Great rates (Nationwide)

Member Name: aratherbadusername

Product:	Nationwide
Date:	12/12/00 (143 review reads)
Rating:

Advantages: great rates

Disadvantages: none

Well as a student having lots of money in your account may seem like a dream. Well if you do happen to have some money then this is the place for it to be. I am receiving 7.05% interest, and I do not have to pay tax.
This wonderful goldmine is in The Smart Account at the Nationwide Building Scociety. There are no gimmicks to join such as Cinema tickets or CD vouchers, just hefty interest rates. This can be good if you intend to save money in the account, but if you want the immeadiate rewards then join somewhere else.

The account is only open to those who are 18 but is fairly flexible. You can choose exactly how your name appears on the card- any combination of your initials/name. You can choose how often you receive statements - 1/month, quarterly, 6 months, annually. You can get a cheque book, and the cash card has a limit of £100 a day (I think).

As said, if you ever have money in your account then it should be here. But think of it this way, if you take virtually your entire overdraft from one bank with the incentives and put it in here, use another overdraft for spending, the interest you earn will be huge.

I have also just received through the post a leaflet telling me of who charges for use of machines on the Link network. Nationwide do not charge a disloyalty fee to their members and also tell you that Halifax, Nat West and Barclays (barclays as of 01/01/01) will not charge you for using their machines on the Link Network. This gives you wide access to your cash without having to pay for the priviledge.

~~~Update~~~

Went in a few weeks ago being unable to remember my pin number. I assume this is fairly common practice, but the staff were still able to allow me access to my money. Also, a very helpful manner in general was also experienced.

OPn a slightly downside the interest rate has dropped to a measly (joke) 6.85% which is paid 6 monthly.

Summary: