Here are my thoughts on the impressive new Nationwide FlexPlus packaged current account which is launched on Monday 11th March.
Even though there is still a lot of negative comment around the value of packaged accounts and the way they have been sold, this latest deal from Nationwide BS beats many rival products hands down and looks a real winner.
When you weigh up the extensive range of benefits this account offers, even the most hard-core opponents of ‘paid for’ bank accounts will find it difficult to knock this deal.
£10 per month is a comparatively low fee to start with, but with the option to earn the equivalent of £5 per month (net of 20% tax) in credit interest (that’s 3% on the first £2,500), the proposition looks even more appealing.
There’s also a generous £100 fee free overdraft buffer, no charges on overseas debit card cash withdrawals, extremely comprehensive travel and vehicle breakdown cover – all in all it puts some competitor products to shame and making them look distinctly overpriced by comparison.
Hats off to Nationwide on this – they’ve taken their time before taking the plunge in an often much criticised market, but have come up with a first class package.
Up until now the Privilege Premier account from Co-operative Bank was my favourite in terms of value and cover, but FlexPlus has in my opinion, knocked it off of the top spot for packaged bank accounts.
Verdict – HIT
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