Nationwide no longer free from Nov

[tt]

I emailed Santander to ask if, with their current account, ATM withdrawals in Spain were free.
This is what I received back;

'We are currently reviewing the charges that are applied for usage of Santander cash machines in Spain, and expect to be in a position to make an announcement shortly.'

Maybe they will fill the void left by Nationwide.

[concorde]

I'm sure withdrawals from Santander are only free if you use their machines.
Unfortunately where we go there are no branches of Santander anyway.

[beachbabe]

As pointed out elsewhere the cheapest option (apart from santander at their branches' ATMs) is Halifax clarity reward card.

This has no exchange loading and no cash withdrawal charge for use in foreign ATMs. It does charge 1% a month for any cash withdrawal but this can be reduced in one (or both) of 2 ways: 1st the card pays you £5 if you spend £300 or more in a month (that makes 5 £100 cash withdrawls per month free, in effect.) 2nd, you can transfer money into your credit card account as soon as you've made a withdrawal - in this case you will only pay a day or two's interest, possibly a few pence, for your cash.

To get the £5 per month I think you also have to have a reward account with halifax - but since they give you £5 each month you deposit £1,000 (even if you take it out the next day) that's no hardship.

[anewlife]

Nationwide are obviously feeling the 'credit crunch' (ha ha) by making a charge for overseas ATM withdrawals. We rent our house in the UK and have had notification that they are making a charge for this from December onwards, presumably because the interest rates are so low they have to make their money from somewhere. Disgraceful. However, I will not change to Santander for free ATM withdrawals as I believe their customer service levels are disgusting - they don't give a damn.

[beachbabe]

Code: Select all

I will not change to Santander for free ATM withdrawals 

Then get the Halifax Clarity, or Clarity Reward Card...

[gus]

The Nationwide action gave me a "prod" to review my banking

Result is...I have opened several Lyoyds TSB current accounts and funded them with £7000 each. As long as I pay £1000 per month into each of them I get 4% interest on the balance (between £5000 and £7000). Better than any easy access savings accounts available in the UK.
I have also opened a Halifax Reward current account - a £50 signing on bonus plus £5 each month when I pay in £1000. A Halifax Clarity Reward credit card which also pays £5 per month when I have a minimum usage of £300 and will give me access to fee-free cash withdrawals.

All I have to do now is organise the monthly transfers between each of the accounts to ensure I qualify for all the goodies.
Thanks a bunch , Nationwide

[El Cid]

All that to save a few Euros on a transfer?

Sid

[gus]

Not quite, Sid.
The removal of free withdrawals was merely the catalyst to get me off my butt.
I had an Insurance policy mature a couple of weeks ago and was looking for something with a reasonable bit of interest - the Lloyds current account is a pretty good "savings" account at 4%pa.
The Halifax reward account with the £5 bonus each month, which, by the way, is net of tax so equates to 8% pa gross if you manage the funding of the accounts properly

[Enrique]

Hi Gus,
Paying in £1000 a month for £5 reward isn't 5% in my books..still better than a kick in the rear

[gus]

£5 for every month that you pay in £1000 = 5x12 = £60 net pa = 8% pa gross.
The £1000 doesn't have to stay in the account for more than 1 day - the same £1000 can circulate between accounts as required

[Enrique]

Hi gus,
I did think that was your plan ......nice if you can leave the 1K circulating round your accounts, otherwise its 1000 x12 for 60 return........

[beachbabe]

But who would do that?

It's very simple.

1. Set up standing order from your bank account to halifax £1,000 day 1

2. Set up standing order from Halifax to your bank account £1,000 day 2 (transfers from my a/c are credited within the day, otherwise set the standing order for day 5.)

No one (in their right mind) would pay in £1,000 a month and make no withdrawals.

[Enrique]

Hi,
I can see where you Guys and Gals are going on this one..........but
If the account is used for paying bills then its just another current account that pays a modest amount of interest.

[gus]

Enrique,
That's the whole point.......it isn't an account for paying more than a few, limited, bills.
It is effectively an instant access savings account paying around 8% pa gross and, what's more, by setting it up online (or by asking in the branch, or, at least, some of them) you get the additional signing -on fee of £50 added when you switch another account to them. My £50 has been credited already and I just set this up yesterday!!

It will all take a bit of managing but, wtf, I have nothing else to do

[Campo Steve]

Fine if you have a UK address. Without one you can't open a bank account in UK because of the money laundering laws.

[gus]

I'm afraid I am a UK resident , Steve, who also happens to have a house in Torreblanca that we visit 3 or 4 times a year.
Does that make me an interloper on this site

[anyroads]

Why not leave your quids with Nationwide, but get a Prepaid Mastercard and top this up from the Nationwide Account now and again.

No charge for using this at hole in the walls in Spain ( well not the one I have anyway ).

I got 1.20 when topping up recently, but this has dropped to 1.18 today.

You know it makes sense

anyroads

[gus]

Anyroads,

I have accounts with Nationwide but the moves I have made will earn me at least twice the interest I could get on ANY of Nationwide's savings account

It would be silly NOT to take advantage of the better options available - to be honest, in the past I have been as lethargic as most other folks and missed out on some good deals because I "couldn't be bothered" with the hassle but I worked out what I was missing out on this team and decided to go for it. It'll pay for a few coffees and brandy - well more than a few, actually

[Campo Steve]

I'm afraid I am a UK resident , Steve, who also happens to have a house in Torreblanca that we visit 3 or 4 times a year.
Does that make me an interloper on this site

Not at all Gus.

It just seems that all the suggestions so far only apply to people with addresses in UK.

Can anyone suggest a bank in Spain that has pre-paid mastercards? Unfortunately Cajamar don't, but then they don't charge me for my banking. The only ones I have seen so far that have pre-paid mastercards would charge me for the banking, thus offsetting any savings.

[alisonb]

I've got a prepaid mastercard from Banesto, although I don't bank with them. It's a Sevilla FC affiliation card. If you search back here you'll find a link to the details. There's no charge for it, but I haven't drawn cash on it, so don't know what the rates etc are