So in anticipation of eventually moving bank…I’ll be looking for a mobile phone insurance provider.
Currently with nationwide I pay £10 (soon £13) a month for family mobile insurance and world wide travel insurance. The other perks, I don’t care but these two are important as I travel a lot and my partner is very clumsy with phones.
Can anyone recommend any good competitive companies that offer one or the other or both?
Example: protect my bubble want £12 for one phone cover and nothing more. At that price I might as well keep old bank account open…which defeats purpose…
Monzo definitely won’t offer insurance by themselves, though there might be something available in the Marketplace later on when that’s launched.
In the meantime you could look for Apple Care, it’s not full insurance however it does reduce the price quite a bit if you ever need to repair your screen.
For the mobile carrier’s insurance I wouldn’t recommend it - the experience is awful and you’d end up wasting so much time to get your device replaced that it’s not worth it IMO.
The main problem with bank packaged insurance is it’s pants. Have you ever used the insurance through your bank? Chances are, they won’t give you a replacement and it will be away for weeks on end. It’s why it’s cheap.
I’ve used the nationwide travel insurance that comes with the flex plus account (a claim while traveling in the US) and it was possibly the best insurance experience I have ever had (admittedly not a high bar) - not claimed on the phone insurance.
My brother has been using one of the new services aimed at younger people that want more flexibility - this one called Backmeup (it’s from Ageas) and had to claim on it recently and they were amazing.
I’ve used most of the extras on my Halifax ultimate reward account.
Travel insurance managed to get some replacement prescription glasses to me in Spain in 48 hrs
Phone insurance replaced my device with new from the manufacturer.
It’s actually good
I once used the insurance with Lloyds TSB and they were great. Dealt with my problem quickly and got a replacement to me within a few days. That was a few years ago. I lost a phone recently and they lost my paperwork so it was weeks before they followed up and by then I’d bought a phone outright (and took the huge hit). So i think they’re hit and miss.
I was actually thinking about this too recently - hope the marketplace can make comparing insurance providers really intuitive. i want to have accidental loss and damage coverage, but don’t want to pay a small fortune every month for it.
No I meant work it the other way round. Transfer everything to Monzo, and just send back £13 per month to Nationwide. Just don’t initiate a Current Account Switch, or your Nationwide account will automatically close.
I was wondering if you could just do that. Not sure if there are any terms where you need x amount of DDs or to pay in a certain amount each month though.
You could do that, but Nationwide’s paid-for packaged account is called FlexPlus and there are no minimum requirements.
Bear in mind, though, that if you are keeping the account on it offers interest (3%, maximum is £6 per month which nearly halves the monthly fee and makes the packaged extras even better value*) overdraft buffer will be £250 vs Monzo’s £20 (overdraft over this priced the same as Monzo) and commission-free cash withdrawals abroad (which Monzo will lose, debit card spending incurs a fee)
*if run as a joint account you’re effectively halving again that monthly fee too
So it really depends on how sold on Monzo you are, and how you rate each app. If you can’t find cheaper mobile phone insurance, and you’re not covered on your home contents insurance, then all the other stuff is effectively free and a bonus. For me that makes the account pretty good value, and although it’s the complete opposite to Monzo’s offering, you’d have to consider if it really was ‘worth’ switching to Monzo.
I’m going to have to make this decision myself in due course, for disclosure. Naturally, as I said earlier, as Monzo is free one needn’t have to choose simply one.
Depends how much you place on @anon40728597’s ethos of ‘moving on’ I guess.
I must have missed the bit about ending foreign withdrawals. That’s potentially a sticking point as I travel alot. You’ve upset me now! Will have to investigate
I quite like nationwide, I went with them originally because they’re a building society.
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money and some people are using it a lot 