That’s on every penny in your account up to £1,500 – 1.98% gross a year. Staying in your arranged overdraft over a long period can be an expensive way to borrow. Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least ⦠I can't actually find the terms and conditions on the page. Find out more about the changes to the Personal Savings Allowance. Nationwide is not responsible for the content of external websites. We can give you a personalised quote and tell you whether you're likely to be accepted before you are credit scored. View all our current accounts, More about the Financial Services Compensation Scheme. Switch your current account to us in just 7 working days. Interest is calculated on the last day of each month and is paid on the first day of the next month. That's right, no monthly fee just for keeping your account with us! To earn 2% AER (1.98% gross p.a.) If you’ve had a FlexDirect before, you won’t receive this offer again, unless your new FlexDirect account is in a different name or names. You can apply for an arranged overdraft with FlexDirect at any time. We pay interest without tax deducted. The APR shows the cost of borrowing as an annual rate. NATIONWIDE is currently offering current account customers the opportunity to earn two percent interest via FlexDirect. 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). This can be a massive bonus for anyone regularly overdrawn. Nationwide has announced a major downgrade to its popular £13-a-month FlexPlus current account, leaving thousands of customers wondering whether ⦠If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. Nationwide adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: Yes, I would like to take part in the website survey. You need to be 18 or over to apply for an arranged overdraft. We’ll take a look at your circumstances to see what we can offer you. - Select this to show/hide the search box, menu - reveals log in & registration links for Internet Banking, - Select this link to expand/collapse product menu choices, - Interest free arranged overdraft for 12 months. To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section . Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. We pay interest without tax deducted. Nationwide adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk. Samsung Pay is available on selected Samsung devices. Plus, if you want to share another account with someone else, we'll pay the 2% rate on the first joint account you open with them. All in all, over two years the value of the benefits to me and my family mean I effectively get the Flex Plus for free â and I will be £710 better off. 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. To help you understand the fees for this account, please read the Fee Information Document. At the moment, it also provides a fee-free overdraft of up to £250 and pays in-credit interest of 3% AER on small amounts. The Flex Regular Online Saver account pays 5% AER variable interest for 12 months and allows savers to save up to £250 a month. - Select this to show/hide the search box, menu - reveals log in & registration links for Internet Banking, - Select this link to expand/collapse product menu choices, 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. Nationwide, which has almost 8 million current account holders, said that following a clampdown by the Financial Conduct Authority (FCA), it would be introducing a single overdraft interest ⦠Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. is the interest rate without tax deducted. View all our current accounts. For past rates and charges, see our current account support section. Like all the other banks, Nationwide increased the overdraft interest rate as part of the new rules. Like the Nationwide account, the First Direct, M&S Bank and HSBC accounts are only for a 12-month term. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co., Ltd. Use only in accordance with law. Find out more about the changes to the Personal Savings Allowance. To earn 2% AER (1.98% gross p.a.) We've shown you the main rates and fees that most people want to know above. This will not affect customers who are already benefiting from the offer. The Nationwide FlexDirect account was launched by the building society back in 2012, offering an interest rate of five percent. If you’ve had a FlexDirect before, you won’t receive this offer again, unless your new FlexDirect account is in a different name or names. ** Available on selected Apple devices only and compatible Android devices using Android 4.4 and higher. With a simple set of overdraft fees and somewhere guaranteed for your savings, Nationwide FlexDirect pays 5% AER fixed for a year on £2,500, which would give you a maximum £122.25 interest. is the interest rate without tax deducted. It’s a good idea to consider different types of borrowing. AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year. Our website survey opens in a newwindow for you to complete once you'vefinished what you wanted to do. ⦠2%* AER (1.98% gross p.a) variable in-credit interest on balances up to £1,500 (fixed for the first 12 months). Fast – switch in just 7 working days. (variable) on balances up to £1,000. You want to be in control â manage your money easily with our Banking app and Internet Bank. Net p.a. This introductory offer can be withdrawn at any time. FlexPlus Travel insurance is changing as a result of the coronavirus pandemic. What Nationwide FlexAccount offers: A personal bank account for UK residents that can come in a basic form. If you’d like to know how much we can offer you before you apply, you can try our eligibility tool for FlexDirect. If I were to open a flex direct account in each name would it be possible to get 5% on £2500 in each account. Compare Nationwide current accounts If youâre looking for an account that offers benefits such as an interest-free overdraft, the chance to earn interest on your balance, cashback rewards on your shopping, or family travel insurance, take a look at Nationwide's wide range of current accounts to find the one that meets your needs best. They all require you to hold a current account â First Direct and HSBC current accounts require a certain amount to be paid in each month â and there are penalties if you make withdrawals before the year is up. After that, youâll get 0.25% AER (0.24% gross p.a) variable. 