Staying in your arranged overdraft over a long period can be an expensive way to borrow. You need to be 18 or over to apply for an arranged overdraft. We’ll need to look at your circumstances first. To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section . *If you’ve had a FlexDirect account before, it’s not possible to use this offer again. At the moment, it also provides a fee-free overdraft of up to £250 and pays in-credit interest of 3% AER on small amounts. This site uses cookies and by using the site you are consenting to this. The Nationwide FlexDirect account Our online FlexDirect account pays 2% AER interest fixed for the first 12 months. is the interest rate without tax deducted. 39.9% APR Representative (variable). Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least … Our website survey opens in a newwindow for you to complete once you'vefinished what you wanted to do. We pay interest without tax deducted. We’ll take a look at your circumstances to see what we can offer you. This rate is fixed for the first year you hold the account, which gives … Check your interest rate Main content of page below To check the rate of interest you’re earning on your savings, log into the Internet Bank or Banking app. We can give you a personalised quote and tell you whether you're likely to be accepted before you are credit scored. is the interest rate without tax deducted. If you're not sure what type of borrowing might suit you best, try our guide to the different types of borrowing. 2% interest for the first 12 months - conditions apply. For past rates and charges, see our current account support section . The Nationwide FlexDirect account was launched by the building society back in 2012, offering an interest rate of five percent. 2% interest for the first 12 months - conditions apply. You can apply for an arranged overdraft with FlexDirect at any time. To help you understand the fees for this account, please read the Fee Information Document. Nationwide Building Society is scrapping interest on its FlexPlus packaged current account Instead, a hefty overdraft rate of 39.9 per cent will be applied to all Nationwide current accounts. From May 1 2020, credit interest of two percent AER (1.98 percent gross) on balances of up to £1,500 for the first 12 months. Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. That’s on every penny in your account up to £1,500 – 1.98% gross a year. It’s for comparing costs between different products and providers. interest on balances up to £1,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. If you live in a country that's part of the European Union (EU) or European Economic Area (EEA), you can apply for one of our current accounts. With a simple set of overdraft fees and somewhere guaranteed for your savings, Nationwide FlexDirect pays 5% AER fixed for a year on £2,500, which would give you a maximum £122.25 interest. Find out more about the changes to the, Yes, I would like to take part in the website survey. Our online FlexDirect account pays 2% AER interest fixed for the first 12 months. So if you go overdrawn you’ll pay a huge 39.9%. If you’d like to know how much we can offer you before you apply, you can try our eligibility tool for FlexDirect. Nationwide FlexPlus is our long-standing top-pick packaged bank account, offering travel and mobile phone insurance plus breakdown cover for a £13 monthly fee. All in all, over two years the value of the benefits to me and my family mean I effectively get the Flex Plus for free – and I will be £710 better off. You can get the 2% rate on more than one FlexDirect account as long as you haven’t opened accounts in that name or those joint names before. Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. interest on balances up to £1,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. The Nationwide Flex Direct account has 'simplified' overdraft charges, pays interest on balances in credit and unlocks access to other products. The Flex Regular Online Saver account pays 5% AER variable interest for 12 months and allows savers to save up to £250 a month. Accounts which were applied for prior to May 1 … If you live in a country that's part of the European Union (EU) or European Economic Area (EEA), you can apply for one of our current accounts. You need to be 18 or over to apply for a FlexDirect account. To help you understand the fees for this account, please read the Fee Information Document. Nationwide is to cut the interest on its popular FlexDirect current account, in yet another blow to current account perks. If you’ve had a FlexDirect before, you won’t receive this offer again, unless your new FlexDirect account is … Interest is calculated on the last day of each month and is paid on the first day of the next month. We pay interest without tax deducted. You can confirm our registration on the FCA's website (https://www.fca.org.uk). Note, this link will open in a new window or tab, No thanks, I would not like to take part in the website survey, Not sure FlexDirect is for you? Pay no interest on your arranged overdraft for 12 months after you open the account*. From Friday 1 May onwards it'll pay new customers 2% interest – and only on smaller balances. Google