The FlexPlus current account from Nationwide has been around for some time and considered good value for money, in the past, providing all of the services are used.
The FlexPlus account offers a great range of insurances such as worldwide family travel insurance, worldwide mobile phone insurance and breakdown recovery assistance in the UK and in Europe.
In addition to the insurance policies and preferential interest rates the FlexPlus account offers great and flexible banking features through their mobile app for those who are on the go and their award winning internet banking facility.
However in June 2007 changes were made to the terms and conditions of the account: some of the insurance provisions were improved, whereas other provisions such as the 12 months extended warranty cover on electrical goods and the ID fraud & card assistance were scrapped.
What are the benefits of Nationwide FlexPlus account?
This account includes the following benefits, which could be very useful for families:
- UK and European breakdown cover – Account holders are covered in their own car and as a passenger in any other eligible car. Home start, roadside and onward travel are also included in the policy.
- Worldwide family travel insurance – Both the account holder and their family are covered with this policy, which includes winter sports, golf and business cover.
- Family mobile insurance – Phones are covered at home and abroad for instances of loss, theft and damage. The account holder and their family are covered if they live at the same address.
- Extended warranty – An additional 12 months of warranty is added onto electrical household goods once the manufacturer’s warranty has expired.
What is the Nationwide FlexPlus account monthly Fee?
The account has a monthly fee of £13.
How was the FlexPlus account mis-sold?
Like payment protection insurance (PPI), PBAs were often mis-sold by banks because the suitability of the product wasn't adequately assessed against the consumers’ needs and what the account offered was not properly explained to them.
When Nationwide sold customers a Packaged Bank Account, it was their responsibility to outline all the benefits to the customer to ensure that the decision to take out a PBA was right for them.
What did Nationwide do to have mis-sold you your packaged bank account?
Many consumers did not want or realise they actually had a packaged bank account after the bank upgraded their account without telling them.
Before considering a packaged bank account, consumers should be made aware of alternative, free accounts that could also work for them.
Many consumers found that there were too many limitations on the policy that they would not have had if they had taken the insurance as a standalone policy. Additionally, consumers may have tried to make a claim on the policy only to find out that they were not covered.
Many consumers did not fully understand how much a packaged bank account was going to cost them per month.
If you are unlikely to use certain packaged bank account benefits, you could lose out. For example, if you don’t drive then breakdown insurance will not be suitable or applicable to your needs.