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. Nationwide also specifically offers a basic âcash cardâ account which might be of interest to those with bad credit as long as they are not an undischarged bankrupt and not in an IVA (or Trust Deed in Scotland). 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. For past rates and charges, see our current account support section . All you need to do is pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. 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. And, despite the change, Nationwide said its FlexDirect account continues to offer one of the highest rates of credit interest on the market. Our website survey opens in a newwindow for you to complete once you'vefinished what you wanted to do. Currently, Nationwide's online FlexDirect account pays 5 percent AER interest fixed for the first 12 months, on savings in the account up to £2,500 - 4.89 percent gross a year⦠Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least ⦠Nationwide is set to withdraw its popular regular savings account on Friday, which pays an attractive 5% interest rate. From Friday 1 May onwards it'll pay new customers 2% interest â and only on smaller balances. If you want to bag the 5% interest FlexDirect currently pays on balances up to £2,500, you've until Thursday 30 April to apply and lock in that rate for a year. You’ll need to be 18 or over, and a UK resident. It's easy to apply for a new FlexDirect account. Photograph: Danny Lawson/PA Lisa Bachelor interest on balances up to £1,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. The best option for you depends on the amount you want to borrow, and how long for. 39.9% APR Representative (variable). For the most part, you'll manage your account through our Internet Bank or Banking app. Apple and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. They’ll switch your payments, balance and even your list of payees. 2% interest for the first 12 months - conditions apply. We pay interest without tax deducted. If youâre thinking about opening a FlexPlus account, make sure you read the Summary of Changes document as this will affect your cover.. From 1 January 2021, youâll no longer be covered for cancelling your trip due to Covid 19 or a pandemic, before you travel, unless it is for medical reasons. You choose the date, and we’ll let you know when it’s done. From May 1 2020, credit interest of two percent AER (1.98 percent gross) on balances of up to £1,500 for the first 12 months. 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. You want a free account â there's no charges with a FlexOne account; Youâd like to earn interest â youâll get 0.1% AER / 0.09% gross p.a. You can confirm our registration on the FCA's website (https://www.fca.org.uk). This rate is fixed for the first year you hold the account, which gives ⦠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’ll check your circumstances before we make our decision. Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least ⦠FlexDirect is based on a simple self-service concept. The Building Society announced changes to the Nationwide FlexDirect account earlier this year. Nationwide is not responsible for the content of external websites. interest on balances up to £1,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. Nationwide's FlexDirect account comes with 2% interest on up to £1,500 - the highest interest rate on any current account - if you pay in at least £1,000 each month, plus a ⦠Nationwide FlexPlus is our long-standing top-pick packaged bank account, offering travel and mobile phone insurance plus breakdown cover for a £13 monthly fee. You can confirm our registration on the FCA's website (https://www.fca.org.uk). Nationwide Building Society is scrapping interest on its FlexPlus packaged current account Instead, a hefty overdraft rate of 39.9 per cent will be applied to all Nationwide current accounts. interest on balances up to £1,500 youâll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. Don’t worry, this won’t affect your credit score. We’ll need to look at your circumstances first. This site uses cookies and by using the site you are consenting to this. Over one year the Nationwide Plus account will save me paying £350 for insurance and breakdown cover separately, earn me £75 in interest and pay me £100 to switch. Nationwide is to cut the interest on its popular FlexDirect current account, in yet another blow to current account perks. You need to be 18 or over to apply for a FlexDirect account. Accounts which were applied for prior to May 1 ⦠The Nationwide Flex Direct account has 'simplified' overdraft charges, pays interest on balances in credit and unlocks access to other products. All rates and charges are subject to change and we may decide when to apply and waive any account charges. Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. 2% interest for the first 12 months - conditions apply. *If you’ve had a FlexDirect account before, it’s not possible to use this offer again. If youâve had a FlexDirect before, you wonât receive this offer again, unless your new FlexDirect account is ⦠Note, this link will open in a new window or tab, No thanks, I would not like to take part in the website survey, Not sure FlexDirect is for you? It's easy to apply for a new FlexDirect account. 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