Is this a scam at Phuket arrivals?

[WHITESAND]

Just looked up the conditions on my flex account and it appears as of March this year I will no longer get 2% interest on my savings but will get 0%. I don't have a lot left in the UK but find that insane and they don't appear to have an account that does pay interest without a monthly fee. Any thoughts from other Nationwide customers?

[VBF]

I have the Loyalty Saver Account. Its Instant Access, operated over the net, specifically for those who already have a Flex account.

From here: http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts it says

Eligibility criteria

To apply for a Loyalty Saver account you must be aged 18 or over and have been a continuous member of Nationwide for a minimum of 1 year. The rate you are eligible for is defined by the length of your membership with Nationwide.

I had a mortgage with NW and have held an account since 1986 so qualify for the top level - still only 1.70% Gross but better than nothing. Don't forget, if you're non-resident to apply to receive the interest Gross - it's all on the NW site somewhwere

[SheungWan]

Nothing on Nationwide's list of saver accounts that says that they are all linked to a pay-for account.

Edited April 5, 2014 by SheungWan

[sustento]

They have a range of savings accounts some of which require you to have a Flex account, have been a member for a certain amount of time or have a minimum amount depsoited into your Flex account each month. Other accounts don't have any membership requirements. None of them require you have have an account with a fee.

http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts#~

[SheungWan]

Maybe the OP complaint is really directed at his inability to get 2% interest on his relatively small deposits with the Nationwide. Why this should be considered 'insane' though baffles me.

[AyG]

Nationwide Flexaccounts haven't paid interest for years - since 2009 in fact. See http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/flexaccount/interest-rates/historic-apr-09.pdf

[KittenKong]

Don't forget, if you're non-resident to apply to receive the interest Gross - it's all on the NW site somewhwere

No longer possible.

http://www.nationwide.co.uk/support/support-articles/tax/r105-form-registration-of-gross-interest

[CNXBKKMAN]

You have the Bank of England base rate at 0.5% a record low. You have a free of charge current account with Visa card and cheque book, free of charge internet banking, the type of account your wages get paid into and you pay your bills from. Nationwide call it a flex account. How much interest do you expect this to pay? 0% and it has done for years. I think the op needs to look at savings accounts.

[sustento]

Nationwide Flexaccounts haven't paid interest for years - since 2009 in fact. See http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/flexaccount/interest-rates/historic-apr-09.pdf

But the Flex account is the entry point to some of the interest paying accounts.

[sustento]

Don't forget, if you're non-resident to apply to receive the interest Gross - it's all on the NW site somewhwere

No longer possible.

http://www.nationwide.co.uk/support/support-articles/tax/r105-form-registration-of-gross-interest

If he's registered with the NW at a UK address he could fill an R85 in.

[pauleddy]

If you are resident/living outside GB then open an Offshore AC in IOM or Jersey. I have these accounts, and they pay 1-3% depending on if you tie up the money. I have one IAcc which pays 2%.

If you are in the EU, you may have to pay tax (EU retention taxes, actually). I have never paid any other tax while in TLand, but yes, I am legal and I pay my tax on my job pensions to the UK at source.

Look at Santander, Skipton, Chel and Glos, NWide etc or go to a money website and look at OFFSHORE. The IOM still has smaller private banks like Conister, too.

You really ARE offshore here in TL. Whether you are "domiciled" in the UK is...another story, and each case may be different.

There are some formalities, like going to the embassy or even just having a Thai address which you can prove (because your electric and CCard bills go there)--but its not difficult. The banks' websites tell you which 'proofs' you need. You are not illegal by opening a Jersey/IOM offshore account. Anybody with sense does it. Unfortunately, Switzerland and co are not as secret as before. The downside is that UK Tesco bank pays nearly as much now BUT you get tax taken unless you fill in the right form. We who have offshore facilities anticipate a long wait til' the halcyon days of 7% return, but we expect a creep up again during 2015, bit-by-bit. Don't forget that if Conister or Coutts can pay you 2%-3% now, then their loans or their source investments or gilts must be paying them 5% or more--but hey, that's the job of fund managers to sort out.

There was a time when 'creativity' ruled, and some people who spent 'some' time out of UK had offshore accounts, but the computers now talk to eachother much more.

Avoidance is legal. Evasion is not.

Eddy

Edited April 6, 2014 by pauleddy

[KittenKong]

Don't forget, if you're non-resident to apply to receive the interest Gross - it's all on the NW site somewhwere

No longer possible.

http://www.nationwide.co.uk/support/support-articles/tax/r105-form-registration-of-gross-interest

If he's registered with the NW at a UK address he could fill an R85 in.

Only if his total taxable income is below the personal allowance. Either way, it certainly isn't to do with being non-resident (quite the opposite in fact as the R85 is only for tax residents).

[VBF]

Don't forget, if you're non-resident to apply to receive the interest Gross - it's all on the NW site somewhwere

No longer possible.

http://www.nationwide.co.uk/support/support-articles/tax/r105-form-registration-of-gross-interest

My mistake - They USED to and as I'm presently UK resident, I hadn't actually checked that they no longer did - my bad!

Oh and Thanks KittenKong - that information might well affect me one day!

Edited April 9, 2014 by VBF

[MAZ3]

Nationwide have a flex direct account paying 5% but only for a year,I changed my flex account to flex plus(£10 a month.

But paying 2.5% on the first £2,500,NO ATM charges,NO Currency exchange fee,anywhere in the World and as it's a fee based account it's unlikely to change,unlike Metro

The cracker is also the free travel insurance,normally 31 days but can be upgraded to max 90 days per trip(unlimited per year)at a cost of £90 per year.

Regards Maz

Sent from my iPhone using Thaivisa Connect Thailand mobile app

[KittenKong]

My mistake - They USED to and as I'm presently UK resident, I hadn't actually checked that they no longer did - my bad!

Oh and Thanks KittenKong - that information might well affect me one day!

I think they stopped accepting R105 forms a few years ago when they started promoting their offshore subsidiary quite heavily.