolute MUST to have a card reader, if you intend to send money from your app, if you wanna set up your online banking etc. also I’d recommend getting an online bank with your main bank sich as starling, they give you much more control over you finances and have a much more feature rich app, use it for the majority of your spending since it lets you know where the majority of your money is being spent so you can form good spending habits early on.
I have a question about sending money to different payees through this account. It says that there's a £20 transaction fee when sending money within the UK as well as outside the UK. Does this mean I will be charged 20 quid when sending money to another account?? I don't understand why and it's keeping me from opening a FlexDirect account ;_;
Very Good bank account , but what I find frustrating is I am not able to deposit cash into my account at the post office , like most other banks
That is frustrating. I suppose the work around is to have an account with a bank that does allow this, then transfer the cash over via online banking
Left smile bank as their cust service went south, and their app was always down. Seriously it was! As I had Smilemore, a package account I chose Nationwide's Flex Plus. I was paying Smile £15.50, so NWs £13 for the same insurances (travel, mobile, car breakdown) was a no brainer. I used to have a flex acc, which I used for my lunch spending money. I closed that after I switched to starling for the same lunch/everyday spending. I recalled the excellent cust service I received when I went into branch to close the flex account and that is why I went back to them! I like that we are members, and that they have no shareholders unlike most banks. So I rate Nationwide for their position but like you that pesky cardreader is an unnecessary faff. I ask them, "have you not heard of 2-factor authentication?" That would help reduce the amount of plastic they use making those stupid card readers. Recently a NW rep said to me other banks are bringing them back! Really?!!!!!! I find that hard to believe! 🤔
Surely they've got to update the app soon. Even if it's a text message code or something it'll be better than that card reader! Really hope Nationwide do this
Totally agree
@@BeCleverWithYourCash Nationwide still has a really weird implementation of 2fa, you can verify it in the app for purchases on the card but not for paying to people directly? Weird.
Nationwides start to save account is great!!
A card reader is irritating. Coop Bank used to have one and they got rid of in the end. I’ll wait and see if they get rid of it at Nationwide and then I might open an account there.
I know not many people use Fintech banks as their main account, so I'm definitely in the minority there. I can't ever see myself going back to banks like Nationwide or Santander. Thanks for the comprehensive overview 💪
Great account. Great content. You are right though, so annoying with card reader and setting up a new payee on the app.
Thanks Michael! Yes, it's a minor thing but so frustrating.
Yes! I signed up with them for their interest rates, but I love them because they are slightly more ethical.
Yes, they're absolutely the best of the main bunch by a long way for ethics.
When was this made, please? We surely need to know how up to date it is! It's Oct 2022 so have these things changed?
There are dates below all videos. It might vary by desktop/app etc but you’ll see how old a video is there
@@BeCleverWithYourCash Sadly, nope. I have scrolled down past all the links but no dates. I have subscribed now, so maybe I'll get notified of your latest videos since the mini-budget (Oct '22.) Thank you.
@@BeCleverWithYourCash It says 2022, but not when. We've just had big changes which worry me.
@@Antares2023 Thanks v much. Changes since then so. Ta.
Hi Andy! I'm in the process of looking for a high interest savings account to build my emergency fund. I've never had one, nor are my savings very large. FlexDirect sounds great, but does that mean I have to pay in at least £1k first and up to £1.5k to get my 5% per year? Can I pay in e.g. £500 £500 and £500 in 3 months, and leave for the remaining 9 months, and still get my 5%? I don't quite understand the requirement to pay in £1k every month. On my current income I am sure I won't be able to deposit £1k a month into a savings account, only much smaller amounts, so I wonder if this account is for me still.. Thank you so much!
Hi Sandra. You need to pay in £1k each month to earn the interest, but it doesn't need to stay there. So you can transfer it out again. And yes it can be in smaller instalments.
Thank you so much for responding!
Actually it does matter the fact they are a building Society different laws governing banks compared to building society’s
I agree on the app, its so annoying to use the card reader and the app is so limited.
Andy where is the security code on it I can't find mine there is 3 fidgets it's accepted on PayPal to register
Hey Andy, great video once again, thanks for the info. If I may ask do you know any way to avoid the no sterling transaction fees from AMEX? I have a platinum Cash back account and I was wondering if I could use it abroad..
Hi V.T. Thanks! Right, sadly there isn't. I use a specialist card for overseas spending that's either Mastercard or Visa.
@@BeCleverWithYourCash
Thank you very much for your response Andy! I thought so as well :)
question: if you pay in £1000 a month and go over 1500 pounds in the account, what happens? You keep getting 3% on the £1500 and nothing on the surplus?
Hi Edouard. You only earn 1.5% on the first £1,500 saved. Anything above that earns 0%. So it makes sense to keep that extra cash elsewhere.
