Before you continue…

  • When you use the FlexDirect eligibility tool your credit score will not be affected.
  • Once you have your results you'll be given the option to apply through this tool.
  • It's important that you've read the FlexDirect product information before you choose to apply.
  • Once you have your eligibility results, if you choose to continue to apply we'll do a full credit check. This will appear on your credit file for a short time.

The optional arranged overdraft with this account is a form of borrowing. There are things we need to tell you about this, before you apply.

Borrowing with your current account

Arranged overdrafts

  • This is where your arranged overdraft limit is agreed with us in advance.
  • It’s designed for short-term borrowing.
  • We charge an interest rate on the amount you use, only when you use it. Our online overdrafts calculator can show you how much an arranged overdraft might cost.
  • We'll give you 28 days' notice before any charges are applied to your account.
  • You can remove or decrease your limit at any time, or apply to increase it, in our Banking app, Internet Bank or in our branches.
  • You must pay back your arranged overdraft before you ask us to remove it.
  • Increasing your limit often can be bad for your credit score.
  • You can find out how much you can borrow without affecting your credit score. Either with our eligibility tool, or in the online application screens, before you open the account.

How much does my arranged overdraft cost in pounds and pence?

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.

After 12 months, the rate will be 39.9% a year compounded (variable).

As an example, the interest cost of borrowing £500 is:

Table showing the cost of an arranged overdraft over 7 days, 30 days and 60 days.
7 days 30 days 60 days
£3.26 £13.99 £28.37

For the 60-day example, we’ve applied the charges for the first 30 days, on day 31. This means the charge in the second month is higher. That’s because we charge interest on the interest you’ve incurred up to that point.

Have a different amount or number of days in mind? Try our overdrafts calculator.

Unarranged overdrafts

  • This is borrowing that’s not agreed with us in advance.
  • We don’t offer unarranged overdrafts at Nationwide. Instead, we’ll try to stop any payments from coming out of your account if you don’t have enough money.
  • No charges apply if you do go into an unarranged overdraft. But you will not be able to withdraw cash or transfer money until your account balance is back in credit or within its limit.
  • Unarranged overdrafts can be bad for your credit score.

Text alerts to help you manage your borrowing

  • Text alerts will be sent to your mobile, unless you’ve opted out.
  • They may help you to avoid charges by giving you time to pay in money.
  • Arranged overdraft alerts tell you when you enter, or are about to enter, your arranged overdraft. To opt out, text: STOP ARRANGED to 65037.
  • Unarranged overdraft alerts tell you when you enter an unarranged overdraft. To opt out, text: STOP UNARRANGED to 65037.
  • Retry alerts let you know a scheduled payment has failed, and will be retried later that day. To opt out text STOP to 65180.
  • You can opt back into text alerts in any of our branches.
  • You can also opt into alerts for high balance, low balance and statements using our Banking app and Internet Bank.