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.

Our popular current accounts

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FlexPlus

Loaded with perks and insurance, for £13 per month.


FlexPlus could suit you if:

  • You and your family could use the insurance benefits – travel, phone and breakdown cover. Limits and exclusions apply2.
  • You’d like an arranged overdraft – you can find out how much we can offer you without impacting your credit score.
  • You like to travel – We do not charge transaction fees when you use your card to withdraw cash or make payments abroad.
  • You want options – Do your banking in branch or over the phone, as well as online.


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)

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FlexDirect

Our free, online account


FlexDirect could suit you if:

  • Your balance is often in credit – if you pay in at least £1,000 each month you’ll get 2% AER (1.98% gross p.a. fixed) interest on balances up to £1,500 for the first 12 months, and 0.25% AER (0.24% gross p.a) variable after that. 1
  • You’d like an arranged overdraft – pay no interest on your arranged overdraft for 12 months from the date you open the account. We’ll need to look at your circumstances first.3.
  • You’re happy to do most of your banking online, using our app and Internet Bank.


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)

Image of flexaccount card

FlexAccount

Our simple, free account


FlexAccount could suit you if:

  • You want a free account – there's no monthly fee.
  • You want options – do your banking in branch or over the phone, as well as online.
  • You'd like an arranged overdraft you can find out how much we can offer you without impacting your credit score.


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 arranged overdraft compare?

You can compare overdraft costs by looking at the representative APR. It shows the cost of borrowing as an annual rate. You can apply for an overdraft on all our current accounts, except FlexBasic. You need to be 18 or over, and we’ll look at your circumstances before deciding.


Check the cost and how much we could offer you

Our other current accounts

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FlexStudent

Our student account for over 18s


FlexStudent could suit you if:

  • You can meet the eligibility criteria, such as being accepted for a UCAS course that’s at least 2 years long.*
  • You’d like access to an arranged overdraft – pay no interest or fees on an arranged overdraft of up to £3,000 by year three (for courses 3 years or longer). *
  • You want a free account - there’s no charges with a FlexStudent account.

Image of flexone card

FlexOne

Our account for young people


FlexOne could suit you if:

  • You’re aged 11-17 years old
  • You want a free account – there's no charges with a FlexOne account
  • You’d like to earn interest – you’ll get 1% AER (0.99% gross p.a. variable) on balances up to £1,000, reducing to 0.1% AER (0.09% gross p.a. variable) from 1st July.
  • You want to be in control – manage your money easily with our Banking app and Internet Bank.
Image of flexbasic card

FlexBasic

Our basic account with no arranged overdraft option, for over 18s


You can only get FlexBasic if:

  • You’ve been made bankrupt
  • You’re not eligible for any of our other current accounts
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Switch to Nationwide

When you Switch to Nationwide using the Current Account Switch Service, a dedicated team will move all your payments to your new Nationwide account in just 7 working days. All you need to do is pick the date.

Choose to switch in the application form.


More about Switching
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Our secure banking app

All your Nationwide accounts at your fingertips. Wherever you are, make your banking a breeze with our Banking app.

  • Securely log in with your fingerprint (on compatible devices)
  • Quickly pay bills and transfer money, even to new payees
  • Move money between your different accounts

There’s not much you can’t do, safely and securely, in our Banking app.


More about our banking app

Nationwide rewards members

As a thank you for banking with Nationwide, when you become a main current account customer, you’ll qualify for our best rates on loans and credit cards (subject to status), and have access to exclusive products and more.

More about membership

Recommend a Friend

If you’re already a member, you can recommend up to 5 friends each year to switch their banking to Nationwide. You’ll share £200 with each friend that completes their switch using the Current Account Switch Service.

More about Recommend a Friend
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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.

Find out more
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Protecting your money

More about the Financial Services Compensation Scheme

Service quality indicators

As part of a regulatory requirement, an independent survey was conducted to ask customers of the 16 largest personal current account providers if they would recommend their provider to friends and family.

