MSE News: Nationwide to hike fee on flagship packaged bank account

Former_MSE_Megan_F

Nationwide is to overhaul its FlexPlus packaged bank account, increasing the fee from £10/mth to £13/mth and improving the insurance it offers but scrapping some perks, MoneySavingExpert.com can reveal...

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'Nationwide to hike fee on flagship packaged bank account - is it still worth it?'

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EachPenny

Oh joy! That will be more letters and leaflets arriving from Nationwide begging me to upgrade my account to FlexPlus. If only I were able to opt out of marketing for products I have no interest in, without opting out of everything.

Kim_13

I was going to get this account again soon (plan to get a new phone later in the year, albeit a more MSE choice of handset than my iPhone 5s that I got when it was the flagship.) I also have a 3/4 month old laptop and may need a new TV soon, so would have got my money's worth on the old setup.

Considering that I plan only to spend about £200 on a phone, it's not worth my while now with no extended warranty. Increasing the mobile cover to 4 successful claims a year feels like it means the fee has been raised more than necessary / more cuts made to other parts of the account to benefit the irresponsible. I know it's an insurance product but 4 claims a year?!

WillPS

Agreed, moves it away from being good value for me.

colsten

That's the end of my FlexPlus which I cherished for several years. Going to downgrade to a FlexAccount, I think, if I can retain the travel insurance that way.

le_loup

Will do the same.
5% for first year, 1% thereafter.

YorkshireBoy

le_loup wrote: »

Will do the same.
5% for first year, 1% thereafter.

If you do the same (as colsten) you won't get 5%, or even 1%.

Rich2808

Am still intending to keep it - when you factor in the currency free withdrawals and the 3% interest on balances of up to £2,500 it is still much cheaper than buying travel insurance, mobile phone and breakdown cover separately.

TheShape

Rich2808 wrote: »

Am still intending to keep it - when you factor in the currency free withdrawals and the 3% interest on balances of up to £2,500 it is still much cheaper than buying travel insurance, mobile phone and breakdown cover separately.

Don't factor in the 3% interest if you can earn 3% interest elsewhere as it's of no additional benefit. Only factor in the amount of interest that you earn above what you could earn elsewhere.

le_loup

YorkshireBoy wrote: »

If you do the same (as colsten) you won't get 5%, or even 1%.

Whoops! Must read before I write!
I mean a Flexdirect, of course.:p

littlemissbossy

I think I'll keep the account.

For me the travel insurance and breakdown cover make it worthwhile.