Nationwide Flexplus account (1 Viewer)

[busby]

So not only the folk in front but those behind her must have been surprised.

I don't let her out now on her own,,BUSBY

 

[TR5]

Thought I'd post it here. We are in the process of changing because of the breakdown cover and also the travel insurance which a number of funsters have used and found good. As from early 2019 the travel insurance only covers you plus partner up to the age of 70 and not 75 . There will be an additional £65 annual fee to extend it. The monthly fee until then is staying at £13 so still good value. I spotted it on good old Martin Lewis. Won't affect us for quite some time!

Is the reduction in age for Travel Insurance for all existing customers, or just new clients?

 

[carolyn]

According to Martin Lewis it's for new and old customers. I can't see anything on the website and the price increase wasn't mentioned when I phoned but that was about 3 weeks ago. Martin Lewis is usually correct I'm afraid.

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[Minxy]

If you keep £2.5K in, it costs a few coppers over £6 per month. Cheapest breakdown and travel insurance that works available.

Don’t you have to add the £13 per month account charge to that?

No, the interest on the £2.5K comes off the £13 per month.

Yes it is £13.00 a month but you do get £6.08 p interest added so just over £6.00. As Snowbird says.

These sort of posts make me giggle ... it still costs £13.00 a month/£156 a year regardless of whether you have £2,500 savings in the account getting interest or not ... whilst your savings in there are offsetting the monthly cost you are still 'losing' the benefit of the interest on them, so it still does cost £156 a year ...

 

[2657]

These sort of posts make me giggle ... it still costs £13.00 a month/£156 a year regardless of whether you have £2,500 savings in the account getting interest or not ... whilst your savings in there are offsetting the monthly cost you are still 'losing' the benefit of the interest on them, so it still does cost £156 a year ...

Not that many places to get 3% these days and with the additional benefits for some of us it makes sense....no reason to chuckle!

Some of us can also do sums

 

[TR5]

These sort of posts make me giggle ... it still costs £13.00 a month/£156 a year regardless of whether you have £2,500 savings in the account getting interest or not ... whilst your savings in there are offsetting the monthly cost you are still 'losing' the benefit of the interest on them, so it still does cost £156 a year ...

Either way you look at it, it is still excellent value. You can also take out a FlexDirect account and receive 5% interest for the first year. The following year, close it and take it out in the wife's name, again to get 5%. 3rd year, take out again in your name, or joint names to once again get the 5%...

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[carolyn]

Not that many places to get 3% these days and with the additional benefits for some of us it makes sense....no reason to chuckle!

Some of us can also do sums

I am with Comfort and the breakdown insurance bit is £62 so I will be offsetting/saving this next year, like you I also know the difference and I'm absolutely certain Dave @Snowbird knows a good deal when he sees one! Sometimes we might not use the terminology absolutely precisely but we do know what we mean.

 

[Minxy]

Not that many places to get 3% these days and with the additional benefits for some of us it makes sense....no reason to chuckle!

Some of us can also do sums

Not suggesting that it doesn't make sense for some, that's not what I'm saying ... it's that people say it 'only' costs £6 a month, but it doesn't, if you put your £2,500 somewhere and got just 2% it still means you're using that 2% interest to 'offset' the cost ... so it still costs and you still lose the benefit of using that interest for something else.

Either way you look at it, it is still excellent value. You can also take out a FlexDirect account and receive 5% interest for the first year. The following year, close it and take it out in the wife's name, again to get 5%. 3rd year, take out again in your name, or joint names to once again get the 5%...

Or do as we do, have single FlexDirect (no monthly fee) ones initially to get 5% each, then in the second year have a joint one, then third year change to 2 single ones again ... you've gotta work the system!

If you do it right you first open one single via a recommendation link and you then get £100 (as your the recommendee), then you recommend your other half and they get £100 and so do you ... £300 'bonus'.

 

[carolyn]

Not suggesting that it doesn't make sense for some, that's not what I'm saying ... it's that people say it 'only' costs £6 a month, but it doesn't, if you put your £2,500 somewhere and got just 2% it still means you're using that 2% interest to 'offset' the cost ... so it still costs and you still lose the benefit of using that interest for something else.


Or do as we do, have single FlexDirect (no monthly fee) ones initially to get 5% each, then in the second year have a joint one, then third year change to 2 single ones again ... you've gotta work the system!

If you do it right you first open one single via a recommendation link and you then get £100 (as your the recommendee), then you recommend your other half and they get £100 and so do you ... £300 'bonus'.

I don't think the point is to make money, it was to get a high quality travel insurance/breakdown insurance/mobile phone insurance policy at a good price. I just wanted to highlight the changes that are imminent ie the age reduction from 75 to 70. This comes into effect on the 3rd January.

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[TR5]

According to Martin Lewis it's for new and old customers. I can't see anything on the website and the price increase wasn't mentioned when I phoned but that was about 3 weeks ago. Martin Lewis is usually correct I'm afraid.

