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 £2,500
(Introductory rate fixed for first 12 months)
5% 4.89% n/a
Interest on balances up to £2,500
(Ongoing variable rate after the first 12 months)
1% 1% n/a
Interest on balances over £2,500 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 £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.


Our overdrafts are only open to those aged 18 or over and are subject to status and approval. You will have 28 days' notice before we take any overdraft fees from your account. When you apply for an account, we'll tell you if we can offer you an arranged overdraft, or you can apply for one after your account has been opened. The way that overdraft fees are charged for FlexDirect is different to FlexAccount, so if you're an existing customer swapping from FlexAccount to FlexDirect, please read this section carefully.

Overdraft usage fee
Daily arranged overdraft usage fee
Daily unarranged overdraft usage fee
50p per day on arranged balances over £10 (The first £10 of your arranged overdraft is free)
50p per day for unarranged balances up to £10
£5 per day for unarranged overdraft balances over £10, capped at £35 per month**
+ a paid transaction fee for allowing a payment despite lack of funds and an unpaid transaction fee for refusing a payment due to lack of funds of £5, capped at £15 per month**

We'll also give you a 12 month fee-free arranged overdraft
The daily usage fee-free arranged overdraft period is for 12 months starting on the date you open a Current Account with us.


Unarranged overdraft fees or charges
If you have unarranged overdraft fees or charges on your account which you are concerned about or think may be wrong, please contact us

FlexDirect Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the amount we will charge you is 50p per day (variable).

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 March 2013 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.

For more information see our examples of current account charges
To understand more about how overdrafts work see our Understanding overdrafts leaflet

^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 5% 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 5% 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 1% AER 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 two great credit cards, just for our members who hold a current account, mortgage or savings account with us.

Nationwide credit cards

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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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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