Nationwide makes a shocking announcement to discard its free annual European travel insurance perk for people who switch to their FlexAccount. It would be in effect from next week and if anybody wants to apply for the FlexAccount, which offers free multi-trip travel insurance perks then they should do it before 11.59 pm on the 14th December. Experts suggest that as the Bank of England deducted its interest rates from 0.5% to 0.25% in August, a number of banks and building societies are also reducing their interest rates and discarding the perks that they used to offer.
Nationwide, the largest building society in the world, has declared that its existing customers would be given the benefit of the free travel insurance cover. This would be offered only if the existing customers fulfil the eligibility criteria of the building society. Nationwide spokesperson said that by removing the perk, the mutual finance institution has simplified its current account range.
The spokesperson added that “Although the FlexAccount current account remains popular, only a very small number of new customers go on to take the benefit.” For the new customers who want the travel insurance perk, the building society has made it mandatory to fill up and send back a form with details of medical conditions.
Those using the current account switching service can easily send the form back to Nationwide. Those who do not use the account switching service need to send the form back after paying £750 a month into the account for three months. If you would want to continue using the free travel insurance perk then they need to pay £750 a month plus send the medical declaration form on a yearly basis.
For customers that are aged above 75, The travel insurance cover would be offered only if they purchase an ‘age upgrade’ policy annually. This important piece of information is for all travel enthusiasts who enjoy multiple travel trips in a year. You can easily save a big deal of money on travel insurance if you apply for the FlexAccount on or before the 14th Dec 2016. All the Best!