‘Very good’ bank account for pensioners shared by Martin Lewis | Personal Finance | Finance

Martin Lewis has highlighted a current account from a prominent building society features travel insurance that is “very good for older people”.

The MoneySavingExpert.com founder shared these insights during a recent instalment of his BBC podcast, where listeners rang in seeking advice on cutting expenses.

The discussion covered selecting the most suitable current account for individual needs and the process of transferring between banking providers.

The personal finance expert encouraged listeners to evaluate the perks various accounts provide to identify the option most aligned with their requirements.

Martin explained that certain individuals would gain from moving to what he terms a “packaged bank account”, where account holders receive insurance policies, such as travel insurance packages or breakdown cover.

These nearly always carry a monthly charge, typically spanning approximately £10 to £20 (although premium alternatives can be substantially higher).

Martin explored some of the finest options available, referencing Nationwide’s Nationwide FlexPlus account, which offers Worldwide Family Travel Insurance through Aviva.

He said it’s 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 get 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 mentioned that due to a signing on bonus, the initial nine months are essentially free.

This is because, while the standard monthly fee is £18, Nationwide is presently offering a £175 bonus payment to anyone transferring their current account from another provider.

This offer applies to Nationwide’s FlexDirect, FlexAccount and FlexPlus accounts.