FlexDirect interest rates, fees and overdraft details

Interest rates when you're in credit as long as you pay in £1,000 per month
  AER Fallback Text Gross p.a. Fallback Text Net p.a. Fallback Text
Interest on balances up to £1,500
(Introductory rate fixed for first 12 months)
2% 1.98% n/a
Interest on balances up to £1,500
(Ongoing variable rate after the first 12 months)
0.25% 0.24% n/a
Interest on balances over £1,500 0% 0%  

What does AER stand for?

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

What does gross mean?

Gross p.a. is the interest rate without tax deducted.

What does net mean?

Net p.a. is the interest rate after the deduction of tax.

In plain English this means, you'll earn interest on the first £1,500 of your balance each month but you won't get any interest on any part of your balance over £1,500.


You can apply for an arranged overdraft with FlexDirect at any time. We’ll take a look at your circumstances to see what we can offer you. You’ll need to be 18 or over, and a UK resident.

Our overdrafts page can help you compare our arranged overdrafts, and find out how much one might cost.

If you’d like to know how much we can offer you before you apply, you can try our eligibility tool for FlexDirect.

Don’t worry, this won’t affect your credit score.

FlexDirect Arranged Overdraft Representative Example:

39.9% APR Representative (variable). Based on an assumed arranged limit of £1,200 and an interest rate of 39.9% a year (variable).

How does our overdraft compare?

A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. The APR shows the cost of borrowing as an annual rate.

Staying in your arranged overdraft over a long period can be an expensive way to borrow.

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.

Important information

How we pay interest

On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We pay interest without tax deducted. Find out more about the changes to the Personal Savings Allowance.

Advertised rates correct as 1 May 2020 and this rate can be changed at any time.

All rates and charges are subject to change and we may decide when to apply and waive any account charges.

^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.

Other charges and fees

We've shown you the main rates and fees that most people want to know above. For the full list of all our current interest rates and other fees and charges please download our latest interest rates and charges leaflet (This link will open in a new window).
To help you understand the fees for this account, please read the Fee Information Document.
For past rates and charges, see our current account support section.
To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section.

It's easy to apply for a new FlexDirect account

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Your borrowing choices

It’s a good idea to consider different types of borrowing. The best option for you depends on the amount you want to borrow, and how long for. We’ll need to check before we can offer you a loan, overdraft, or credit card. It will depend on our view of your circumstances.

A credit card

We have a credit card just for our members who hold a current account, mortgage or savings account with us.

Member Credit Card

A loan

We can give you a personalised quote and tell you whether you're likely to be accepted before you are credit scored.

Nationwide personal loans

Other ways to borrow

If you're not sure what type of borrowing might suit you best, try our guide to the different types of borrowing.

Different types of borrowing
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