The FlexPlus account from Nationwide falls under the packaged account category which typically combines a current account with an insurance product or other benefit such as airport lounge access. In this review we discuss the benefits and drawbacks of this popular account to help you decide whether it makes financial sense for you. It’s important to note that we have reflected the changes made by Nationwide to the FlexPlus account offering on 1 November, 2019 in this review.
Keep in mind that the Financial Conduct Authority (FCA) recommends asking yourself the following questions when deciding whether a packaged account makes sense for you:
- Can I afford the monthly fee?
- Will I make use of all of the insurance benefits included in the packaged offering?
- Do I have overlapping coverage from other policies? Note: In some circumstances, you can end up paying double for the same coverage.
Nationwide Flex Plus Account Benefits & Overview:
For £13/month (£156/year), the FlexPlus account includes the following banking and insurance products:
What Banking Products are included in the FlexPlus Account?
- Joint current account options with flexibility to bank via secure online banking, a free mobile app, branch access and telephone banking.
- Free banking text message alerts and paperless communications included.
- Travel-friendly contactless debit card to withdraw cash or make payments abroad without foreign transaction fees. Access to Apple Pay, Google Pay and Samsung Pay available with applicable devices.
- Access to up to £500 cash per day via the Nationwide ATM network.
FlexPlus Arranged Overdraft Details:
- Arranged overdrafts must be applied for via the Nationwide internet bank, banking app or in person at your nearest branch.
- Interest is charged for FlexPlus Arranged Overdrafts at a 39.9% APR Representative (variable) rate.
- Text alerts to help you manage your overdraft are included.
- You need to be 18 or over to apply for an arranged overdraft.
What Insurance Products are Included in the Nationwide FlexPlus Account?
- Breakdown and recovery assistance for you or anyone driving your vehicle in the UK and EU, subject to vehicle eligibility.
- Travel insurance for the whole family with worldwide coverage.
- Insurance policies include winter sports, golf and business.
- Mobile phone insurance for the whole family with worldwide coverage.
Note: Travel insurance cover may be temporarily restricted due to the coronavirus pandemic: more here.
What We Like About the FlexPlus Account:
- 4.8/5.0 rating on the app store – a good mobile app experience can make managing finances easier*.
- 8 million current account holders – this is a popular offering at Nationwide.
- Comes with text alerts to better manage the flex plus overdraft and lessen your environmental footprint.
- Full insurance benefits are extended to all family members living at the same address.
- Full breakdown coverage for two automobiles included.
What We Don’t Like About the FlexPlus Account
- Expensive overdraft interest rate of 39.9% APR.
- Pricey monthly fees of £13/month can quickly add up (£156/year).
- Excess payments on mobile phone claims have increased:
|Claim Type/Device||Damaged||Lost or Stolen|
Is The Nationwide FlexPlus Overdraft Worth it?
In some cases, yes! The FlexPlus account makes sense if you are a family with multiple dependents who go on regular holidays abroad. If you own two autos and all have expensive mobiles then this account is even more worth the monthly price.
The monthly price may not be worth it if you don’t travel abroad (beyond the EU) often, only take one or two holidays per year, or have an old or basic mobile. If your phone is valued at say £100 and it is damaged, you would only pay £50 to repair it but that is on top of your fees which add up to £156/year. So, repairing your £100 phone using the insurance on this account will actually cost you £206. This account is also not the best option if you frequently dip into overdraft because of high interest rates.
Additional Financial Resources
*App rating correct as of 06/10/2020