You can confirm our registration on the FCA's website (https://www.fca.org.uk). Find out more about the Nationwide FlexStudent current account, a student bank account with a flexible interest-free and fee-free overdraft. Find out why we use cookies and how to manage your settings. 39.9% APR Representative (variable). Find out more about the changes to the Personal Savings Allowance. After that, you’ll get 0.25% AER (0.24% gross p.a) variable. Find out why we use cookies and how to manage your settings. 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. Alternatively, you can also search our current interest … 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. This site uses cookies and by using the site you are consenting to this. 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. Our website survey opens in a newwindow for you to complete once you'vefinished what you wanted to do. - 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. Don’t worry, this won’t affect your credit score. Like all the other banks, Nationwide increased the overdraft interest rate as part of the new rules. If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. Based on an assumed arranged limit of £1,200 and an interest rate of 39.9% a year (variable). Nationwide is not responsible for the content of external websites. This introductory offer can be withdrawn at any time. 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 £1,000 each month, plus a … We’ll check your circumstances before we make our decision. 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 … AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Accounts which were applied for prior to May 1 … is the interest rate without tax deducted. 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. Photograph: Danny Lawson/PA Lisa Bachelor To see what charges we make for payments in other currencies and using your card abroad, see our using your cards abroad section. 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). We pay interest without tax deducted. 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. The Nationwide FlexDirect account was launched by the building society back in 2012, offering an interest rate of five percent. 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. Find out more about the changes to the, Yes, I would like to take part in the website survey. 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. 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. is the interest rate after the deduction of tax. Staying in your arranged overdraft over a long period can be an expensive way to borrow. It will depend on our view of your circumstances. Nationwide adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk. You need to be 18 or over to apply for an arranged overdraft. You need to be 18 or over to apply for a FlexDirect account. We have a credit card just for our members who hold a current account, mortgage or savings account with us. 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. I can't actually find the terms and conditions on the page. AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year. We pay interest without tax deducted. Our online FlexDirect account pays 2% AER interest fixed for the first 12 months. We’ll need to look at your circumstances first. This can be a massive bonus for anyone regularly overdrawn. 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