Martin Lewis shares ‘very good’ bank account for pensioners | Personal Finance | Finance
Martin Lewis has highlighted a current account from a leading building society that boasts travel insurance considered “very good for older people”.
The MoneySavingExpert.com founder shared his views during an episode of his BBC podcast, in which listeners called in seeking guidance on reducing their outgoings.
The discussion centred on choosing the most appropriate current account to suit individual circumstances and how to go about switching between banking providers.
The personal finance guru urged listeners to weigh up the benefits that various accounts offer in order to pinpoint the option that best matches their needs.
Martin explained that certain people would benefit from switching to what he describes as a “packaged bank account”, whereby account holders receive insurance policies, such as travel insurance or breakdown cover.
These almost always come with a monthly fee, typically ranging from around £10 to £20 (though premium options can be considerably more expensive).
Martin examined some of the best choices currently on the market, citing Nationwide’s FlexPlus account, which provides Worldwide Family Travel Insurance through Aviva.
He described it as a “very popular one, very good travel insurance for older people”.
Benefits include: “Worldwide family travel insurance, no age limit although pre-existing conditions have to be discussed, includes winter sports,” he said.
Account holders also receive UK and European breakdown cover, “including home assistance and onward travel, all the handsets in the household and mobile phones are covered” he added.
Martin also pointed out that thanks to a signing-on bonus, the first nine months essentially come free of charge.
This is because, while the standard monthly fee stands at £18, Nationwide is currently providing a £175 bonus payment to anyone switching their current account from another provider.
This offer is applicable to Nationwide’s FlexDirect, FlexAccount and FlexPlus accounts.
