Nationwide bringing in £60 charge for customers to access bank accounts

Nationwide is set to hike a fee on a popular bank account this week. Nationwide, which is the largest UK building society and rivalled by major banks like Santander, Lloyds, NatWest, Barclays, HSBC UK and more, is increasing the charges on its FlexPlus packaged bank account which comes with a host of additional perks.

As it stands, FlexPlus customers pay £13 a month, or £156 a year, but this will change from December 1. After this date, the monthly fee will be hiked to £18 a month - a £5 per month or £60 a year rise. A spokesperson for Nationwide previously told The Sun newspaper the rising cost of insurance was to blame for the increase.

They added: "Even after this change, FlexPlus will continue to be one of the UK’s most competitive packaged current accounts, both in price and quality of cover." Sarah Coles, personal finance expert at Hargreaves Lansdown, said the £5 hike on Nationwide's FlexPlus account means it will no longer be "one of the cheapest" on the market.

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However, she added it could still offer good value for money, depending on your circumstances. "This is particularly the case for families who plan more than one holiday this year, have smartphones that need insurance and who would otherwise buy car breakdown cover," she said.

Sarah said: "If you want a lower monthly charge, you can get the Virgin Money M account which comes with similar cover. Just check you’re happy that you still get what you need." FlexPlus comes with mobile phone insurance for you, a partner you live with and children aged under 19, or under 22 if they are in full-time education.

AA UK and European breakdown assistance cover for all your vehicles. Family are covered if they are driving a car you own. The fee is usually 2.99% of the transaction value.