Going back quite a few years, I recall opening a current account with the Nationwide Building Society. The account came with a Visa debit card that was fee free for transactions overseas, whether in store purchases or cash withdrawal at an automated cash dispenser. The Nationwide withdrew this perk sometime ago, leaving customers stuck with paying charges or looking elsewhere in the market place. In recent times, Nationwide have relaunched a current account featuring a fee free debit card. However, this is a perk within a packaged account costing £10.00 per month.
Norwich & Peterborough Building Society fee free debit card
Thankfully, there is another option to “putting up with it” – and a fee free debit card is available from the Norwich & Peterborough Building Society. Although a regional society, the N&P is now a trading name of the larger Yorkshire Building Society. However, at present, the account is only available at the N&P branches. The N&P current account comes with a fee free debit card and also a cheque book if required.
The current account from N&P also has a cheque book if required
There are some terms and conditions attached to the Norwich and Peterborough Building Society’s current account with the fee free debit card but all the details are on the N&P website.
I applied for the account through the N&P’s branch at Diss, telephone 01379 644778 and the whole process took less than a week. On line banking is available if required.
Are there any other fee free debit cards available?
At present I could only find a few other fee free debit cards. One is offered by another building society, this time the “Cumberland Building Society”. Unfortunately, the account is only available to those local to its’ offices. Another fee free debit card is offered by Metro Bank. The Nationwide Building Society offers a fee free debit card as part of one of its packaged accounts.
What is the point of a fee free debit card?
Well the answer is simple – to save money. Transactions are converted at commercial rates, rather than cash/tourist rates so this immediately is better for the customer. The fee free debit cards are just that – free of fees – so you could save £3 – £5 per £100 spent/withdrawn using the card.
On our last trip away, just a fortnight overseas, I estimated my fee free credit card saved us about £50 in total and so I expect similar savings from a fee free debit card when compared to cards that charge for overseas usage.
The N&P website is here
Hi Russell
Cumberland notified me today that from 1 July 2012 they will be charging 2.75% per foreign currency transaction. Will need to find yet another bank/building soc.!
Regards
Sue (Suenliam on MHFs)
Useful info Sue, how wonder how long the N&P will last?
Update on Cumberland BS accounts. The basic internet account will be fee paying (from 1 July), but the one which requires £750 per month paid in will still be “free” for overseas transactions. Seems a careful bit of money management may be required to stay with the BS and upgrade the account.
Don’t hold your breath on any of them staying fee free in the long term.
Regards
Sue
Thanks again for the local knowledge. I noted the Metro Bank debit card is also fee free at the present time.