Nationwide warns customers of key date to avoid £60 hike

Nationwide customers have been alerted to an impending key date that could result in an additional £60 charge per year, as reported by Wales Online. Since 2017, individuals holding a FlexPlus account have been subject to a monthly fee of £13. However, starting from December 1, 2024, this fee will rise to £18 per month, representing a £5 monthly increase and a total annual increase of £60.

In correspondence to customers, Nationwide provided insight into the rationale behind the price adjustment. The bank cited a significant rise in the cost of providing insurance as the driving force behind the fee revision. An email stated, “We have kept it at £13 for as long as we could, but over this period the cost of providing insurance has risen significantly. This means we now need to adjust the fee.”

Despite the increase, Nationwide assured customers that they will still receive benefits that offer good value in comparison to purchasing separate insurances. The FlexPlus account includes features such as worldwide family travel insurance, worldwide family mobile phone insurance, as well as UK and European breakdown cover. Moreover, there are no additional Nationwide charges for using a FlexPlus debit card abroad, according to the email communication.

Nevertheless, the bank encouraged its customers to evaluate whether the FlexPlus account remains suitable for their needs. The email advised, “Whenever things change, it’s a good idea to check all your options and that your account is still right for you. It might also be a good time to take stock and review your finances more generally.”

Customers were presented with several options to consider: sticking with a FlexPlus account – with the monthly fee automatically adjusting from December 1, switching to another Nationwide current account, closing their account, or transitioning to a different provider. Individuals seeking further information were directed to visit the Nationwide website for clarification.