You're wondering about the Nationwide FlexPlus account and what it offers, aren't you? It's a popular choice for many, especially those who value a comprehensive package of benefits. Let's break down everything you need to know about "how much is Nationwide FlexPlus" and what you get for your money, step-by-step.
The Nationwide FlexPlus Account: A Detailed Guide
The Nationwide FlexPlus account is a packaged bank account. This means that in exchange for a monthly fee, you get a bundle of benefits, primarily various insurance policies. It's often considered by those who would otherwise purchase these insurances separately and are looking for a convenient, all-in-one solution.
Let's dive into the specifics!
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| How Much Is Nationwide Flexplus |
Step 1: Understanding the Core Cost – The Monthly Fee
The most fundamental answer to "how much is Nationwide FlexPlus" lies in its monthly fee.
- The Current Fee: As of December 2024, the Nationwide FlexPlus account costs £18 per month.
- Annual Cost: This translates to an annual fee of £216.
Important Note: This fee increased from £13 to £18 a month in December 2024. It's always a good idea to check the very latest information directly on the Nationwide website or their fee information documents, as financial products can have their pricing adjusted.
QuickTip: Read with curiosity — ask ‘why’ often.
Step 2: Unpacking the Value – What Do You Get for £18 a Month?
The £18 monthly fee isn't just for a standard current account. It provides access to a range of valuable insurance policies and other perks. This is where the "value for money" aspect comes into play.
Sub-heading: Key Included Insurances
The primary draw of the FlexPlus account is the comprehensive insurance package it offers:
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Worldwide Family Travel Insurance (Provided by Aviva):
- This is a significant benefit for individuals and families who travel frequently. It covers you, your partner, and dependent children (generally up to 19, or 22 if in full-time education and unmarried/not in a civil partnership).
- What it typically includes: Emergency medical treatment abroad, cancellation cover, personal liability, personal accident, lost baggage, and often specific cover for things like winter sports.
- Key Consideration: Pre-existing medical conditions are not automatically covered. You will likely need to declare these and may need to pay an additional premium for them to be covered. There's usually a maximum trip duration (e.g., 31 days per trip) and age limits apply (e.g., those aged 70 or over typically need to purchase an age upgrade).
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Worldwide Family Mobile Phone Insurance (Provided by Assurant):
- This covers your mobile phone and those belonging to your partner and dependent children.
- What it typically includes: Loss, theft, accidental damage, and breakdown.
- Key Consideration: There is an excess to pay for each successful claim, and this can vary depending on the phone's tier (e.g., higher excess for more expensive phones). You can make up to 4 claims per account in any 12-month period. It also covers unauthorized network charges up to a certain limit.
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UK & European Breakdown Assistance (Provided by the AA):
- This offers roadside assistance and recovery.
- What it typically includes: Cover for any eligible vehicle you are driving or that you own, even if someone else is driving it. It extends to both the UK and most of Europe. There's generally no excess to pay for claims and unlimited call-outs.
- Key Consideration: The vehicle must be roadworthy, taxed, and have a valid MOT. There are also limitations on vehicle size and weight.
Sub-heading: Additional Account Benefits
Beyond the core insurances, FlexPlus also offers:
- No Nationwide Transaction Fees Abroad: You won't be charged by Nationwide for using your Visa debit card for purchases or ATM withdrawals when you're overseas. This can lead to significant savings for frequent travellers.
- Access to Exclusive Member-Only Products: As a Nationwide member with a FlexPlus account, you gain access to exclusive savings accounts, such as the Flex Regular Saver and Flex Instant Saver, which often offer competitive interest rates.
- £50 Interest-Free Arranged Overdraft: If eligible, the first £50 of your arranged overdraft is interest-free. After that, a variable Annual Percentage Rate (APR) applies (currently 39.9% APR Representative).
- Standard Current Account Features: This includes online banking, a banking app, text alerts, and the option for a chequebook.
Step 3: Is Nationwide FlexPlus Right for You? Assessing Value
The real question of "how much is Nationwide FlexPlus" isn't just about the £18 monthly fee; it's about whether the value of the benefits outweighs that cost for your individual circumstances.
Tip: A slow skim is better than a rushed read.
Sub-heading: Calculating Your Potential Savings
To truly assess the value, you should:
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- Estimate the Cost of Separate Policies: Get quotes for equivalent worldwide family travel insurance, mobile phone insurance (for all relevant phones), and UK and European breakdown cover.
- Compare to the FlexPlus Fee: If the combined cost of buying these insurances separately is more than £216 per year (£18 x 12 months), then FlexPlus could offer good value.
- Consider Usage: Do you actually need all three insurances? If you never travel abroad, or if your mobile phone is very old and not worth much, then you might be paying for cover you don't fully utilise.
Sub-heading: Factors to Consider Beyond Cost
- Convenience: Having all your insurances bundled into one account can be incredibly convenient, simplifying administration and renewals.
- Customer Service: Nationwide generally has good customer service ratings. Having a single point of contact for your banking and bundled insurances can be a plus.
