Premier Current Accounts - Travel Insurance

Horaldo

Hello all


Hope I could ask for some advice. My wedding is soon approaching (start of August) and I have to get travel insurance for the honeymoon (Cancun),


I currently only have a joint vantage account, a normal current account and an ISA with TSB, however I wondered if I could get a premier account just for travel cover for a month and then cancel.


Are there any pitfalls or issues with this idea? I'd probably open it in another bank as TSBs is £17 compared to some of the other cheaper monthly rates. On none of the banks policies I have seen anything about cancelling the account. I would not wish to move any of my current set up and would only shift the cost of the account over.


The other extras such as AA cover and mobile insurance I don't need.


Any tips or advice would be greatly appreciated.


Thanks

grumbler

IMO, it's worth opening and keeping Nationwide Flex account (not premium) for a free EU travel insurance. Upgrading to worldwide costs ~£25 IIRC.

To save ~£15 you can open FlexPlus, then downgrade it to Flex in a month.

Horaldo

Thanks Grumbler.


The Nationwide account did catch my eye but I believe it said £10 a month for the account, not £25. Do you mean it's a one off £25 for the upgrade between the normal flex and the flexplus?


I guess my main question is if there is anything stopping me from opening a FlexPlus for the month of August then cancelling it without transferring any direct debits etc.


Many thanks

Archi_Bald

You'd most likely need a joint account, or pay an additional upgrade to include cover for a second person

Bottom line it is likely to be a lot less hassle, and possibly even cheaper, to just buy travel insurance. http://www.moneysavingexpert.com/insurance/cheap-travel-insurance

Horaldo

Thanks Archibald

I would have linked to the page but it won't allow me as a new user.


It appears that my fiance is covered also. The PDF policy actually does state that you can close the account at any time. It's a shame that there isn't a branch where I live or I'd speak to them directly...but maybe not make it so obvious I will close after one payment.

grumbler

Horaldo wrote: »

Thanks Grumbler.


The Nationwide account did catch my eye but I believe it said £10 a month for the account, not £25. Do you mean it's a one off £25 for the upgrade between the normal flex and the flexplus?

Flex account is free and offers a free EU travel insurance that can be upgraded to worldwide for ~£25.

FlextPlus is £10 p.m. and gives a worldwide insurance.

I guess my main question is if there is anything stopping me from opening a FlexPlus for the month of August then cancelling it without transferring any direct debits etc.

Nothing stops you, but I suggested to downgrade it to Flex instead of closing to keep the free EU insurance.

Horaldo

Ah I get you. Thanks Grumble.


I don't plan on having or even affording another holiday soon but it doesn't cost me anything to have it open.


Thanks all