Flexplus now live...

grumbler

I might be misreading this, but ...
http://www.moneysavingexpert.com/car-insurance/breakdown-cover

...£59 full cover plus Europe Cheapest full cover including Europe for cars under 16 ....

It includes roadside repairs, home start, onward recovery, and more. Its vehicle-based policy covers any insured driver of the car, and allows up to 90 days abroad per year, for up to 30 days per trip.

alanq

When weighing up the benefits of this account bear in mind FlexDirect pays 5% fixed on credit balances for the first year and FlexPlus pays just 3% variable. It's anyone's guess which will pay the greater interest after the first year.

Gromitt

alanq wrote: »

When weighing up the benefits of this account bear in mind FlexDirect pays 5% fixed on credit balances for the first year and FlexPlus pays just 3% variable. It's anyone's guess which will pay the greater interest after the first year.

Only the FlexDirect reverts to 1% after the first year, you get 3% (variable) on the FlexPlus for the life of the account. They are unlikely to drop the interest unless other interest bearing accounts do the same.

For me, non of the benefits of FlexPlus are worth it for £120/year. Now if it was £60, I might have been interested.

BugsyBrowne

Gromitt wrote: »

Only the FlexDirect reverts to 1% after the first year, you get 3% (variable) on the FlexPlus for the life of the account. They are unlikely to drop the interest unless other interest bearing accounts do the same.

For me, non of the benefits of FlexPlus are worth it for £120/year. Now if it was £60, I might have been interested.

Not a great lover of packaged accounts but this seems one of the best priced out there and can't see me missing £10 a month if I'm being honest.

alanq

Gromitt wrote: »

Only the FlexDirect reverts to 1% after the first year, you get 3% (variable) on the FlexPlus for the life of the account.

"3% variable for the life of the account" means nothing.

FlexAccount offered "up to 3.75% on up to £3000" in April 2008. By Jan 2009 it was "up to 0.50%" then it was 0%.

Gromitt

BugsyBrowne wrote: »

Not a great lover of packaged accounts but this seems one of the best priced out there and can't see me missing £10 a month if I'm being honest.

I just think of it as what benefits me:
I wouldn't use the worldwide travel insurance as I don't travel,
I don't bother with mobile phone insurance and don't use expensive phones,
My last breakdown insurance cost me nothing (actually, they paid me to take it),
Not interested in extended warranty,
Nor identity theft assistance,

So to me, its not worth it. But for someone who insures their phone and travels, maybe its worth it.

alanq wrote: »

"3% variable for the life of the account" means nothing.

I agree, but its the same as TSB/BoS Vantage. If the interest is reduced, you can decide if the account is worth it for you again. It may change in 3 months, but thats unlikely if the other big players don't change (and it seems Santander 3% is based on there 123 title, so thats unlikely).

simax

BugsyBrowne wrote: »

Not a great lover of packaged accounts but this seems one of the best priced out there and can't see me missing £10 a month if I'm being honest.

Compare this to LTSB's Silver account and the NW account is a no-brainer.

I've just upgraded myself

BugsyBrowne

simax wrote: »

Compare this to LTSB's Silver account and the NW account is a no-brainer.

I've just upgraded myself

Totally agree on that.

zagfles

grumbler wrote: »

You seem to be trying to justify this by quoting the highest prices.
According to MSE, breakdown cover is available for about £60.
Worldwide travel is just £20 extra with Nationwide Flexaccount.
However, if you really need all this, it can easily add up to £120-£20=£100.

The FlexPlus covers the whole family and includes winter sports, this alone will make it worth it for me. The phone cover is nice too now the kids have £200 smartphones:eek:

I can't see a minimum term anywhere, so guess you could upgrade to FlexPlus for a holiday and then "downgrade" afterwards? Also it seems you don't have to comply with the min deposits with FlexPlus so you could just put £2500 in and leave it. And the commission free ATM withdrawals will make it a good alternative to the Clarity.

[Deleted User]

I suppose if you're using it to its' full potential as a joint account, £10 a month (minus any interest earned) is a good price for worldwide travel insurance for the family, cover for an unlimited number of mobiles, UK and European breakdown cover with home start and onward travel, a £100 fee-free overdraft, and the extended warranty doodah too.

Compared to Halifax's account, which makes you jump through the minimum credit hoop, the "must stay in credit" hoop, the "must have 2 direct debits" hoop, and even then still pay £10 a month and get no interest, only cover 2 mobiles, and get UK-only breakdown cover with no onward travel, crummy by comparison. (Of course, the Halifax one has Home Emergency cover which Nationwide's doesn't, but it's all about what's right for the individual).