What happens to your FlexGraduate account when its term ends

Your FlexGraduate account was designed to help you pay back your overdraft in steady steps. Now that you’re nearing the end of your account’s term, you'll be moving to 1 of our main range current accounts.

If you are:

• registered for the Internet Bank and have chosen to go paperless, your account will change to FlexDirect
• not registered for the Internet Bank or haven’t gone paperless, your account will change to FlexAccount.

• Your PIN, sort code and account number will stay the same.
• You won't need to change your regular payments such as Direct Debits and standing orders. However, recurring Visa payments won't automatically update. For example, subscription services where you use your card number to make a payment. Find out more about types of payment.
• You’ll need to add your new card to Apple Pay, Google Pay and Samsung Pay* once it's arrived in the post. It won't update automatically.
• You'll still get text alerts, although these may change depending on how you use the overdraft on your new account.
• You’ll receive statements in your chosen preference. Alternative Format Mailing (AFM) requirements will be carried forward.
• When your account changes, it will be subject to the terms and conditions of your new account, including any interest charges - PDF 223KB (opens in a new window).
• You’ll also be able to add another account holder and also use a cheque book. This can be ordered on the Internet Bank or by getting in touch with us.

Keep in mind, if you already have a FlexAccount or FlexDirect, your FlexGraduate will still change.

If you have an arranged overdraft limit over £1,000, this will go down to £1,000 when your account changes to FlexAccount or FlexDirect.

Your arranged overdraft limit and any overdrawn balance will be moved over to your new account. It will be subject to any interest charges payable under your new account terms and conditions.

If your overdraft balance is over £1,000, you’ll need to bring it within the new limit before you move accounts. It’s important to do this. If you don’t, then you won’t be able to make payments or take cash out.

To see how much you’ll be charged for using the arranged overdraft on your new account, you can use our overdraft calculator.

It will give you an idea of how much you may be charged based on your current arranged overdraft.

Your FlexGraduate card will continue to work for 21 days after you have moved to your account.

If you don’t receive your new card within 10 working days, let us know on 03457 30 20 11.

You can also request a new card on the Banking app.

To get these introductory offers, you'll need to pay in at least £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits.

You'll benefit from in-credit interest of 5% AER (4.89% gross a year) fixed for the first 12 months on balances up to £1,500. 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.

For accounts changing before 1 January 2025, any arranged overdraft you have will remain interest-free for the first 12 months. After that, FlexDirect arranged overdrafts are 39.9% a year compounded (variable), with the first £50 being interest-free. You will not be eligible for the 1% debit card spend cashback. Please refer to your migration letter or email for more information.

For accounts changing on or after 1 January 2025, you'll also get 1% monthly cashback for the first 12 months (up to £5 a month) when you spend on your debit card - whether online, over the phone or in store. Contactless, Apple Pay, Google Pay, Samsung Pay and recurring payments also count. Spend restrictions and terms apply - PDF, 78KB (opens in a new window). You will not be eligible for the interest free overdraft offer. Please refer to your migration letter or email for more information.

If you've had a FlexDirect account before, you won't receive these introductory offers again. But you will get the offers on a new joint account, as long as you have not shared a FlexDirect with that person before.

You can’t keep your FlexGraduate, as it’s only available to members who have graduated in the last 2 or 3 years. If you’re not happy with your new account, you can change to another one of our current accounts.

You can choose to close your FlexGraduate account any time:

• on the Internet Bank, or
• in your nearest branch.

You can switch to another current account provider. If you have any overdraft balance, you may be able to transfer this too. The Current Account Switch Service is an easy way to do this. It usually takes 7 working days.

If you decide to close your current account and have an existing overdraft, you’ll need to pay that back first. That includes any outstanding fees or charges.

FlexDirect is online only. But keep in mind, if you have any Alternative Format Mailing (AFM) requirements, you can still switch to this account. You'll need to get in touch with us once you've switched, just to make sure that anything we send you is in the right format.