1 December 2015
A new account that complies with the HM Treasury criteria on basic bank accounts
Nationwide Building Society today shows its commitment to offering inclusive banking for all with the launch of FlexBasic, the Society’s new basic bank account.
FlexBasic is open to the unbanked and those in financial difficulty, and replaces the Society’s previous basic bank account, Cash Card. The account gives customers access to all standard banking facilities, such as the ability to accept and set up payments, including Direct Debits and standing orders. The account also comes with a contactless debit card that will allow customers to use the card at cashpoints as well as make payments in shops, over the telephone and internet.
Customers can apply for FlexBasic in branch, online or via the telephone. In line with Basic Bank account criteria, the account charges no monthly fee and does not include an overdraft facility. The ability to go into an unarranged overdraft is limited, but if customers do find themselves overdrawn then no charges will be payable. The account also makes no charge for paid or unpaid items.
If FlexBasic customers travel abroad, they will continue to be able to use their cards to pay for goods and to withdraw money at ATMs. The account charges a 2% non-sterling transaction fee for card payments and cash withdrawals. A £1 fee per withdrawal will apply on all overseas cash withdrawals.
The account aims to help customers move on with their financial future and has been designed as both a support product but also a stepping stone to the wider benefits available with a standard account.
Phil Smith, Nationwide’s Head of Current Accounts, said: “Access to a bank account is important for people’s financial future. FlexBasic allows customers to benefit from all the major benefits of a bank account, without the worry of incurring charges should they not have enough money in their account when a payment is due. As well as supporting those who find themselves in financial difficulty, the account will also be beneficial to those new to holding a current account.”