Before you can apply for FlexBasic

Before you can apply for a FlexBasic account, we need to check your eligibility for our other current accounts. And because our main range accounts can include an overdraft, which is a form of borrowing, it’s important you read this information.

Borrowing with a current account

If your income:

  • has changed due to COVID-19 (for example, if you’ve been furloughed on less than full pay), or
  • is expected to change in the next 2 years (for example, if you're retiring)

Then please, tell us the new amount when we ask for your 'annual income before tax'.

Arranged overdrafts

  • This is when we and you agree in advance that you may borrow money when there is no money left in the account. The agreement determines a maximum amount that can be borrowed, and whether fees and interest will be charged to you.
  • 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 the eligibility tool for the account you choose, or in the online application screens, before you open the account.

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

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

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.

Unarranged overdrafts

  • This is when you borrow money when there is no money left in the account (or when you have gone past your arranged overdraft limit) and this has not been 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.
  • 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.

Important information and documents

When you open a current account with us, we need to let you know about our most recent summary financial statement and auditors' report. These are published on our website. The summary financial statement shows a summary of our accounts, you can access it by navigating to the 'Summary Financial Statement' page in our Review of the Year. You can also view our Review of the Year and latest full annual report and accounts, which contains our auditors' report, by navigating to our 'Results and Accounts' page and selecting the relevant year.

Check which current accounts we can offer you​

Before you can apply for a FlexBasic account, we need to check your eligibility for our other current accounts.

Whichever account you go on to open with us, you’ll need the following details to apply:

  • Address history for the past three years
  • Employer’s address (if you’re employed)
  • A valid UK passport or full UK driving licence.

You’ll still be able to apply for a current account if you don’t have a valid UK passport or a full UK driving licence, but we may need you to come in to branch with your ID. We’ll need to see proof of your name and your address.

When you open a current account with us, we need to let you know about our most recent summary financial statement and auditors' report. These are published on our website. The summary financial statement shows a summary of our accounts, you can access it by navigating to the 'Summary Financial Statement' page in our Review of the Year. You can also view our Review of the Year and latest full annual report and accounts, which contains our auditors' report, by navigating to our 'Results and Accounts' page and selecting the relevant year.

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