Ok, I've asked the question direct to Nationwide, and await the answer!
It is currently up to, and including the age of 74 yrs, with a maximum of 31 consecutive days (longer for an additional premium)

Since joining, other benefits have been removed, i.e. Extended Warranty on white goods, Emergency Card Assistance, Identity Theft Cover, while the fee was increased from £10 to £13. A couple of remaining benefits increased a little. I still consider it good value, but that may change if more cover is removed.

Carolyn, do you have a reference for the information, please?

 

[carolyn]

Ok, I've asked the question direct to Nationwide, and await the answer!
It is currently up to, and including the age of 74 yrs, with a maximum of 31 consecutive days (longer for an additional premium)

Since joining, other benefits have been removed, i.e. Extended Warranty on white goods, Emergency Card Assistance, Identity Theft Cover, while the fee was increased from £10 to £13. A couple of remaining benefits increased a little. I still consider it good value, but that may change if more cover is removed.

Carolyn, do you have a reference for the information, please?

It’s just on the Martinlewis moneysaver.com website. In the section marked MSE News, it’s 4thin the list of current interesting items. I’m a bit sad. I check his website most days!

 

[TR5]

Ah, now found a reference to the Travel Insurance on NW website...

"How travel insurance age upgrades are changing from 3 January 2019

We’re lowering the age for age upgrades from 75 to 70.

From 3 January 2019 you’ll need to buy an age upgrade if you’re aged 70 or over, or if you’re going to turn 70 either before or during your holiday.

We’re increasing the cost for age upgrades from £50 to £65

From 3 January 2019, if you need to purchase an age upgrade, or renew your existing one, it will cost £65.

Why are age upgrades changing?

Though we’d rather not make these changes, we need to make sure that the cost of providing age upgrades is sustainable for our Society as a whole.

If you have a joint account

If you have a joint account with another person who also needs an age upgrade you’ll only need to buy one age upgrade for both of you.

What if I already have an annual age upgrade?

You’re covered for any holiday up to your next renewal date. At renewal, you’ll need to pay the increased price of £65.

What if I booked my holiday before 3 January 2019?

No matter when your holiday is going to take place, if you’ve booked before 3 January and you’re under 75 years old, you don’t need to do or pay anything.

If you’re 75 or over and don’t yet have an age upgrade in place, you can buy one for £50 before 3 January 2019."

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[Snowbird]

These sort of posts make me giggle ... it still costs £13.00 a month/£156 a year regardless of whether you have £2,500 savings in the account getting interest or not ... whilst your savings in there are offsetting the monthly cost you are still 'losing' the benefit of the interest on them, so it still does cost £156 a year ...

It may make you laugh, but some have more stashed away than others. Me being born lucky I dont have to worry about such trivialities. I have JJ as my financial adviser, one offspring with a Swiss bank account and my needs are no longer great as am too busy enjoying life to worry about how much money I could save by moving the stuff around . My biggest worry is hanging on to as much as I can from the revenue man .

 

[Minxy]

Its not the amount of money that makes me giggle, its the fact that people say the account doesn't cost more than £6 ... it may be 'hidden' due to the interest received, but it still costs £13 ... I'm off to make a cuppa now ... toodle-pip!

 

[Speve]

These sort of posts make me giggle ... it still costs £13.00 a month/£156 a year regardless of whether you have £2,500 savings in the account getting interest or not ... whilst your savings in there are offsetting the monthly cost you are still 'losing' the benefit of the interest on them, so it still does cost £156 a year ...

Exactly why I asked the question

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[Snowbird]

The Flexplus account pays 5% interest on the first £2.5K. If anyone can tell me where I can get 5% interest on any savings above that figure I would be very interested indeed as I am constantly barraged by my bankers to borrow money at 1.5% I think I could be onto a nice little earner here .

 

[Spriddler]

The Flexplus account pays 5% interest on the first £2.5K. If anyone can tell me where I can get 5% interest on any savings above that figure I would be very interested indeed as I am constantly barraged by my bankers to borrow money at 1.5% I think I could be onto a nice little earner here .

Exactly. Life's too short to faff about on t'internet to save a few quid. And I have all 4 of my vehicles covered for my £156 (2 motorbikes, car, m/home) and only one assistance number to call regardless of which of my vehicles (or anyone else's ) I've broken down in/on anywhere in Europe. I don't even have to register any details of my vehicles with them either.

 

[The Wino]

These sort of posts make me giggle ... it still costs £13.00 a month/£156 a year regardless of whether you have £2,500 savings in the account getting interest or not ... whilst your savings in there are offsetting the monthly cost you are still 'losing' the benefit of the interest on them, so it still does cost £156 a year ...

If you can name me somewhere else with the bank guarantee on the cash if they go bust and that rate of interest I will be gratefull!!!!

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[Minxy]

Exactly. Life's too short to faff about on t'internet to save a few quid. And I have all 4 of my vehicles covered for my £156 (2 motorbikes, car, m/home) and only one assistance number to call regardless of which of my vehicles (or anyone else's ) I've broken down in/on anywhere in Europe. I don't even have to register any details of my vehicles with them either.