We have published this information at the request of the Competition and Markets Authority so you can compare the overall quality of service from personal current account providers.

Overall service quality - Great Britain

We asked customers how likely they would be to recommend their personal current account provider to friends and family.

Overall service metrics - Great Britain

You'll find more details to help you compare providers in the Competition and Markets Authority service quality results documents.

Service quality results GB

Overall service quality - Northern Ireland

We asked customers how likely they would be to recommend their personal current account provider to friends and family.

Overall service quality - Northern Ireland

You'll find more details to help you compare providers in the Competition and Markets Authority service quality results document.

Service quality results NI

Things you need to know

Our current accounts

Important information about our current accounts

You need to be 18 or over to apply for a FlexAccount, FlexDirect, FlexPlus, FlexStudent or FlexBasic account.

You need to be 11 to 17 to apply for a FlexOne account. Once you have one, you can keep it until you're 23.

*To open a FlexStudent account you must be aged 18 or over and accepted on a full time UCAS course that’s at least 2 years long. If you have an unconditional offer you need to be no more than 5 months before your course start date or no more than 2 months after your course start date. If you have a conditional offer, you’ll need to wait until your place has been confirmed following your results before applying. Overdrafts are subject to status and at least £500 per term being paid in from the date the account is opened. You can apply up to 18 months after your course starts if you’re already a Nationwide member, and have been with us for at least 12 months. You’re a member if you have a savings, mortgage or current account with us. If it’s been more than 2 months since your course started, you’ll need to pop into branch or give us a call to apply.

1 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.

Advertised rates correct at 1 May 2020 and these rates can be changed at any time.

2There are some limitations and exclusions to the insurance policies and benefits that come with our FlexPlus account. Please make sure you read the Insurance policies and account benefits information before you decide if this account is right for you.

3 If you’ve had a FlexDirect account before, you cannot use the 12 month interest-free arranged overdraft offer again unless you’re opening a FlexDirect in a different name or names. For example, a new joint account with a different person. Or your first ever FlexDirect account in just your name.

How interest is paid

How we pay interest on current accounts

We pay interest without tax deducted. Find out more about the changes to the Personal Savings Allowance.

Under the terms and conditions of FlexDirect, customers are only entitled to one promotional credit interest rate of 2% AER (1.98% gross p.a.) fixed. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.

Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 2% AER (1.98% gross p.a.) fixed to 0.25% AER (0.24% gross p.a) variable within 3 working days of the account being opened.

APR, AER and Gross explained

What does APR, AER and Gross mean?

What does APR mean?

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.

What does AER mean? 

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

What does gross mean?

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

Our insurance providers

Our current account insurance providers

FlexPlus Worldwide Family Travel Insurance is underwritten by U K Insurance Limited, Registered Office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England & Wales No:1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Calls may be recorded.

FlexPlus Worldwide Family Mobile Phone Insurance has been arranged for Nationwide by Lifestyle Services Group Limited (Financial Services Register No.315245) with a single provider Assurant General Insurance Limited (Financial Services Register No. 202735). Assurant General Insurance Limited, Registered in England and Wales No. 2341082. Registered Office: Emerald Buildings, Westmere Drive, Crewe, Cheshire, CW1 6UN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Lifestyle Services Group Limited is registered in England and Wales No.5114385. Registered Office: Emerald Buildings, Westmere Drive, Crewe, Cheshire, CW1 6UN. Authorised and regulated by the Financial Conduct Authority in respect of insurance mediation activity only.

FlexPlus UK & European Breakdown and Recovery Assistance is underwritten by Liverpool Victoria Insurance Company Limited. Liverpool Victoria Insurance Company Limited, registered in England and Wales Number 3232514 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority register number 202965. Registered address: County Gates, Bournemouth, BH1 2NF. Tel: 01202 292333.