Martin Lewis has identified the Nationwide Flex Plus packaged bank account as particularly advantageous for older individuals and pensioners, due to its lack of age limit on worldwide travel insurance. Speaking on his BBC podcast, the consumer finance expert discussed several current account switch offers that provide cash incentives, including £220 from HSBC, £200 from First Direct, NatWest, or Barclays, and £180 from Santander.
Packaged Bank Accounts with Switch Bonuses
Lewis noted that packaged bank accounts—current accounts with monthly fees that include perks like travel insurance and breakdown cover—are rarely accompanied by switching bonuses. However, a few banks are currently offering such deals, making them “very exciting and lucrative.” He explained: “For those who would be buying those insurances anyway, they can be a really good deal. Right now, we do have a few packaged bank accounts that are paying you to switch. So the amount they are paying you effectively covers that fee, so you are effectively getting the insurances for free.”
One standout offer is Nationwide’s Flex Plus account, which pays £175 to switch. The £18 monthly fee is effectively covered for nine months by the bonus. Unlike other packaged accounts with switch offers, the Flex Plus imposes no age limit on its worldwide travel insurance, making it especially attractive for older customers.
Success Story: Older Couple Receives £600
An older couple in their 70s shared their positive experience with the Nationwide Flex Plus account on Lewis’s show. They pay an extra premium to cover pre-existing health conditions and an additional £40 for upgraded cruise cover, which includes cabin confinements and missed ports. During a seven-day cruise, they missed two ports and received £150 per missed port per person, totaling £600. The couple said the money arrived “very quickly” with no paperwork required. They described it as a “great deal” and noted it “more than covered our additional premium.”
Lewis commented: “They do work, and I tend to find they are especially good in two cases: families with lots of teens and smartphones, because you get all the mobile phones in; or travel insurance cover for older couples and families, because often that can get really expensive. Suddenly the cost of the packaged bank account is the same as you’d pay just for the travel insurance, never mind that you get the mobile phone cover and the breakdown cover on top.”
Potential Savings from Packaged Accounts
Lewis calculated that by taking advantage of a switch offer for a packaged bank account, customers could effectively obtain £500–£600 worth of insurance for free. He broke down typical annual costs: worldwide family travel insurance (£70–£100), household mobile phone cover (£75–£100 per policy), and UK/European breakdown cover (£50–£100).
Other packaged account offers include the Santander Edge Explorer (£180 switch bonus, £17 monthly fee, covering the fee for a year) and the Co-Op Bank Everyday Extra account (up to £300 switch bonus, £12 monthly fee, covering fees for over two years).
