Nationwide Flexplus

TraceyB_2

I am thinking of opening a Flex AccountPlus purely for the insurance benefits that they offer.

Does anyone know if I am able to just pay £20 in per month by standing order or would I have to swap lock stock and barrell?

I dont mind swapping but was thinking of doing it as a joint account so that my husband can be covered whilst driving the car.

I'd rather not transfer all our money (I dont mean ALL as in lots btw!) into the one place so if it is everything has to go, I'd rather do it just in my name - he does have an oyster card so can get the bus if the car breaks down:rotfl::rotfl:

Thanks in advance

Gizmo247

The fee is £10pcm regardless of account type (Single, Joint). There is no requirement to switch so you just need enough balance to cover the £10 monthly change.

Archi_Bald

If you keep just £2.5K of your "lots" of money in the FlexPlus throughout the month, you get 3% AER on it. That's £75 a year before tax, £60 after basic rate tax, £48 after higher rate tax.

TraceyB_2

Archi_Bald wrote: »

If you keep just £2.5K of your "lots" of money in the FlexPlus throughout the month, you get 3% AER on it. That's £75 a year before tax, £60 after basic rate tax, £48 after higher rate tax.

I'd like to have £2.5 to keep on there, likely to use it to build on though!

Thanks for your help - all done and applied for - now to cancel the phone insurance!:T

daveF_3

Be careful with Nationwide Accounts.

I have a Flexaccount which pays interest if £1000 a month is paid in. A friend paid in some money they owed me BUT because it came from their Nationwide Account no intertest will be paid.

Gromitt

daveF wrote: »

I have a Flexaccount which pays interest if £1000 a month is paid in. A friend paid in some money they owed me BUT because it came from their Nationwide Account no intertest will be paid.

FlexAccounts don't pay interest.

The ones that do are FlexDirect and FlexPlus.

Also, Nationwide make it quite clear that the 1K payment must be from a non-Nationwide account in order to earn interest.