Pay is a trademark of Google LLC. FlexDirect is based on a simple self-service concept. If I were to open a flex direct account in each name would it be possible to get 5% on £2500 in each account. On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. Our overdrafts page can help you compare our arranged overdrafts, and find out how much one might cost. To earn 2% AER (1.98% gross p.a.) Money paid in from other Nationwide accounts held by you or anyone else or visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000. You choose the date, and we’ll let you know when it’s done. You want a free account – there's no charges with a FlexOne account; You’d like to earn interest – you’ll get 0.1% AER / 0.09% gross p.a. Like the Nationwide account, the First Direct, M&S Bank and HSBC accounts are only for a 12-month term. Our website survey opens in a newwindow for you to complete once you'vefinished what you wanted to do. We'll pay the 2% rate on the first account you open in just your name. All rates and charges are subject to change and we may decide when to apply and waive any account charges. Nationwide FlexDirect account: What's changing? Don’t worry, this won’t affect your credit score. Plus, if you want to share another account with someone else, we'll pay the 2% rate on the first joint account you open with them. View all our current accounts, More about the Financial Services Compensation Scheme. The APR shows the cost of borrowing as an annual rate. Note, this link will open in a new window or tab, No thanks, I would not like to take part in the website survey, Not sure FlexDirect is for you? … Find out more about the changes to the Personal Savings Allowance. Nationwide adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk. APR stands for Annual Percentage Rate. Apply online and choose to switch in the application form. To earn 2% AER (1.98% gross p.a.) Alternatively, you can also search our current interest … Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. After that, you’ll get 0.25% AER (0.24% gross p.a) variable. It includes all the costs of borrowing including certain account fees and promotional rates. Nationwide has announced a major downgrade to its popular £13-a-month FlexPlus current account, leaving thousands of customers wondering whether … Switch your current account to us in just 7 working days. A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. You can confirm our registration on the FCA's website (https://www.fca.org.uk). We’ll check your circumstances before we make our decision. However, unlike the other banks, the Nationwide FlexDirect account comes with a 0% overdraft for the first 12 months. Britain’s largest building society has raised the interest it pays on its FlexDirect current account from 2 per cent to 5 per cent. All you need to do is pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. We pay interest without tax deducted. Gross p.a. AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year. This can be a massive bonus for anyone regularly overdrawn. NATIONWIDE is currently offering current account customers the opportunity to earn two percent interest via FlexDirect. We’ll need to check before we can offer you a loan, overdraft, or credit card. That's right, no monthly fee just for keeping your account with us! Gross p.a. If you’ve had a FlexDirect before, you won’t receive this offer again, unless your new FlexDirect account is in a different name or names. My husband and I have a joint nationwide flex direct plus account and associated Flexclusive saver where the interest rate has now dropped to 1%. Nationwide adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: Yes, I would like to take part in the website survey. Net p.a. - Select this to show/hide the search box, menu - reveals log in & registration links for Internet Banking, - Select this link to expand/collapse product menu choices, On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. - Select this to show/hide the search box, menu - reveals log in & registration links for Internet Banking, - Select this link to expand/collapse product menu choices, - Interest free arranged overdraft for 12 months. is the interest rate after the deduction of tax. Like all the other banks, Nationwide increased the overdraft interest rate as part of the new rules. If you’ve had a FlexDirect before, you won’t receive this offer again, unless your new FlexDirect account is in a different name or names. Nationwide is not responsible for the content of external websites. We have a credit card just for our members who hold a current account, mortgage or savings account with us. FlexPlus Travel insurance is changing as a result of the coronavirus pandemic. Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least £1,000 each month, plus a … Seamless – a dedicated team does it all for you. View all our current accounts. That’s on every penny in your account up to £1,500 – 1.98% gross a year. ** Available on selected Apple devices only and compatible Android devices using Android 4.4 and higher. Nationwide is not responsible for the content of external websites. The Building Society announced changes to the Nationwide FlexDirect account earlier this year. Guaranteed - there shouldn't be any problems but if there are, you won't lose a penny. Find out why we use cookies and how to manage your settings. If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. Compare Nationwide current accounts If you’re looking for an account that offers benefits such as an interest-free overdraft, the chance to earn interest on your balance, cashback rewards on your shopping, or family travel insurance, take a look at Nationwide's wide range of current accounts to find the one that meets your needs best. What Nationwide FlexAccount offers: A personal bank account for UK residents that can come in a basic form. To earn 2% AER (1.98% gross p.a.) I can't actually find the terms and conditions on the page. Samsung Pay is available on selected Samsung devices. Nationwide also specifically offers a basic ‘cash card’ account which might be of interest to those with bad credit as long as they are not an undischarged bankrupt and not in an IVA (or Trust Deed in Scotland). To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section. Fast – switch in just 7 working days. And, despite the change, Nationwide said its FlexDirect account continues to offer one of the highest rates of credit interest on the market. Over one year the Nationwide Plus account will save me paying £350 for insurance and breakdown cover separately, earn me £75 in interest and pay me £100 to switch. For the full list of all our current interest rates and other fees and charges please download our latest interest rates and charges leaflet (This link will open in a new window). It saw the interest rate offered reduce from five percent AER (4.89 percent gross) to two percent A… This introductory offer can be withdrawn at any time. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co., Ltd. Use only in accordance with law. You can confirm our registration on the FCA's website (https://www.fca.org.uk). They all require you to hold a current account – First Direct and HSBC current accounts require a certain amount to be paid in each month – and there are penalties if you make withdrawals before the year is up. If you open new accounts in the same name or joint names as previous accounts, they'll earn the standard 0.25% rate, even if you’ve closed the first accounts in those names. This will not affect customers who are already benefiting from the offer. They’ll switch your payments, balance and even your list of payees. This site uses cookies and by using the site you are consenting to this. Find out more about the changes to the Personal Savings Allowance. It's easy to apply for a new FlexDirect account. Find out more about the Nationwide FlexStudent current account, a student bank account with a flexible interest-free and fee-free overdraft. It will depend on our view of your circumstances. For example, you could earn the 2% rate on both an account in just your name, and on a joint account in your and your partner’s names. After that, you’ll get 0.25% AER (0.24% gross p.a) variable. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Currently, Nationwide's online FlexDirect account pays 5 percent AER interest fixed for the first 12 months, on savings in the account up to £2,500 - 4.89 percent gross a year… For the most part, you'll manage your account through our Internet Bank or Banking app. Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least … ^To receive these rates you must pay in to your FlexDirect account at least £1,000 a month. On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. interest on balances up to £1,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. The best option for you depends on the amount you want to borrow, and how long for. (variable) on balances up to £1,000. We pay interest without tax deducted. Nationwide is set to withdraw its popular regular savings account on Friday, which pays an attractive 5% interest rate. If you want to bag the 5% interest FlexDirect currently pays on balances up to £2,500, you've until Thursday 30 April to apply and lock in that rate for a year. Photograph: Danny Lawson/PA Lisa Bachelor We've shown you the main rates and fees that most people want to know above. However, you will get the offer on a new joint account, as long as you have not shared a FlexDirect account with that person before. You want to be in control – manage your money easily with our Banking app and Internet Bank. Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least … It's easy to apply for a new FlexDirect account. 2%* AER (1.98% gross p.a) variable in-credit interest on balances up to £1,500 (fixed for the first 12 months). Find out why we use cookies and how to manage your settings. For past rates and charges, see our current account support section. Apple and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. You’ll need to be 18 or over, and a UK resident. If you’re thinking about opening a FlexPlus account, make sure you read the Summary of Changes document as this will affect your cover.. From 1 January 2021, you’ll no longer be covered for cancelling your trip due to Covid 19 or a pandemic, before you travel, unless it is for medical reasons. 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