LONDON, UNITED KINGDOM -- (Marketwire) -- 03/20/13 -- On 11 March 2013, Nationwide is launching FlexPlus, a current account that includes a market-leading package of benefits for a monthly fee of GBP 10.
The account pays credit interest of 3% AER on credit balances up to GBP 2,500. Customers who are eligible for an overdraft will benefit from a fee-free arranged overdraft for the first three months after account opening and then a GBP 100 fee-free limit will apply thereafter.
FlexPlus has been independently rated five star by Defaqto. The package of benefits available with the account, offer a high level of cover as standard, including:
-- Worldwide travel insurance - family, winter sports, golf, business and wedding cover as standard-- Worldwide mobile phone insurance - family cover up to GBP 1,000 per handset including smartphones-- Breakdown cover (UK and EU) - home assistance cover for account holder(s) in any private car and anyone permitted to drive the account holder's car-- Extended warranty - additional 12 months warranty on selected products, starting when the product's original manufacturer's warranty expires-- ID Theft assistance-- Worldwide card emergency assistance
FlexPlus customers have access to the Society's 'Flexclusives' including savings, mortgage, personal loan, credit card and car insurance deals and Simply Rewards, a reward scheme offering discounts on top brands.
The package of benefits has been designed to have wide appeal with simple customer processes and no pre-registration required. The Worldwide travel insurance, mobile phone insurance and breakdown cover have each been rated as five-star by independent financial research company Defaqto.
Phil Smith, Nationwide's Head of Current Accounts, said: "FlexPlus has been designed to an all round good value package current account to the market, that combines market leading levels of cover, with competitive account features.
"The insurances have been specifically designed to offer best in market protection offering a high level of cover as standard, rather than requiring customers to upgrade at an additional cost.
"Unlike many other accounts on the market that pay little or no credit interest, FlexPlus offers a competitive 3.0% AER on credit balances up to GBP 2,500.
"Nationwide now has a suite of current accounts to meet different customer needs, allowing the Society to be a true challenger to the big banks."
Notes to editors:
FlexPlus Key Information
Full information can be found at http://www.nationwide.co.uk/current_account/default.htm.
-- FlexPlus is open to new and existing customers aged 18 years and over-- Single and joint account options available
-- FlexPlus can be opened and operated online, by telephone and in branch
-- FlexPlus has a GBP 10 per month fee
-- 3% AER (2.96% gross p.a) on credit balances up to GBP 2,500-- Credit interest is not payable on balances over GBP 2,500
-- Aged 18, subject to status-- Eligible customers will benefit from no arranged overdraft charges for the first three months-- Arranged overdrafts: GBP 0.50 per day-- Arranged overdraft buffer of GBP 100. No overdraft charges apply on arranged overdrafts of less than GBP 100-- Unarranged overdrafts: GBP 5 per day, capped at GBP 50 per month-- Fee-free buffer (unarranged overdrafts): GBP 10-- Paid and unpaid item fees: Nil
FlexDirect Overdraft Representative Example
If you use an arranged overdraft of GBP 1,200 the amount we will charge you is 50p per day (variable).
Worldwide travel insurance - provided by UK Insurance ltd
-- Family, winter sports, golf, business and wedding cover is included as standard-- Protection if holiday is impacted by severe weather conditions-- Unrestricted cover is available to all customers irrespective of age. Customers over 74 must purchase an upgrade for a annual fee of GBP 50 to maintain cover-- The cover has been independently rated 5 star by Defaqto
Mobile Phone Insurance - arranged for Nationwide by LSG & provided by LGI
-- Cover is available for all family members living at the same address up to GBP 1,000 per handset including smartphones-- Contract and pay-as-you-go phones are covered-- Maximum 2 claims per 12 months-- Customers are not required to pre-register the phones to be covered-- Mobile phone accessories are included up to the value of GBP 250 if involved in same incident as handset-- The cover has been independently rated 5 star by Defaqto
Breakdown cover - provided by Britannia Rescue and underwritten by Liverpool Victoria Insurance company ltd
-- Customers are protected while driving in Europe as well as the UK-- Personal cover protecting customer regardless of which vehicle they are in-- Vehicle cover - Protection to anyone driving the account holders vehicle with permission-- Home assistance, home transfer and relay cover included as standard-- The cover has been independently rated 5 star by Defaqto
Extended Warranty Cover - arrange by LSG & provided by LGI
-- Cover provides an additional 12 months warranty starting when the product's original manufacturer's warranty expires-- List of protected products include washing machines, cookers, laptops, tablets, vacuum cleaners and BluRay players-- No excess payable when making a claim-- Customers do not need to pre-register products-- Cover is available up to GBP 2,000 per claim, maximum GBP 10,000 per 12 month period
ID Theft Assistance - provided by LSG
-- Customers are given access to a dedicated helpline which will provide advice on how to reduce the risk of becoming a victim of identity theft-- If customers do become a victim of fraud a dedicated caseworker will provide expert advice and assistance on how to restore their identity
Worldwide card emergency assistance - provided by LSG
-- If a customer's cards are lost or stolen, one call will notify all issuers and order replacement cards
Exclusions and limitations apply to all FlexPlus insurances
Exclusive deals available to reward FlexPlus customers, including:
-- Exclusive credit card: The Nationwide Select Credit Card offers commission-free purchases abroad, unlimited cashback on all sterling purchases and introductory offers for purchases and balance transfers. 12.9% APR Representative (variable)-- Access to our lowest personal loan rate: Currently 5.9% APR Representative for loans GBP 7,500 to GBP 14,999 for up to five years-- Exclusive mortgage offers: Exclusive access to our Flexible five year tracker mortgage, with no product fee, no Early Repayment Charges, and free standard legal and valuation fees. Enjoy the peace of mind of a four year fixed rate,(early repayment charges apply). A GBP 99 non- refundable booking fee is payable up front for both mortgages-- Preferential savings rates: Our Flexclusive savings accounts have been created exclusively for our current account customers-- Exclusive discount on car insurance: GBP 50 off car insurance when buying a new policy (terms and conditions apply)(i). Rated 5 Star by Defaqto with up to 75% no claim discount as well as a courtesy car as standard even if your car is written off or stolen (excludes third party only policies)
Access to Simply Rewards - A reward scheme exclusively for Nationwide debit card and credit card customers, offering discounts on top brands. Further details can be found at http://www.nationwide.co.uk/current_account/latest_deals/simply-rewards.htm
To view the Nationwide FlexPlus comparison table, please vist the following link: http://media3.marketwire.com/docs/How-FlexPlus-compares.pdf.
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.