In that scenario then I can understand why you have it as you are making good use of the cover provided, however we don't need it as we have cover on our Smart car for 2 years from when it was first registered, and also Fiat assist on the new camper for 2 years, although we do also have it as part of our Safeguard policy as it was still cheaper to go with them with it, than another insurer without it ... daft I know. We also have separate travel insurance which cost £52 for multi-trip cover (45 days max per trip) so for us it didn't make sense to pay for the extra benefits which we wouldn't use/don't need.

As I said before though it's not the cover that makes me giggle its the 'belief' that it's cheaper than it is ...

 

[Minxy]

If you can name me somewhere else with the bank guarantee on the cash if they go bust and that rate of interest I will be gratefull!!!!

If I did I would have to kill you .....!

Seriously, you can get 5% interest on the normal account so no need to pay monthly for the 'benefit' account to get it ... but if the benefits you get by paying a monthly fee mean it is more cost effective etc than buying them elsewhere then that's a good thing. As I said above, its the 'belief' that its cheaper than it is that makes me giggle.

 

[MyrtleGuru]

Its not the amount of money that makes me giggle, its the fact that people say the account doesn't cost more than £6 ... it may be 'hidden' due to the interest received, but it still costs £13 ... I'm off to make a cuppa now ... toodle-pip!

Sometimes the modern world seems strange to me. You mean people pay to give their money to banks these days?

The deal always used to be: you give your money to the bank to look after. That keeps it safe -- better than putting it under the bed. The bank meanwhile uses your money to do stuff like investments and hopefully makes a profit from that stuff. At any time you can ask for your money back. Sometimes you struck a better deal when the bank paid you (a little bit) for holding your money and making a profit out of it.

I suppose it all started to get confusing for me when the electricity company started selling gas and vice versa. Then the post office started selling insurance rather than just stamps. Then the supermarkets set up as banks and mobile phone companies... By now my head is exploding.

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[2657]

Sometimes the modern world seems strange to me. You mean people pay to give their money to banks these days?

The deal always used to be: you give your money to the bank to look after. That keeps it safe -- better than putting it under the bed. The bank meanwhile uses your money to do stuff like investments and hopefully makes a profit from that stuff. At any time you can ask for your money back. Sometimes you struck a better deal when the bank paid you (a little bit) for holding your money and making a profit out of it.

I suppose it all started to get confusing for me when the electricity company started selling gas and vice versa. Then the post office started selling insurance rather than just stamps. Then the supermarkets set up as banks and mobile phone companies... By now my head is exploding.

Just a minor point......the Nationwide is still a Building Society not a bank......but I agree with your post

 

[MyrtleGuru]

Just a minor point......the Nationwide is still a Building Society not a bank......but I agree with your post

Good point! One of the few mutuals left -- certainly on the high street at least.

 

[MyrtleGuru]

Good point! One of the few mutuals left -- certainly on the high street at least.

Which reminds me of a story about my late father. Not sure if it was the 1960s or 70s, probably the latter. His employer told him he would no longer get his wages in cash: it would be paid directly into his bank account. He didn't have a bank account, so he went into a bank to open one. They told him he would need to supply a reference, to which he replied, "Hang on, I'm giving you my money -- it's me who should be asking you for a reference." He walked out and never had a bank account for the rest of his life. Instead he opened a building society account (no reference required) and had his wages paid into that.

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[The Wino]

If I did I would have to kill you .....!

Seriously, you can get 5% interest on the normal account so no need to pay monthly for the 'benefit' account to get it ... but if the benefits you get by paying a monthly fee mean it is more cost effective etc than buying them elsewhere then that's a good thing. As I said above, its the 'belief' that its cheaper than it is that makes me giggle.

Where are the 5% accounts you can get the full interest on a sizeable balance?

 

[Snowbird]

Where are the 5% accounts you can get the full interest on a sizeable balance?

When you find out will you let me know so I can borrow some at 1.5% to invest .

 

[The Wino]

When you find out will you let me know so I can borrow some at 1.5% to invest .

I want to know because we have the remainder of a buisness loan we are thinking of clearing its on base +1.25%!!!!!

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[Snowbird]

I want to know because we have the remainder of a buisness loan we are thinking of clearing its on base +1.25%!!!!!

I think everyone wants to know the answer to this one, including Mark Carney .

 

[Silver-Fox]

Where are the 5% accounts you can get the full interest on a sizeable balance?

Let me know as well please when you find out

Need to put my 2’ and 6” somewhere

 

[BusyBuilder]

Its a no brainer for me, three vans, and motorbike all for 15 quid !! also covers the PERSON not the vehicle.

As for 5% interest, best we have on cash is 2.5% over 2 years fixed. But I invest in shares and have done quite well over last 3 years. A tip if you are interested is look at Versarien (VRS.LSE), could be the next big industrial revolution with Graphene. I have a large holding here bought 25,000 at 20p.

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