FlexDirect current account

Cashback is money paid back to you as a reward for spending.

For the first 12 months, you can earn up to £10 every month in cashback. That's:

• £5 every month you pay £300 in Direct Debits
• £5 every month you spend £500 with your debit card.

You can qualify for one or both each month. If you do both every month, that's £120 cashback in total over the first year.

For 12 months, get £5 cashback every month you pay at least £300 in Direct Debits.

Direct Debits are regular payments that come out of your account automatically. Usually you'll pay things like utility bills, Council Tax and insurance payments by Direct Debit.

For 12 months, get £5 cashback every month you spend at least £500 with your debit card.

Just use your debit card online, on the high street or over the phone. Contactless, Apple Pay, Samsung Pay and Google Pay and recurring payments like streaming subscriptions count too.

Some spending (like gambling) doesn't qualify. Other terms also apply.

Read the full cashback offer terms – PDF, 144KB (opens in a new window).

Cashback for both Direct Debit and card spending is paid into your FlexDirect on the last day of each month. With a joint account, you’ll both contribute to the spending. But the most you can earn each month will still be £5 for Direct Debit spending and £5 for debit card spending.

With FlexDirect, you'll earn monthly interest for keeping money in your account. We pay interest on every penny up to £1,500.

We have an introductory rate and a standard rate:

• Introductory rate: For the first 12 months, you'll earn 5% AER (4.89% gross a year) fixed interest.
• Standard rate: After the first 12 months, you'll earn 1% AER (0.99% gross a year) variable interest.

If you keep at least £1,500 in your account for the whole first 12 months, you'll earn £75.

We work out your interest and pay it to your account on the last day of each month. We pay interest without tax deducted.

We've paid £100 to eligible members with a qualifying current account and a qualifying mortgage or savings each year since 2023.

We'd like to make a Fairer Share payment every year, but it's not guaranteed. It depends on our financial performance. And we may change both the amount and the eligibility criteria.

AER stands for Annual Equivalent Rate. It tells you the interest you might earn on savings over a year as a percentage of your balance. AER also includes the interest you'll earn on the interest already paid to you. That's called ‘compound interest’. Usually, the higher the AER, the bigger the return on your money.

Like AER, gross is another way of showing interest for savings. Unlike AER, gross does not include the compound interest. This is why the gross rate is lower than the AER.

A fixed interest rate means it won't change. For FlexDirect, that means your rate will stay at 5% AER (4.89% gross a year) for the first 12 months.

After 12 months, your FlexDirect will have a variable interest rate of 1% AER (0.99% gross a year). A variable rate means the amount you receive in interest can go up or down. The rate usually changes because of market conditions or when the Bank of England base rate changes.

APR stands for Annual Percentage Rate. It's the yearly cost of borrowing, including interest and fees, as a percentage of the amount being borrowed. We don't charge fees on borrowing, so your APR will be the same as your interest rate. Usually, the lower the APR, the cheaper the borrowing is.

Representative means it's the APR we give to at least 51% of our customers. A representative rate helps you compare rates from different providers. The actual rate you get will depend on your own circumstances.