Nationwide Flex account travel insurance £750 monthly payment.

Norman_Castle

I've batted £750 between a Nationwide flex account and a Halifax current account for years to benefit from the travel insurance. As the Flex account travel insurance is no longer included is there a requirement or any other reason to keep funding either of these accounts with a minimum monthly amount? The Halifax account is just the current account, not the rewards account.

Daliah

You might want to keep your accounts for longevity, which looks good on your credit reference files. I am keeping my Nationwide FlexAccount for that reason, as it the oldest of my current accounts (though I will almost never use it). Sometimes (though not for several years) Nationwide also have attractive offers based on the length of time you have held your accounts.

The Halifax account I would definitely keep, and upgrade asap to Reward.

Norman_Castle said:

The Halifax account is just the current account, not the rewards account.

why? You're giving away £60 a year?

Norman_Castle

I'm keeping both accounts but do I need to regularly fund either of them?

I had a rewards account but changed to a current account due to the monthly fee. It was costing more than I gained.  Not sure how I'm loosing £60 per year.

wiseonesomeofthetime

I have the Halifax Rewards account. 

I move money in and out each month to cover the minimum deposit, thus waives monthly fee, then move £500 into it, which goes back to Skipton via Halifax debit card each month to cover that requirement, and get £5 cash reward into my account each month in return.

Voila, £60pa

cx6

thete is no funding requirement for nationwide flex

Daliah

cx6 said:

thete is no funding requirement for nationwide flex

Which Nationwide Flex are you referring to? Basic, Account, Direct, Plus?

[Deleted User]

Daliah said:

cx6 said:

thete is no funding requirement for nationwide flex

Which Nationwide Flex are you referring to? Basic, Account, Direct, Plus?

There is no funding requirement for any of the Flex products. 

Zanderman

Daliah said:

cx6 said:

thete is no funding requirement for nationwide flex

Which Nationwide Flex are you referring to? Basic, Account, Direct, Plus?

When Nationwide announced they were cancelling insurance cover on FlexAccount they also said 

How this affects your cover
You’re still covered for any trips you take before the end of the year – we’ve removed our eligibility criteria for keeping your insurance cover, and you’ll enjoy the full European travel insurance you expect.

(taken from https://www.nationwide.co.uk/current-accounts/help/travel-insurance-flexaccount/) 

The implication being that the £750 pay-in was no longer required to keep the legacy cover until the end of the year.

The pay-in for this has not, therefore, been a necessity for several months now.

Discussed in the thread at https://forums.moneysavingexpert.com/discussion/comment/78583655 where I suggested it should still be paid but was then directed to the wording above.

General_Grant

Deleted User said:

Daliah said:

cx6 said:

thete is no funding requirement for nationwide flex

Which Nationwide Flex are you referring to? Basic, Account, Direct, Plus?

There is no funding requirement for any of the Flex products. 

I think you'll find there is a monthly £1K funding requirement for FlexDirect if you want to receive interest.  Of course, if you don't want the 2%(or 0.25%) AER interest then it is true there isn't such a requirement.

[Deleted User]

General_Grant said:

Deleted User said:

Daliah said:

cx6 said:

thete is no funding requirement for nationwide flex

Which Nationwide Flex are you referring to? Basic, Account, Direct, Plus?

There is no funding requirement for any of the Flex products. 

I think you'll find there is a monthly £1K funding requirement for FlexDirect if you want to receive interest.  Of course, if you don't want the 2%(or 0.25%) AER interest then it is true there isn't such a requirement.

I think you'll find that therefore isn't a requirement to retain the account. The OP hasn't said they retain any balance in the account; therefore funding with £750 or £1k alone has zero benefit.

General_Grant

Deleted User said:

General_Grant said:

Deleted User said:

Daliah said:

cx6 said:

thete is no funding requirement for nationwide flex

Which Nationwide Flex are you referring to? Basic, Account, Direct, Plus?

There is no funding requirement for any of the Flex products. 

I think you'll find there is a monthly £1K funding requirement for FlexDirect if you want to receive interest.  Of course, if you don't want the 2%(or 0.25%) AER interest then it is true there isn't such a requirement.

I think you'll find that therefore isn't a requirement to retain the account. The OP hasn't said they retain any balance in the account; therefore funding with £750 or £1k alone has zero benefit.

I think you will find the OP was specifically writing about the Flex Account.  You extended this to mention all Flex products and I stated that there was a funding requirement IF you wanted interest with the FlexDirect account but not if interest was not being sought.