- Eligibility and Exclusions: Always, always read the full policy documents for each insurance carefully. Pay close attention to:
- Age limits for travel insurance.
- Pre-existing medical condition exclusions and the process for declaring them.
- Excess amounts for mobile phone claims.
- Specific terms and conditions for breakdown cover (e.g., vehicle types, call-out limitations).
- Duplicate Cover: If you already have existing insurance policies, ensure you're not paying twice for the same cover. It's generally not possible to opt out of individual insurance components within FlexPlus.
Step 4: How to Get a Nationwide FlexPlus Account
If, after your assessment, you decide FlexPlus is a good fit, here's how to proceed:
- Eligibility: To apply, you generally need to be 18 or over, a UK resident, and agree that the account is for personal use only. You also can't hold more than 4 existing sole or joint Nationwide current accounts.
- Application Methods:
- Apply for a Brand New Account: You can open a new FlexPlus account online or in a Nationwide branch.
- Switch from Another Bank: You can use the Current Account Switch Service (CASS) to seamlessly switch your existing current account from another bank or building society to a new or existing FlexPlus account. This service ensures all your direct debits, standing orders, and incoming payments are automatically transferred. Nationwide often offers incentives for switching, so keep an eye out for those!
- Change Your Existing Nationwide Account: If you already have another Nationwide current account (like a FlexAccount or FlexDirect), you can usually upgrade or switch it to a FlexPlus account through their internet banking or by speaking to them.
Step 5: Managing Your FlexPlus Account
Once you have your FlexPlus account, Nationwide offers various ways to manage your money and benefits:
- Online Banking & Banking App: Easily check your balance, make payments, and manage your account digitally.
- Telephone Banking: Dedicated phone lines for assistance, including making insurance claims.
- Branch Network: Nationwide still maintains a significant branch presence for in-person support.
- Claiming on Insurances: You'll receive details on how to make claims for your travel, mobile phone, and breakdown cover directly with the respective insurance providers (Aviva, Assurant, and AA).
10 Related FAQ Questions:
How to compare Nationwide FlexPlus with other packaged accounts?
You should compare the monthly fee, the specific insurance cover levels (e.g., medical cover limits, mobile phone excess, breakdown recovery distance), and any additional benefits like cashback or interest rates offered by other providers. Consider your personal needs and whether you would use all the bundled benefits.
QuickTip: Slow down if the pace feels too fast.
How to know if Nationwide FlexPlus travel insurance covers my pre-existing medical conditions?
You must declare any pre-existing medical conditions directly to Aviva, Nationwide's travel insurance provider. They will assess your conditions and may require an additional premium or apply specific exclusions. Failure to declare could invalidate your cover.
How to register my mobile phone for Nationwide FlexPlus insurance?
While not strictly required for a claim, registering your phone can streamline the process. You can typically register your phone online via the insurer's portal or by calling their dedicated helpline, providing your phone's make, model, IMEI number, and your FlexPlus account details.
How to claim on Nationwide FlexPlus mobile phone insurance?
You'll need to contact Assurant, the mobile phone insurance provider, either online through their portal or by phone. Be prepared to provide details of the incident (loss, theft, damage), proof of ownership for the phone, and your FlexPlus account details. An excess will apply.
How to use Nationwide FlexPlus breakdown cover?
In the event of a breakdown in the UK or Europe, call the AA (Nationwide's breakdown cover provider) on their dedicated FlexPlus helpline. Provide your location, vehicle details, and FlexPlus account number. They will arrange for roadside assistance or recovery.
Tip: Don’t overthink — just keep reading.
How to switch my existing bank account to Nationwide FlexPlus?
You can use the Current Account Switch Service (CASS) online or in a branch. This free service guarantees a smooth switch within 7 working days, automatically transferring all your direct debits, standing orders, and incoming payments.
How to cancel my Nationwide FlexPlus account?
If you no longer wish to have the FlexPlus account, you can typically close it via internet banking, in a branch, or by post. If you have an arranged overdraft, it will need to be repaid first. You cannot cancel the insurances without closing the account itself.
How to find the full terms and conditions for Nationwide FlexPlus insurance?
The full policy documents for the travel, mobile phone, and breakdown insurance are available on the Nationwide website, usually in the "Current Accounts" section under "FlexPlus," or by contacting Nationwide directly. It is crucial to read these thoroughly.
How to determine if the £18 monthly fee for FlexPlus is good value for me?
Calculate the annual cost (£216) and compare it to what you would pay for equivalent standalone travel insurance (worldwide, family cover), mobile phone insurance (for all relevant family phones), and UK and European breakdown cover. If the separate costs exceed £216, it could be good value. Also, consider the convenience factor and whether you would use all the included benefits.
How to upgrade my Nationwide FlexPlus travel insurance for longer trips or specific medical conditions?
You can usually purchase upgrades for longer trip durations or to cover specific pre-existing medical conditions directly through Aviva, the travel insurance provider. You will typically need to declare your health information and pay an additional premium if required.
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