Nationwide FlexPlus

[Deleted User]

Hello,

I applied for a Nationwide FlexAccount and got accepted, but I am now thinking of upgrading to a FlexPlus since I could use the insurance benefits. My only problem is I have been 18 for only 3 months (but I have a credit card and have paid on-time and in full every month).

Does anyone think since I have been accepted for the FlexAccount I could easily get accepted for the FlexPlus?

EachPenny

Have you looked carefully at whether the insurance benefits are suitable for your needs? Could you get the cover you actually need for less?

18cc

Good advice from EachPenny...

If you nevertheless want to upgrade just logon to internet banking, click 'upgrade account' and see what happens

[Deleted User]

I currently pay £12.50 a month for phone insurance on my iPhone (I have one of the new phones) with LoveItCoverIt, so it's worth to buy FlexPlus for the extra 50p a month because I get 3% interest on 2,500 so I will actually save money by upgrading. Also I have contacted Nationwide and they have said my phone is covered under FlexPlus insurance.

colsten

DELETED USER wrote: »

Also I have contacted Nationwide and they have said my phone is covered under FlexPlus insurance.

That's good if you have got one of the ones worth less than £1,000 as the max Nationwide cover is £1,000

[Deleted User]

Yes it is worth 999 so I am eligible for the insurance

soulsaver

You think £12.50x12 to cover a phone is good value? I pay less than that for buildings and contents insurance, with a trusted brand, including tech away from home..

EachPenny

DELETED USER wrote: »

I currently pay £12.50 a month for phone insurance on my iPhone (I have one of the new phones) with LoveItCoverIt, so it's worth to buy FlexPlus for the extra 50p a month because I get 3% interest on 2,500 so I will actually save money by upgrading. Also I have contacted Nationwide and they have said my phone is covered under FlexPlus insurance.

You won't really save money by upgrading, because you could earn 3% interest on your £2,500 elsewhere, plus save 12x £0.50 by sticking to your current insurance policy rather than pay Nationwide £13/month.

Packaged accounts like this are designed to trick people into thinking they are saving money by offsetting some of the cost by savings interest, which is also your money you are spending.

GPK10

You may be better off applying for a Flexdirect account if you meet the criteria as this pays 5% on £2500.

A 1k phone, wow what does it do? A bit longer on this forum and you'll be paying £12.50 a month for a phone, never mind the insurance

I have the Flexplus account - it is worth it for me as I get breakdown cover and phone insurance and travel insurance, but if I didn't use all three of them I probably wouldn't keep it

Terry98

GPK10 wrote: »

A 1k phone, wow what does it do? A bit longer on this forum and you'll be paying £12.50 a month for a phone, never mind the insurance

You get change from £12.50 on this one and it includes a £10 top up https://www.carphonewarehouse.com/nokia/105-2017.html#!colour=blue&dealType=pg :money::money::money::rotfl::rotfl::rotfl:

pollypenny

EachPenny wrote: »

You won't really save money by upgrading, because you could earn 3% interest on your £2,500 elsewhere, plus save 12x £0.50 by sticking to your current insurance policy rather than pay Nationwide £13/month.

Packaged accounts like this are designed to trick people into thinking they are saving money by offsetting some of the cost by savings interest, which is also your money you are spending.

Depends if the other benefits are of use: breakdown cover for person, not car, worldwide travel insurance.

With the interest on £2500 the account costs us less than £7 pm. Of course, that includes cover for two phones, two possible breakdowns and travel insurance.