28 October 2015
FlexOne takes a fifth of all youth current accounts a year after launching
FlexOne - the UK’s top rated youth current account1 - celebrates its first anniversary with one in five young people choosing the account which gives them responsibility over their money.
Since launching on 29 October 2014, FlexOne has proved extremely popular, with customers aged 11 to 17 opening in excess of 150,000 accounts. This equates to one in five youth accounts opened in the UK in its first year alone. This means that tens of thousands of young people have been given greater control over their money, laying the foundations for being able to make good financial decisions into adulthood.
The FlexOne current account is easy-to-use and offers young people control over their finances. The account includes a range of competitive features, including access to an exclusive highly competitive Regular Saver paying 3.50% gross p.a./AER. It is completely fee-free, has dedicated financial support via a 24/7 Twitter service and includes 25 per cent discount off Vue cinema tickets.
The majority of FlexOne customers opt for face-to-face contact and support while making an application, rather than choosing to apply independently online.
Figures also show that using a debit card at point of sale is the favourite way to pay for young people, while around a quarter use ATMs to withdraw cash. Customer data also shows that young customers become much more digitally savvy from the age of 16 upwards, relying on Mobile and Online banking, possibly as a result of them becoming more financially self-assured over time.
Phil Smith, Nationwide’s head of current accounts, said: “Since opening its doors for business, FlexOne has not only proved extremely popular with young customers, but it has been a great way for them to learn about money and gain practical experience of dealing with their own finances. Our data shows this age group is financially responsible and drawn to a more traditional approach when managing money.
“We’ve also been extremely impressed with the drive many young customers have shown to make regular saving commitments. We are proud that we can offer these customers a market-leading current account that helps them feel confident when managing their money. FlexOne provides a stepping stone into the world of finance, helping to educate young customers about money and get to grips with finances from an early age.”