Your FlexGraduate account was designed to help you pay back your overdraft in steady steps. Remember, the term of the account is two or three years, depending on the length of your course. So, now that you’re nearing the end of your account’s term, you'll be moving to one of our main range current accounts.

If you’re:

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

What you need to know about the account move

  • 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.
  • Your new card will automatically update in Apple Pay and Google Pay*
  • 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 91KB (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 a FlexDirect account, your FlexGraduate account will still change.

* Apple and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Google Pay is a trademark of Google LLC.

What happens to your arranged overdraft

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.

If your arranged overdraft limit is £1000 or less

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 balance is over £1000

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.


If you’re finding it hard to pay back your arranged overdraft, we may be able to help. Call us on 0800 464 30 30 (Monday to Friday, 8am to 6pm. Saturday 9am to 12pm. Closed Sundays and bank holidays).

If you're not happy with your new account

You can’t keep your FlexGraduate account, 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:

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.

What happens to your card when your account moves

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 0800 30 20 11.

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

How the FlexDirect 12-month introductory offers work

If this is the first FlexDirect account you’ve had in just your name, you’ll be eligible for our 12-month introductory offers. You can also benefit from the 12-month introductory offers on the first FlexDirect account you open in joint names.

If you’re eligible:

  • your arranged overdraft will also remain fee-free for the first 12 months. After that, or if you’re not eligible, FlexDirect arranged overdrafts are at 39.9% APR representative (variable)
  • you’ll receive credit interest of 2% AER (1.98% gross) a year. That’s fixed for the first 12 months on balances up to £1,500. After that, you’ll receive 0.25% AER (0.24% gross) variable on balances up to £1,500. To receive interest, you’ll need to pay in at least £1,000 a month. This doesn’t include transfers from other Nationwide accounts held by you or anyone else or Visa credits. For example, refunds you may receive back into your account.

AER, APR and gross explained

  • AER stands for 'Annual Equivalent Rate' and shows what the interest rate would be if interest were paid and compounded each year.
  • 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.
  • Gross a year is the interest rate before tax.