Nationwide flex plus - advice please

c5ryl

I am considering opening a flex plus account just for the benefits. I don’t want to switch my main current account or pay my salary into this. Am I right in thinking I could just set up a standing order for the fee of £13 a month from my main bank account and don’t actually have to do anything else?

YorkshireBoy

Your understanding is correct. But...why would you not want to keep any cash, perhaps your emergency funds, in there? There's only one other account paying more than 3% AER on lump sums, and that's also with Nationwide - their FlexDirect product, but that only lasts 12 months.

You might also want to consider switching a 'donor' account to the FlaxPlus for a £100 switching incentive?

c5ryl

Thank you for your reply. I’ve had the same bank account for 20 years and only just switched to first direct. I’m not very savvy with all of this yet so I thought I would start out small. I don’t have masses amount of savings, and when I do have them it quickly gets spent on holidays so I’m not in a position to invest etc and they are not there long enough to get any interest. I don’t have any other accounts (when you say donor) to switch from

18cc

Nationwide willl just take £13 every month from the account - how often and how much you fund the account by is up to you

Alexland

c5ryl wrote: »

I’m not very savvy with all of this yet

You sound like the ideal packaged account customer - lucky Nationwide. If you are going to take this account it's worth using it to store your emergency cash fund at 3%.

Spenditnot

c5ryl wrote: »

I am considering opening a flex plus account just for the benefits. I don’t want to switch my main current account or pay my salary into this. Am I right in thinking I could just set up a standing order for the fee of £13 a month from my main bank account and don’t actually have to do anything else?

I did exactly this. The breakdown cover and worldwide travel insurance were a saving for me and, by keeping some spare cash in the account, the interest offsets some of the £13 monthly fee.