MSE News: Nationwide to hike fee on flagship packaged bank account

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  • ic
    ic Posts: 3,291
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    Received this letter today. Have spun round the other banks' websites and can't find anything that beats the package on the increased price. Its a great shame to lose the extend warranty - I've never called upon it, but did always include it in my thinking when buying new items.
  • bigadaj
    bigadaj Posts: 11,531
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    roddydogs wrote: »
    "Seems to qualify" is very vague, are you sure?

    No, that's the point, I'm not the one particularly interested in it.
  • bigadaj
    bigadaj Posts: 11,531
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    Archi_Bald wrote: »
    This sounds interesting - have you got the link to the supporting T&Cs please as I couldn't find them? I still need to open a FlexAccount, so wouldn't this count as a new account then?

    Section 3 of the flex account travel insurance terms and conditions.

    There is reference to opening an account by December 2016, and subsequently to rather paying in £750 per month or switching an account, it's not clear whether the switch would allow a newer flex account to still qualify, but it seems a bit odd that having an older account and switching would then override the paying in qualification, and if so for how long, so my assumption it is an or rather than an and.
  • Archi_Bald
    Archi_Bald Posts: 9,681
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    bigadaj wrote: »
    Section 3 of the flex account travel insurance terms and conditions.

    There is reference to opening an account by December 2016, and subsequently to rather paying in £750 per month or switching an account, it's not clear whether the switch would allow a newer flex account to still qualify, but it seems a bit odd that having an older account and switching would then override the paying in qualification, and if so for how long, so my assumption it is an or rather than an and.

    I don't seem to be able to find the T&Css for the Flexaccount - would you be able to post a link please?
  • apt
    apt Posts: 3,188
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    edited 17 July 2017 at 8:58AM
    Here's the blurb about Flex Account and travel insurance. You needed to have applied for a Flex Account by 15 December 2016 to qualify, also to keep the £750 per month funding and sign a form this Sept/Oct. http://www.nationwide.co.uk/support/support-articles/manage-your-account/travel-insurance/travel-insurance-with-flexaccount
  • Tardis4
    Tardis4 Posts: 33
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    All done to the travel insurance for us.... just want an insurer that will actually pay out if we have to make a claim! All of the positive reviews for travel insurance online seem to be for people who haven't tried to claim...and the negative reviews for each company, for people who've had to fight to get their claims paid out. Ridiculous.
  • Archi_Bald
    Archi_Bald Posts: 9,681
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    apt wrote: »
    Here's the blurb about Flex Account and travel insurance. You needed to have applied for a Flex Account by 15 December 2016 to qualify, also to keep the £750 per month funding and sign a form this Sept/Oct. http://www.nationwide.co.uk/support/support-articles/manage-your-account/travel-insurance/travel-insurance-with-flexaccount
    Thank you very much, very helpful, much appreciated. Turns out I had an ancient, dormant, FlexAccount which I have now re-enabled to meet the criteria by the end of September. Saved those T&Cs, too!
  • My issue is with losing useful benefits and getting extended one that do not apply. We're only a couple, don't have expensive phones we lose or break every couple of months and I already have roadside assistance with my both cars for free from manufacturers.

    Extended Warranty was something I was hoping to claim under in future when buying different things. Now it will be gone.

    I have separate travel insurance with Aviva, so I'm ok with losing this perk. Will have to review Aviva policy in detail to see if it's meets all requirement. I used it to complement Nationwide insurance.

    However I have to find a way to withdraw money abroad without any charges. If I get card that allows it, I'm downgrading to free account.

    I sent private message through online banking commenting on changes and how disappointing they are.
  • Luckystar
    Luckystar Posts: 1,062
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    I received my letter at the weekend about the increase too. I will keep my Flexplus as I think it's still great value for a family as it covers all 4 of our mobiles and both my teenagers still in full time education if they travel abroad without us. For my parents however they are thinking of switching as not as much value to them as a couple. It's a shame they didn't think of a joint packaged account and a family one with different prices. Sad to see the extended warranty go as I actually used this about a year and the service provided was brilliant. I've been told they are taking this insurance away as not widely used so customers don't really benefit from it.
  • Kim_13
    Kim_13 Posts: 2,314
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    edited 19 July 2017 at 8:02PM
    When I was a FlexPlus customer I unfortunately didn't own any qualifying items, however I'm not sure there was an option to register appliances, as there is for mobile phones. That makes it difficult to quantify how many benefit from it, as the nature of insurance is that the majority benefit from having protection but never need to claim on it. As someone who is likely to buy more qualifying items in the near future (currently own one) I'm disappointed that it seems I can't even get the extended warranty elsewhere without paying by the appliance at vastly increased rates.

    I can't see that the breakdown cover is used much more than the extended warranty, given the small print to claim on it. Sure I read that only vehicles with a full service history are covered. How many used cars out there don't have that I wonder?

    Shame they couldn't have done a pick and mix option, inviting customers to pick say 2 of the existing elements for the fee (increased or not.) That way they could have cut back the offering without it being such a negative thing for some customers.

    I would have been more likely to return as a FlexPlus customer with the account as is for £15 rather than the new deal (the travel insurance and breakdown cover are useless to me.)
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