Nationwide FlexDirect account review (2024)

If you’re looking for an account that will help you earn money in return for just keeping a certain bank balance, Nationwide’s FlexDirect account might be your best option. Many UK banks and building societies offer these types of accounts and this one from Nationwide stands out for its good interest rates.

In this guide, we’ll give you a detailed 2024 Nationwide FlexDirect account review. We’ll show you all its most important features and give you the information you need to decide whether this is something you might want to consider.

And if you’re looking for an alternative to traditional banks, we’ll touch on the Wise account from the money services provider Wise which is designed for sending and spending money abroad. It allows you to manage your money in GBP and dozens of other currencies, with mid-market currency exchange and low, transparent fees*.

Learn more about the Wise account 💰

What is the Nationwide FlexDirect account?

The Nationwide FlexDirect account is a free everyday current account with in-credit interest on your money. Also, there’s an option of getting an interest-free arranged overdraft in the first 12 months of using it. It’s different from their other accounts since it’s designed to be managed only online or over the phone.

Let’s start our Nationwide FlexDirect account review by exploring its most important features in more detail.

Nationwide FlexDirect - key features¹

Here’s what you get with the Nationwide FlexDirect account:

• If you’re a new client, you get access to 5% AER (4.89% gross a year) fixed in-credit interest on your money for a year. When the first 12 months pass, the AER changes to 1% (0.99% gross a year) variable. This offer applies to balances up to £1,500 and you only qualify if you pay in at least £1,000 each month.
• There’s no monthly fee for this account
• You can get an interest-free arranged overdraft for the first 12 months of having the FlexDirect account. Once those 12 months are over, you’ll pay interest at 39.9% APR Representative variable. Needless to say, you’ll only get the overdraft if Nationwide runs a credit check on you and concludes your circumstances are right for it.
• This is a bank account that you can manage online or over the phone with automated banking. Only in exceptional cases will you be able to receive help from a Nationwide employee in person or over the phone.
• You can get a chequebook on request
• This can be either a sole or a joint account. You can make your FlexDirect a joint account either when applying or later on and you could share it with your partner, family member or friend.
• When you open this account, you’ll also be able to use some other Nationwide products. This includes their exclusive savings accounts, such as the Flex Regular Saver and Flex Instant Saver. The Flex Regular Saver account pays interest of 6.5% AER variable every year², while Flex Instant Saver has a 3.25% AER variable interest rate³.

Pros and cons of the Nationwide FlexDirect account

Let’s go through some pros and cons of the Nationwide FlexDirect account to help you weigh them:

How to open a Nationwide FlexDirect current account

In order to open the Nationwide FlexDirect account, you need to agree that the account is for personal use only. You must be at least 18 years old and a UK resident and also confirm that you don’t hold more than 4 Nationwide current accounts.¹ You can either go through the application process yourself or have Nationwide handle the switching from another provider.⁴

These are the steps to opening a Nationwide FlexDirect current account⁵:

• Go to Nationwide’s website and click ‘Apply for FlexDirect’
• Give your contact details and address history for the past three years
• If you’re employed, provide information on how much you earn and what your monthly expenses are (rent, childcare etc.)
• Click ‘ask for an arranged overdraft’ if that’s something you’d like
• If you want Nationwide to handle the switching, let them know now
• Choose some settings such as chequebooks or marketing preferences
• Agree to terms and conditions
• Confirm ID online

How to close a Nationwide FlexDirect account⁶

You can close your FlexDirect account online, in branch or by post. Before you do this, make sure that your account is not overdrawn and that you don’t have any outstanding charges due.

If you want to do this online, know that it’s only possible via Nationwide’s internet bank, not by email. These are the steps you need to take:

• Log in to Nationwide’s internet bank
• Choose the account you wish to close
• Click on ‘Other Account Services’
• Choose ‘Close Account’
• Follow the instructions

When closing your account in branch, make sure you bring the following documents:

• Your current account card
• Some form of identification, such as your passport or driving licence
• Chequebook, if you have one

You can find the nearest branch on Nationwide's website.

Finally, if you opt for closing your account by post, you can send a letter to any Nationwide branch. The letter needs to include the following information:

• Your full name
• Your address
• Your account number and sort code
• Your signature

Can I use my Nationwide FlexDirect account abroad?⁷

You can use your FlexDirect debit card for withdrawing and purchasing overseas. However, some fees and charges apply for non-sterling transactions, both in person and online.

When it comes to foreign transaction fees, you’ll pay 2.99% of the transaction amount each time you tap your card abroad. The same fee applies for any cash withdrawals in a foreign currency outside the UK.

When you make a purchase abroad and choose to pay in pounds, the retailer or cash machine will do the conversion and likely include some additional fees. However, when you choose to pay in the foreign currency, Nationwide will convert your pounds using the standard Visa exchange rate.

They have an example on their website for a €100 purchase or foreign cash withdrawal outside the UK. With the Visa exchange rate, that will be roughly £85.41. The 2.99% transaction will in this case be £2.55, so the total cost will be £87.97.

Check out the international Wise account and card

After reading our Nationwide Flexdirect account review, you should have an idea of whether this current account would be the right fit for you. The account has various benefits, but it’s up to you to decide whether it sounds like something you’d like to use.

And if you’re considering an alternative to traditional bank accounts, check out the Wise account. It allows you to manage your money in GBP and dozens of other currencies, with mid-market currency exchange and low, transparent fees*.

There’s also the Wise card, designed for low-cost spending around the world. For a one-time fee of £7, you can spend in 150+ countries. The Wise card auto-converts your pounds to the local currency, only adding a tiny, transparent conversion fee* or it’s free if you already have the currency in your Wise account.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Sources used:

Sources last checked on date: 13-Sep-2024