Nationwide Flexaccount

TheShape

I am about to upgrade from a Flexaccount to a Flexdirect to take advantage of the 5% interest. I am happy to lose the European Travel Insurance as I will be getting a Flexplus account as my next holiday will be to Canada/USA and will benefit from the other account benefits.

My question: When I downgrade back to a Flexaccount in a year, will I have to fund it with £750 for a full 3 months before my European Travel Insurance is reinstated? The T&Cs suggest that is the case.

tomthered

Why not just add the Flexdirect and keep the other benefits as the Flexdirect can be for your savings?

TheShape

Was initially going to do that but the upgrade route from Flexaccount to Flexdirect keeps your account number and moves all payments into and out of account automatically. This includes my salary (£1000 funding required for interest in Flexdirect) and the payments that go in/out of a TSB and First Direct Account.

pollypenny

Am I missing something? With Flexplus worldwide insurance cover you will still be covered for Europe.

The interest rate on Plus is 3%, permanently on up to £2,500.

mt99

The answer is yes, you will have to pay in 3 months x £750 before you get travel insurance. If you can afford it, why not open a separate flex account now and pay in/withdraw £750 a month and you will get your travel insurance back in 3 months.

mt99

@pollypeny the OP was referring to flex direct not flex plus

Mike_320

I downgraded before and I think I was able to apply for the European insurance as soon as the welcome pack came through. As account history stayed on the account I assumed that the £1000 I was moving in and out of the account to get the 5% interest qualified me for the insurance.

TheShape

Thanks for the replies. Guess I made things a little complicated (doesn't help that account names are all very similar):

pollypenny - I was thinking that I might consider ditching the FlexPlus account after my Canada/US trip as it will reduce the account's value if I don't need it. I didn't want to close my FlexPlus for a new Flex Account only to find that I needed to wait for three months to get back free European Travel Insurance.

Mike_320 - That is a good point because it appears that account upgrades and downgrades maintain the account number/standing orders/account history etc.

mt99 - I might be able to get a new Flexaccount and fund it for three months before closing my FlexPlus.