What a waste of time how pointless this is
How about a video on whether it's good for buying stocks and shares or best to buy elsewhere
use vanguard or fidelity
The more you put in the more interest you get, or do you only get interest on 1500?
what's the difference between a bank account and a current account?
Technically any account with a bank is a bank account - so a savings account is a bank account too! But I think most people call their current account their bank account
@@BeCleverWithYourCash thanks
A current account is a type of bank account, as opposed to a savings account (though as Andy said, when people say bank account, they mean current account) and it's your general day to day account for general bills and spending and where you get your salary paid into, and you also will get a debit card to access the money at any time, in America, they also call it a checking account
Had nothing but nationwide since I turned 16 , always been good , I do miss their 5% regular saver though
That was great!
@Thawne so i could put money from my job into the bank
@Thawne so I would work Friday night Saturday lunch and Sunday afternoon, would earn 55 and put 50 in the bank , went to college during the week
@Thawne depends where you live , fair play to the degree I only did travel and tourism as had to retake English, I still work at the same job, washing dishes , not brilliant but the work is steady and I get 35-45 hours a week , I live in Kent which is doing ok job and economy wise
Is Nationwide Business Instant Access Account worth switching too?
Hi, is this a debit card or a saving card please with nationwide ? Or they have both on each you can apply ? Thank you :).
Trying to close my Barclays accounts and bank to nationwide, I need as much info I can gather 😅😁.
Can I get an overdraft for 1500 per month interest free of I pay back on time
Are there any savings accounts that do not involve deceitful small print limited time limited amount or rely on the investors apathy so they will not move away after the "special offer" expires. Mutual Societies are supposed to be democratically run when was the last time Nationwide made any democratic decisions?
Does flex direct charge if you do overdraft, I had previously a flex one and I got a flex direct in april?
It depends if you applied for an overdraft when you opened the account. if you did it'll be 0% for 12 months. If not, there will be a 39.9% charge.
Thank you Andy very handy to know
Glad it helped
Thank You very much for Everything
You are very welcome
It’s not a bank though. It’s a building society.
he did say it was a building society
What’s the pass number when logging in
i use nationwide is good account
Do they charge you if you want you transfer money from this account to any other uk bank account??? I was reading 2 hrs today about their bank and found that they charge you on a simple transfer to other UK bank account and the charge is not cheap at all.....
No you'll be fine to transfer to another UK current account in sterling / pounds
Natwide flex d excellent
Have you got a video of the difference from flexone to flexdirect as I’ve recently had a email that on my 23rd birthday it’ll be changing
I’m looking for that too 😅
I've been with Nationwide since 1985. My impression now is they just want to rip me off. Especially with insurance products. A nasty organisation.
What a load of cobbles! Unless you are f-ing mental you wouldn't be leaving your money in a bank account/Savings. Six month and I already did 26 percent by investing myself
the worst bank ever…. close all your accounts with this bank … and lets all hope they go bust
May be in ur case, but mine, no
@@cizmascalin8112 yeah they ripped me right off.
Worst bank ever I watched staff in beeston branch abuse and aggravate a old guy to the point he broke down absaloute vile behaviour I recorded it and will be sending it to the evening post and I hope the female that was bullying and not giving the card back to the old man who had I'd gets fired and never works in a bank again she then called the police which was vile behavior by the bank and shows how vile there customer service is. Today nationwide lost about 20 customers atleast who watched the whole thing. I hope evening post show the video andnexpose every member at that beeston branch evil and vile bank who abuse old people.
😂😂😂
Is dislike this video not because of the video but the ads . Every minute is ad . Never seen a video so much ads I can't watch it anymore
I’ll have a look at the settings but they’re just the standard ones set by UA-cam so shouldn’t be any different to other videos
I'm owed literally thousands by NBS taken deceitfully
Nationwide has no moral code
Elaborate
After that sickening "woke " advert ... I will never bank with them again..🤮🤮
🤮🤮🤮🤮
It’s better than most of the bank’s
I have a nationwide FlexOne account and I like that they are a mutual, but I really feel let down by their app and to a lesser extent their online banking. The online banking isn't always as fast and reliable as I'd like. And having to use a card reader? It's 2022 for goodness' sake! The app is worse, it's very slow and lacks features, you can't pay in a cheque, set up a standing order, or access any spending and budgeting features. In 2022. Come on. No in app cheque deposits or anything beyond the most basic features any kind either. The app also often is shut down for IT work as well. It's a shame, Nationwide are great in other ways: they have great products and customer service and branch service is usually very friendly, helpful attentive. I don't want to close my account with them, but I'm planning to open an account with Starling when I turn 16 (until you're 16, your options are a bit limited and you often have to drag your parents to a branch, unless they already have an account which neither I nor they want to, and it's only a few months till I turn 16 anyway)