All you need to do is pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. 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. This site uses cookies and by using the site you are consenting to this. You choose the date, and we’ll let you know when it’s done. Nationwide has announced a major downgrade to its popular £13-a-month FlexPlus current account, leaving thousands of customers wondering whether … You need to be 18 or over to apply for a FlexDirect account. Seamless – a dedicated team does it all for you. Staying in your arranged overdraft over a long period can be an expensive way to borrow. However, you will get the offer on a new joint account, as long as you have not shared a FlexDirect account with that person before. It includes all the costs of borrowing including certain account fees and promotional rates. Find out more about the changes to the Personal Savings Allowance. 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. We pay interest without tax deducted. Find out why we use cookies and how to manage your settings. 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. We have a credit card just for our members who hold a current account, mortgage or savings account with us. If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. The APR shows the cost of borrowing as an annual rate. If you’d like to know how much we can offer you before you apply, you can try our eligibility tool for FlexDirect. AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year. Guaranteed - there shouldn't be any problems but if there are, you won't lose a penny. 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. We've shown you the main rates and fees that most people want to know above. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Based on an assumed arranged limit of £1,200 and an interest rate of 39.9% a year (variable). 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. 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. This rate is fixed for the first year you hold the account, which gives … 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? We can give you a personalised quote and tell you whether you're likely to be accepted before you are credit scored. To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section . You’ll need to be 18 or over, and a UK resident. However, unlike the other banks, the Nationwide FlexDirect account comes with a 0% overdraft for the first 12 months. This site uses cookies and by using the site you are consenting to this. This will not affect customers who are already benefiting from the offer. That's right, no monthly fee just for keeping your account with us! Fast – switch in just 7 working days. Accounts which were applied for prior to May 1 … The Building Society announced changes to the Nationwide FlexDirect account earlier this year. For the most part, you'll manage your account through our Internet Bank or Banking app. 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. … 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. It’s a good idea to consider different types of borrowing. 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. From Friday 1 May onwards it'll pay new customers 2% interest – and only on smaller balances. We pay interest without tax deducted. *If you’ve had a FlexDirect account before, it’s not possible to use this offer again. Nationwide is to cut the interest on its popular FlexDirect current account, in yet another blow to current account perks. ^To receive these rates you must pay in to your FlexDirect account at least £1,000 a month. We’ll need to look at your circumstances first. The Nationwide Flex Direct account has 'simplified' overdraft charges, pays interest on balances in credit and unlocks access to other products. 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? The best option for you depends on the amount you want to borrow, and how long for. We pay interest without tax deducted. 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 … 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 – and I will be £710 better off. Nationwide also specifically offers a basic ‘cash card’ 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). I can't actually find the terms and conditions on the page. Check your interest rate Main content of page below To check the rate of interest you’re earning on your savings, log into the Internet Bank or Banking app. 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 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. Find out why we use cookies and how to manage your settings. This can be a massive bonus for anyone regularly overdrawn. So if you go overdrawn you’ll pay a huge 39.9%. They’ll switch your payments, balance and even your list of payees. Nationwide FlexDirect account: What's changing? Find out more about the changes to the Personal Savings Allowance. For past rates and charges, see our current account support section. - 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. Like all the other banks, Nationwide increased the overdraft interest rate as part of the new rules. That’s on every penny in your account up to £1,500 – 1.98% gross a year. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co., Ltd. Use only in accordance with law. To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section. 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. 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. For past rates and charges, see our current account support section . Find out more about the changes to the, Yes, I would like to take part in the website survey. Apple and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Interest is calculated on the last day of each month and is paid on the first day of the next month. 39.9% APR Representative (variable). Net p.a. To earn 2% AER (1.98% gross p.a.) 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. Don’t worry, this won’t affect your credit score. After that, you’ll get 0.25% AER (0.24% gross p.a) variable. You can confirm our registration on the FCA's website (https://www.fca.org.uk). 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. 