Nationwide flexplus query

ericonabike

A quick check to make sure I haven't misunderstood: I was looking round for a bank account offering travel insurance and came across Nationwide Flexplus. Delighted to find that this also offers UK and Europe breakdown insurance through the same provider [Britannia Resuce] that I have been using for years. The monthly fee [£10] is less than I currently pay for the breakdown service alone, so it seems a no brainer. But I am not looking to switch an account.

From my reading of the eligibility requirements, it seems I could just invest £2,500 in the account, earn 3% interest, and pay £10 a month. Am I right? Or is there a minimum payment in that I've missed?

Kim_13

There isn't a mimimum pay in for the FlexPlus.

Travel insurance is free with the FlexAccount but that is subject to a minimum pay in (I think it's £750 and it pays no interest.)

If the breakdown cover on the FlexPlus matches the cover you currently have, then it's a no brainer. The card protection, mobile phone insurance and extended warranty would be an added bonus if you use some of it.

There's no requirement to switch. They wouldn't pay you for that alone anyway, you'd need to be referred by an existing customer or refer someone else for a switch once you have your account.

colsten

Kim_13 wrote: »

There's no requirement to switch.

There's also no requirement to pay in / keep in £2,500. Although if you do, you get 3% interest, which effectively reduces the monthly cost of the account to something around £5. I think that's great value for money if the insurance benefits are of use to you.

Holding a FlexPlus also entitles you to the "FlexClusives" although they haven't got anything terribly exciting at present.

ericonabike

Thanks for that - glad I'd not misunderstood!

irm

The FlexPlus travel insurance is also worldwide, not just UK and Europe, is it not?

ericonabike

Update - have applied for and been accepted for the Flexplus account. The t and cs for the breakdown service they have arranged through Britannia are better than those that I, as an existing BR customer, receive. Namely that the 'personal cover' applies both in UK and Europe, whereas I currently have to nominate a vehicle for the European cover. As I own both a motorhome and a van, it meant making a choice, whereas under flexplus, both are covered. And as I've not made a claim, BR will refund me the unused part of my cover.

So once the net interest is deducted from the £10 monthly fee, I'll be paying £60 a year for worldwide insurance for two 60+ customers [inc golf and winter sports] plus better breakdown insurance than I'm currently paying £140 a year for. And mobile phone cover plus extended warrant cover represent cake icing! Result, I think...

zagfles

Also get free ATM withdrawals abroad which is a nice extra. But don't spend on it - they charge. Get the Select credit card for spending, or the Halifax Clarity.

jem16

zagfles wrote: »

Also get free ATM withdrawals abroad which is a nice extra. But don't spend on it - they charge. Get the Select credit card for spending, or the Halifax Clarity.

The free ATM withdrawals - is it worldwide or just Europe?

Usually just use my Clarity card and pay it off quickly so minimum interest but I was looking at this account for the travel insurance and breakdown cover so wondered if it was useful for ATM withdrawals.

To confirm - there are no charges for withdrawing cash at an ATM? Just want to check as no fee can still mean a currency handling charge.

noh

There are no fees or charges from Nationwide for withdrawing cash at an ATM worldwide if using a Flexplus debit card.
A comparison of the foreign use charges on different Nationwide cards can be seen here
http://www.nationwide.co.uk/support/travel/fees-charges#xtab:foreignCash

jem16

noh wrote: »

A comparison of the foreign use charges on different Nationwide cards can be seen here
http://www.nationwide.co.uk/support/travel/fees-charges#xtab:foreignCash

Thanks noh. I had looked there earlier and didn't see the FlexPlus debit card for some reason.

MARTYM8`

Just a heads up but if you want to apply for a NW current account you may be eligible for the refer a friend scheme - if a friend recommends you before you apply then you get £100 and so do they if you open an account within 90 days and switch in with two DDs.

Apply via quidco or topcashback and you may be lucky and get another payout on top of the £100 from £35 to £75 depending on the offer in place. But that's a bit hit and miss if you do refer a friend as well.