You need to be 16 or over to apply for a FlexAccount and 18 or over to apply for a FlexDirect or FlexPlus account.
1 FlexDirect gives you access to 5% AER (4.89% gross p.a.) interest on your in-credit balance up to £2,500. This rate is fixed for first 12 months and then reverts to 1% gross p.a./ AER variable afterwards. You must pay £1,000 or more (excluding internal transfers) into your account each month to receive in-credit interest with FlexDirect.
Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.
Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 5% to 1% within 3 working days of the account being opened. If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% AER interest rate.
Advertised rates correct at 1 March 2013 and this rate can be changed at any time.
2 Overdrafts are only open to customers aged 18 or over and are subject to approval.
3 To be eligible for the interest-free overdraft, all we ask is that you use our Current Account Switch Team to switch your existing Direct Debits and standing orders when you open your new account. Switching to us is easy, and we can manage it for you. More on switching.
4 There are some conditions and limitations on the insurance policies and benefits that come with our FlexAccount and FlexPlus accounts. Please make sure you read the Insurance policies and account benefits information before you decide if this account is right for you.
Nationwide subscribes to the Lending Code. For more information on the Lending Code please visit http://www.lendingstandardsboard.org.uk/.