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. To earn 2% AER (1.98% gross p.a.) Google Pay is a trademark of Google LLC. To earn 2% AER (1.98% gross p.a.) Switch your current account to us in just 7 working days. 2% interest for the first 12 months - conditions apply. Britain’s largest building society has raised the interest it pays on its FlexDirect current account from 2 per cent to 5 per cent. 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. We pay interest without tax deducted. is the interest rate without tax deducted. If you’re 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, you’ll no longer be covered for cancelling your trip due to Covid 19 or a pandemic, before you travel, unless it is for medical reasons. They all require you to hold a current account – First Direct and HSBC current accounts require a certain amount to be paid in each month – and there are penalties if you make withdrawals before the year is up. It saw the interest rate offered reduce from five percent AER (4.89 percent gross) to two percent A… You can apply for an arranged overdraft with FlexDirect at any time. It's easy to apply for a new FlexDirect account. 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. Our online FlexDirect account pays 2% AER interest fixed for the first 12 months. is the interest rate after the deduction of tax. You can confirm our registration on the FCA's website (https://www.fca.org.uk). - 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. After that, you’ll get 0.25% AER (0.24% gross p.a) variable. Nationwide is not responsible for the content of external websites. And, despite the change, Nationwide said its FlexDirect account continues to offer one of the highest rates of credit interest on the market. The Nationwide FlexDirect account Our online FlexDirect account pays 2% AER interest fixed for the first 12 months. 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. It’s for comparing costs between different products and providers. Like the Nationwide account, the First Direct, M&S Bank and HSBC accounts are only for a 12-month term. 2%* AER (1.98% gross p.a) variable in-credit interest on balances up to £1,500 (fixed for the first 12 months). 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. Alternatively, you can also search our current interest … ** Available on selected Apple devices only and compatible Android devices using Android 4.4 and higher. If you're not sure what type of borrowing might suit you best, try our guide to the different types of borrowing. The Flex Regular Online Saver account pays 5% AER variable interest for 12 months and allows savers to save up to £250 a month. View all our current accounts, More about the Financial Services Compensation Scheme. Photograph: Danny Lawson/PA Lisa Bachelor Apply online and choose to switch in the application form. Samsung Pay is available on selected Samsung devices. What Nationwide FlexAccount offers: A personal bank account for UK residents that can come in a basic form. We'll pay the 2% rate on the first account you open in just your name. You want to be in control – manage your money easily with our Banking app and Internet Bank. To help you understand the fees for this account, please read the Fee Information Document. (variable) on balances up to £1,000. If I were to open a flex direct account in each name would it be possible to get 5% on £2500 in each account. That’s on every penny in your account up to £1,500 – 1.98% gross a year. 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. 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. Nationwide is not responsible for the content of external websites. 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… You want a free account – there's no charges with a FlexOne account; You’d like to earn interest – you’ll get 0.1% AER / 0.09% gross p.a. Compare Nationwide current accounts If you’re 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. We’ll take a look at your circumstances to see what we can offer you. Find out more about the Nationwide FlexStudent current account, a student bank account with a flexible interest-free and fee-free overdraft. Our website survey opens in a newwindow for you to complete once you'vefinished what you wanted to do. To help you understand the fees for this account, please read the Fee Information Document. View all our current accounts. If you’ve had a FlexDirect before, you won’t receive this offer again, unless your new FlexDirect account is … Pay no interest on your arranged overdraft for 12 months after you open the account*. We’ll need to check before we can offer you a loan, overdraft, or credit card. 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. APR stands for Annual Percentage Rate. Gross p.a. It's easy to apply for a new FlexDirect account. Our website survey opens in a newwindow for you to complete once you'vefinished what you wanted to do. 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 … 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). 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 … 2% interest for the first 12 months - conditions apply. FlexDirect is based on a simple self-service concept. Nationwide adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk. is the interest rate without tax deducted. Gross p.a. My husband and I have a joint nationwide flex direct plus account and associated Flexclusive saver where the interest rate has now dropped to 1%. You can confirm our registration on the FCA's website (https://www.fca.org.uk). You need to be 18 or over to apply for an arranged overdraft. All rates and charges are subject to change and we may decide when to apply and waive any account charges. 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 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. Our overdrafts page can help you compare our arranged overdrafts, and find out how much one might cost. Nationwide is set to withdraw its popular regular savings account on Friday, which pays an attractive 5% interest rate. 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 … FlexPlus Travel insurance is changing as a result of the coronavirus pandemic. 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. 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