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FlexDirect current account

Get access to interest on your money and, for the first 12 months, you can get an interest-free arranged overdraft with our self-service account.

Get £200 when you switch to FlexDirect

To get our bank account switch offer:

  • switch to us online

  • switch a non-Nationwide account to a FlexDirect

  • close your non-Nationwide account during your switch. In your online application, when you're asked Do you want us to close your old account?, select Yes

  • complete your switch within 60 days

  • this must be the first time you've got one of our switch offers on a sole or joint account since 18 August 2021

  • make sure your non-Nationwide account has 2 or more active Direct Debits

What are Direct Debits?

Direct Debits are regular payments that you set up with a company. They allow a company to take a payment from your account on a set date. Most household bills, such as energy, water, broadband and Council Tax, are paid by Direct Debit. Direct Debits are different to standing orders and recurring card payments, like a Netflix or Spotify subscription. Check your bank account has at least 2 Direct Debits before you apply to switch to us.

Once we've opened your new account, we'll complete your switch in 7 working days. If you're switching to a current account you already have with us, we'll complete your switch in 7 working days from when you ask to switch.

Your £200 will arrive within 10 calendar days of your switch completing.

You cannot be subject to any of the exclusions in the terms and conditions. We may change, replace or withdraw this offer at any time.

Why choose our FlexDirect

  • Get interest on your money
    5% AER (4.89% gross a year) in-credit interest fixed for 12 months on balances up to £1,500. You'll need to pay in at least £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. After the first 12 months, it's 1% AER (0.99% gross a year) variable. Interest is calculated on the last day of each month and is paid on the first day of the next month. More about our interest rates.

  • Interest-free arranged overdraft for 12 months
    After 12 months, an interest rate of 39.9% a year compounded (variable) will apply to your arranged overdraft. Before we can offer you one, we'll need to look at your circumstances.

  • You prefer to bank online or with telephone banking
    FlexDirect works differently to our other current accounts. Apart from in exceptional circumstances, it must be managed online or over the phone with automated telephone banking.

  • Fee-free
    We don't charge a monthly fee for maintaining the account.

  • Access to other Nationwide products
    Opening a FlexDirect is one way to become a member of Nationwide. Our current account members get access to exclusive savings accounts, like our Flex Regular Saver and Flex Instant Saver.

To apply for FlexDirect

You need to:

  • be 18 or over
  • be a UK resident
  • agree the account is for personal use only
  • hold no more than 4 existing sole or joint Nationwide current accounts
  • register for our Internet Bank during your application.

Important:

Have you had a FlexDirect current account before?

If you’ve had a FlexDirect current account before, you won’t receive the 12 month credit interest offer or the interest-free overdraft offer again. 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.

Switching to Nationwide

Fast — switch in just 7 working days. You choose the date, and we’ll let you know when it’s done.

Seamless — a dedicated team does it all for you. They’ll switch your payments, balance and even your list of payees.

Guaranteed — there shouldn't be any problems but if there are, you won't lose a penny.

Switch to a FlexDirect

Make banking easier with our secure app

  • Manage all your Nationwide accounts in one place
  • View and search your transactions
  • Freeze and unfreeze your Visa Debit card
  • Report your card lost or stolen and order a new card
Take a tour of our Banking app

Manage your account your way

  1. Designed for online and over the phone

    FlexDirect must be managed online or over the phone where possible.

  2. Keep track of your money

    You can set your text alert preferences to help you manage your money. And you can go paperless to help keep track digitally.

  3. Bank together

    You can open your FlexDirect as a joint bank account or add someone to it later. This could be a partner, a family member or a friend.

  4. Visa debit card

    You can make contactless payments up to £100 with your Visa debit card.

  5. Optional chequebook

    You can get a chequebook on request.

  6. Pay with your phone

    You can use Apple Pay, Google Pay or Samsung Pay.

