Nationwide FlexPlus - is it worth it now?

ianG

When this account started a couple of years back they offered an in credit interest, but that stopped a while back. The monthly charge is £13 and that gives travel insurance (provided no pre-existing conditions), mobile insurance and breakdown cover. All in all it was a good deal at that time. However, the interest has been abolished, travel is basically forbidden anywhere and likewise travelling by car id curtailed.

So looking at the website there is no way of transferring across to a fee-free account (online anyway). You need to phone which I suspect is a way of selling the advantages of staying put. Just asking if anyone else has thoughts on this please?

kuratowski

ianG said:
You need to phone which I suspect is a way of selling the advantages of staying put. 

Not in my experience; I called them last year to downgrade my FlexPlus (when the interest was stopped) and wasn't given any sales pitch, it was mainly a case of the adviser reading me the terms and conditions.  However, this was pre-covid, so it was easier to get through on the phone in those days.

missile

I am hanging on to my account meanwhile. I may need to claim on their insurance if O'Leary doesn't pay out.

Lomcevak

missile said:

I may need to claim on their insurance if O'Leary doesn't pay out.

If it's any reassurance, I had to claim on my FlexPlus insurance when my flights were cancelled due to the Gatwick drone fiasco and they were great, very quick and straightforward 

magritte

Travelling and driving are limited now, but from July onward that will change ..  and the account also offers no-fee currency purchases and withdrawals abroad. Do you not plan on going on holiday anymore? I'm not talking next 3 months.

For me it's worth it -  I think of it as an annual insurance policy that costs £156 and offers worldwide travel insurance, mobile phones insurance, and breakdown cover for me and my family. Won't be closing the account for several months just to reopen it in September. 

magritte

PS. Their travel insurance also cover some pre-existing conditions, but you need to check and register it with them. Mine's covered. 

ianG

magritte said:

PS. Their travel insurance also cover some pre-existing conditions, but you need to check and register it with them. Mine's covered. 

Yes, thanks we did investigate but my partner's condition would require quite an extra premium so it was cheaper to simply shop around for tailored travel insurance for her only and I would claim on the NW one. I also take your point about the duration but being a natural pessimist....

nicetomeetyou

I have a pre-excising condition. I haven’t rang them yet but will do eventually. I think £13 a month just for phone insurance is good value, other phone insurance  it was £15  a month, so the commission free card payments and cash machine withdrawals is good. I tend to go to Europe a lot so this is good.

Highland76

magritte said:

Travelling and driving are limited now, but from July onward that will change ..  and the account also offers no-fee currency purchases and withdrawals abroad. Do you not plan on going on holiday anymore? I'm not talking next 3 months.

For me it's worth it -  I think of it as an annual insurance policy that costs £156 and offers worldwide travel insurance, mobile phones insurance, and breakdown cover for me and my family. Won't be closing the account for several months just to reopen it in September. 

I couldn't agree more, for me the £156 pa is almost a bargain for what you get in return - despite the current restrictions. The mobile phone insurance alone in the present circumstances is worth it for me & my family. A similar policy from elswhere costs around £100 pa for just ONE smartphone, with NW there's no limit on the number of phones you can add to the policy -providing they all belong to the same household. FWIW Bank of Scotland charge around £21/m for a bank account with similar features.

Shedman

I'm of the same mind as the OP to get rid of the FlexPlus now that we've managed to get our TUI cruise refund sorted.  Can't see us travelling anywhere that requires insurance until next spring at the earliest (in case of a resurgence of CV next winter), can get car breakdown cover for £50 (or free if I get Ford to service the car) and don't need phone insurance.  Shame we paid £80 at beginning of March for medical and cruise upgrade which we will now not need.

ratechaser

magritte said:

Travelling and driving are limited now, but from July onward that will change ..  and the account also offers no-fee currency purchases and withdrawals abroad. Do you not plan on going on holiday anymore? I'm not talking next 3 months.

For me it's worth it -  I think of it as an annual insurance policy that costs £156 and offers worldwide travel insurance, mobile phones insurance, and breakdown cover for me and my family. Won't be closing the account for several months just to reopen it in September. 

Another vote for this. Don't need travel insurance but with 4 iPhones in our family, easily worth it just for that. Plus we've now got a second car so it may be useful for the breakdown cover on that (first car is already covered through Land Rovers own scheme, even has its own button in the car to call them, nice gimmick...)