Nationwide to charge customers extra £60 a year to access bank account this week

The relationship is Nationwide's fashionable FlexPlus packaged account, which presently costs £13 a period - oregon £156 a twelvemonth - to have. However, from December the terms volition emergence to £18 a month

Nationwide is hiking the terms of 1 of its slope accounts by £5 a period from this Sunday which means customers volition beryllium forced to fork retired an other £60 a year.

The gathering nine is raising the terms of its fashionable FlexPlus packaged relationship from December 1. Currently, the account costs £13 a period - oregon £156 a twelvemonth - to have. However, from Sunday the monthly outgo volition emergence to £18 a month, which equates to £216 a year.

The caller monthly outgo volition interaction some caller and existing FlexPlus customers. As you person to wage for this benignant of slope account, it is somewhat antithetic from a accepted one. With Nationwide's FlexPlus account, you get a scope of security policies for you and your household including question and mobile telephone insurance, positive breakdown cover. Nationwide members with this relationship besides get preferential rates connected loans and overdrafts.

The gathering nine says the summation - which is the archetypal since 2017 - comes owed to the rising outgo of insurance. A spokesperson reviusly told the Mirror: "We person held backmost raising the interest for FlexPlus since 2017. However, the rising outgo of security means we present request to marque changes, taking effect from December.

"Even aft this change, FlexPlus volition proceed to beryllium 1 of the UK’s astir competitory packaged existent accounts, some successful terms and prime of cover."

Customers with this account, should present see whether the relationship is inactive worthy it for them. Sarah Coles, idiosyncratic concern adept astatine Hargreaves Lansdown, said the £5 hike means the relationship volition nary longer beryllium "one of the cheapest" connected the market.

However, she added it could inactive connection bully worth for money, depending connected your circumstances. She said: "This is peculiarly the lawsuit for families who program much than 1 vacation this year, person smartphones that request security and who would different bargain car breakdown cover."

Currently, Nationwide's closest rival if Virgin Money with their Club M account. The relationship interest is £12.50 a period and it comes with escaped gadget insurance, worldwide household question security and UK and European breakdown cover, and there's nary minimum wage in. Sarah added: "If you privation a little monthly charge, you tin get the Virgin Money M relationship which comes with akin cover. Just cheque you’re blessed that you inactive get what you need."