Nationwide FlexPlus

Rockman

I am a Nationwide Flex Account holder and recently received promotional material from Nationwide regarding their Flex Plus account which costs £10 per month?

This account offers a number of benefits many of which I do not require i.e. worldwide travel insurance, no commission when lifting money abroad and world wide emergency card assistance. The only benefits of this Flex Plus account which would be applicable to me are the 2.96% interest on savings up to £2,500, the extended warranty protection and the car breakdown and recovery service.

If I keep £2500 in my current account all the time is this deal worth the £10 per month it costs?

Thanks

Archi_Bald

It will cost you about £6 net after tax and interest. That's £6 thrown away each month for no reason if none of the benefits are of use to you. But if you would pay more than £6 a month for car breakdown insurance, it might be worth your while. The extended warranty is only useful if you keep buying new appliances.

If you want good interest on £2,500, have a look at 2 TSB Plus accounts.

Rockman

Archi_Bald wrote: »

It will cost you about £6 net after tax and interest. That's £6 thrown away each month for no reason if none of the benefits are of use to you. But if you would pay more than £6 a month for car breakdown insurance, it might be worth your while. The extended warranty is only useful if you keep buying new appliances.

If you want good interest on £2,500, have a look at 2 TSB Plus accounts.

Thanks for your response. My maths is terrible so can you tell me how much the interest will earn me per year if I keep £2500 in my current account which I would offset againste the £6 net cost.

Thanks

Mr_Goodkat

The Flex Plus is a good value account as a joint account if you both will want and use all the features. If there are features on the account you are not going to use then you can get a better return on your money than the circa 3% interest and get the insurances etc cheaper elsewhere.


I have the Flex Plus account as a joint account and do use all the benefits so good value.

Archi_Bald

Well, if you have £2,500 in there all year, you get 2.96% gross interest before tax over the year. Like all interest payers, they will automatically withhold 20% tax unless you have given them an R85.

So you would get: (2,500 * 2.96%) * 80% = £59.20. Makes around 16.2p a day, so in the region of £4.86 a month.

For the same sum of money, you can make £8-ish net a month in two TSB Plus accounts. But obviously you would then might need to find a car breakdown deal for less than £36ish a year to beat the FlexPlus.

grumbler

The cheapest full breakdown cover costs just £40, i.e. £3.33 p.m.: Breakdown Cover
3% interest is available with other free accounts.

innovate

You would need to compare like with like, not just look at the price. Most of the cheapoh breakdown covers don't, for instance, include home start.

Also, there is cover for additional items, such as travel etc included in the FlexPlus, and the cover could be for 2 people if you are happy with a joint account.

Unless none of the benefits are of any use to you, I would say the FlexPlus is superb value for someone who is going to keep 2,500 in savings anyway.

grumbler

IIRC Autoaid does include homestart.

1jim

Am thinking of upgrading to flexplus
Just checking out the phone insurance, the t&c mention needing a receipt for the phone to claim, would a paypal or ebay receipt suffice as I tend to buy second hand phones (in true mse style a year or two after launch) ?
Thanks

intalex

Has anyone applied for a FlexPlus account via online banking? If so, is the account opened immediately or does it take a few days?

Thanks in advance!

Also, for those with the account already, is the £10 per month taken on a set date each month, or is it on the same date each month as the date the account is opened? Got the answer to this from their FAQs

The FlexPlus account has a monthly fee of £10 which is taken from your account on the last day of the month (even if this is not a working day).
The first monthly fee will be taken at the end of the month after you have opened your account. For example, if you open your account on 1st February the first monthly payment will be taken on 31st March.

colsten

intalex wrote: »

Has anyone applied for a FlexPlus account via online banking? If so, is the account opened immediately or does it take a few days?

IIRC you can use the account immediately

intalex wrote: »

Also, for those with the account already, is the £10 per month taken on a set date each month

on the last day of the month