Martin Lewis has identified a bank account that may be particularly beneficial for pensioners and older individuals. On his BBC podcast, the consumer expert discussed how packaged bank accounts, which include insurance policies like travel or breakdown cover for a monthly fee, could save users 'hundreds of pounds' compared to buying separate policies.
Lewis highlighted Nationwide FlexPlus as a 'very popular, very good' option for older people, offering worldwide family travel insurance through Aviva with no upper age limit, though pre-existing conditions must be discussed. The account also includes UK and European breakdown cover and mobile phone insurance.
He noted that customers switching to Nationwide FlexPlus can effectively receive 'nine months free' due to a £175 switching bonus available for transfers from non-Nationwide providers. The standard monthly fee is £18, making the bonus cover nearly ten months of charges.
Lewis warned that age limits vary among accounts: Barclays' Travel Plus Pack covers up to age 79, while Halifax Ultimate Reward extends to 71. He advised listeners to compare accounts carefully, as some providers may cancel coverage without automatic renewal rights.
Addressing a listener whose travel insurance was not renewed at age 72, Lewis explained that providers have discretion to cancel policies. He recommended asking if a premium can be paid to continue coverage, but acknowledged that customers may need to seek alternative insurance if the provider refuses to renew.