Apple Pay, Samsung Pay and Google Pay are available on selected devices and operating systems. Apple Pay and Apple are trademarks of Apple Inc., registered in the U.S. and other countries. Google, Android, Google Pay and Google Wallet are trademarks of Google LLC. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co., Ltd.

Arranged overdrafts

You can apply for an arranged overdraft at any time. When you do, we'll look at your circumstances to see if we can offer you one. You'll need to be 18 or over and a UK resident.

You can see how much borrowing with an arranged overdraft might cost you with our overdraft calculator or you can learn more with our overdrafts guide.

Arranged overdrafts are designed for short-term borrowing and staying in your arranged overdraft over a long period can be an expensive way to borrow.

To find out how much we might be able to offer you, you can use our arranged overdraft eligibility tool as part of your FlexDirect application. We'll need some information about you. Things like your name, address history, employment and income. We'll run a soft credit check to see what we can offer you. This won't affect your credit score. If you choose to continue with your application, we'll run a hard credit check too.

Arranged overdraft rates

The representative example shows you the rate of interest we charge for arranged overdrafts. For FlexDirect, this example shows the cost once any interest-free period has ended.

If you’re in the first 12 months of opening your first FlexDirect current account, we don’t charge interest on arranged overdraft use. It’s interest free.

FlexDirect Arranged Overdraft Representative Example:

39.9% APR Representative (variable). Based on an assumed arranged limit of £1,200 and an interest rate of 39.9% a year (variable).

How does our arranged overdraft compare?

A good way to compare the cost of our arranged overdraft with other overdrafts or ways of borrowing is to look at the representative APR.

APR stands for Annual Percentage Rate. It includes all the costs of borrowing including certain account fees and promotional rates.

Note:

Staying in your arranged overdraft over a long period can be an expensive way to borrow.

In-credit interest rates

FlexDirect offers in-credit interest on every penny in your account up to £1,500.

FlexDirect offers in-credit interest on every penny in your account up to £1,500.

Table showing rates of in-credit interest for FlexDirect.
Type of rate Interest on every penny up to £1,500 Interest on every penny over £1,500

Offer rate

Fixed for the first 12 months from when you open your account

5% AER
(4.89% gross a year)

0% AER (0% gross a year)

Standard rate

Ongoing variable rate once any offer period has ended

1% AER
(0.99% gross a year)

0% AER (0% gross a year)

How do the in-credit interest rates work?

These interest rates will only be paid if you are paying in at least £1,000 per month, not counting transfers from other Nationwide accounts or Visa credits.

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.

If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment.

Fees, charges and important documents

Before you apply, make sure you read the following documents.

Charitable Assignment

We don’t charge a monthly fee for maintaining the account, but charges can apply for:

Apply for FlexDirect

When you apply for FlexDirect, you can:

  • apply for a brand new bank account
  • switch your current account from another building society or a bank to us, or
  • change your existing Nationwide current account to a FlexDirect.

Quick comparison of our everyday bank accounts

We offer a few different current accounts. Check that you’re applying for the right account for you.

See a full comparison of our everyday bank accounts

If you can't view the whole table, swipe or scroll to show more > > >

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Note:

If you don’t qualify for a FlexAccount, FlexDirect or FlexPlus current account, you may be offered a FlexBasic account.

Jargon explained

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded each year.

Gross a year is the interest rate without tax deducted.

APR stands for Annual Percentage Rate. It includes all the costs of borrowing including certain account fees and promotional rates. It’s for comparing costs between different products and providers.

Related links

I need help with my account

Our current account help section has the answers to our most commonly asked questions.

We also have a quick guide to using your current account covering your everyday banking.

Protecting your money

The Financial Services Compensation Scheme (opens in a new window) (FSCS) is a free, independent service that protects up to £85,000 of your eligible money at Nationwide.

Find out more about the FSCS - PDF, 936KB (opens in a new window)

Nationwide adheres to The Standards of Lending Practice, which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk (opens in a new window).