In a recent podcast episode, consumer advocate Martin Lewis shared insights on bank accounts tailored for pensioners, emphasizing the importance of finding accounts that offer added perks. He focused on the Nationwide FlexPlus account, which he described as particularly advantageous for older customers due to its comprehensive travel insurance and breakdown cover without age limits. By recommending packaged bank accounts, he aims to help the elderly make informed financial decisions.

Lewis announced that the Nationwide FlexPlus account, which costs £18 per month, comes with a substantial switching bonus of £175, essentially providing customers nine months of service free of charge when they switch from other banks. The benefits of this account include global family travel insurance, breakdown assistance for UK and European trips, and protection for mobile devices owned by household members, making it an attractive option for many pensioners who travel or rely on their cars.

Despite the tempting offers, Lewis cautioned customers to be aware of potential pitfalls, such as insurance providers being free to cancel policies at their discretion. His advice aims to guide older adults in navigating the increasingly complex world of banking, ensuring they benefit from accounts that cater specifically to their needs and preferences.