Features & benefits
Rates, fees & overdrafts
Managing your account
How to apply

Applying for a FlexDirect account is quick & easy

Borrowing with your current account

If your income:

  • has changed due to COVID-19
  • is likely to reduce 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
  • Your arranged overdraft limit is agreed with us in advance.
  • Designed for short-term borrowing.
  • We charge an interest rate - only on the amount you use, 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 charges are applied to your account.
  • 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.
  • 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.
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.
  • 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.




Temporary arranged overdraft interest rate

We’re temporarily reducing our arranged overdraft interest rate on FlexAccount, FlexDirect and FlexPlus from 39.9% to 18.9% per year compounded (variable) between 17 April and 17 July 2020.

This is a temporary change that we’ll apply automatically and won’t change the terms of your account. Please note that your account opening documents and overdraft documentation will not show the reduced rate. Your arranged overdraft interest rate will return to 39.9% on 18 July 2020.

Find out more about our temporary arranged overdraft interest rate.

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Protecting your money

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Not living in the UK?

If you live in a country that's part of the European Union (EU) or European Economic Area (EEA), you can apply for one of our current accounts.

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^To receive these rates you must pay in to your FlexDirect account at least £1,000 a month. Money paid in from other Nationwide accounts held by you or anyone else or visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000. Interest is calculated on the last day of each month and is paid on the first day of the next month. We pay interest without tax deducted. If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. You can get the 2% rate on more than one FlexDirect account as long as you haven’t opened accounts in that name or those joint names before. For example, you could earn the 2% rate on both an account in just your name, and on a joint account in your and your partner’s names. If you open new accounts in the same name or joint names as previous accounts, they'll earn the standard 0.25% rate, even if you’ve closed the first accounts in those names. This introductory offer can be withdrawn at any time. This will not affect customers who are already benefiting from the offer.