Nationwide has emailed many of its members to say they could soon receive a range of extra benefits, though there is a catch. The world's largest building society outlined the terms of its FlexPlus packaged current account, which it describes as offering "added peace of mind".
What the account includes
Account holders get complimentary travel insurance, mobile phone insurance and breakdown cover. However, the account carries a fee of £18 per month. Nationwide noted that the cost could prove well worth it if you are currently paying more than this for your "essential insurances".
There are limitations on the cover and excesses payable when submitting a claim. Certain items are excluded from cover entirely, and those with pre-existing medical conditions may be required to pay additional premiums for travel insurance.
Overseas use and start of cover
FlexPlus customers face no charges when using their debit card overseas, meaning no supplementary fees apply when withdrawing or spending money abroad. However, some cash machines, individual retailers or banks may impose their own additional charges, so it is advisable to verify this before completing any transaction.
All cover commences as soon as Nationwide confirms the FlexPlus account is active. The building society advised: "Please read all the insurance policies and benefit details before you apply."
Advice before applying
Nationwide also added: "Check the benefits you receive from your existing current account and any similar insurance cover you have before applying. That is to make sure FlexPlus offers the best value for you."
