Nationwide current accounts for July 2020

One of the few financial institutions that offer both an interest rate and a switching incentive on current accounts, Nationwide is a very competitive option for your everyday banking.

Updated

Fact checked
Nationwide
We say
★★★★★
Finder expert rating
You say
★★★★★
Customer satisfaction
Great customer service
Online/mobile services are a bit lacking

One of the few building societies left, Nationwide offers better conditions to its current account holders than most banks as well as 24/7 customer service and a widespread network of branches if you like sorting things out in person.

It’s also the winner of our Banking Customer Satisfaction Awards, for the best high street bank.

Starling Bank

Starling Bank: award-winning banking on your mobile

  • No monthly fees or fees overseas
  • Apply in minutes, direct from the app
  • Winner 2020 - Best Current Account, British Bank Awards
Promoted

Types of current accounts from Nationwide

Nationwide has a decent range of current accounts you can choose among, although it doesn’t offer any premium account options for high-end customers.

  • Incentive accounts

    The main benefit of Nationwide’s incentive accounts is that they pay an interest rate (yes, you’ve heard that right) on balances up to £2,500. You can choose between a free account with a great introductory offer and an account with loads of insurance benefits that also pays more in the long run in return for a monthly fee.
    Learn more about reward and incentive accounts

  • Student accounts

    You can get up to £3,000 of fee-free overdraft with Nationwide’s student account plus a nice little interest rate on your balance. If you’re after free railcards and discounts, compare accounts from other institutions – student accounts have the best benefits, so you may as well enjoy them until uni’s over and you’re thrown into your not-so-exciting adult life.
    Learn more about student accounts

  • Children’s accounts

    With Nationwide FlexOne, children aged 11-17 can get an early start at managing their finances and also earn some interests on their balance. If you have smaller kids, try comparing children current accounts – with some institutions they can open one when they’re as young as eight.
    Learn more about children’s accounts

The benefits of banking with Nationwide

  • Switching incentive. You need a friend to recommend you, but if you switch your main account to Nationwide (including two direct debits), you can both get £100 each.
  • Interest rate on balances. That’s probably Nationwide’s strongest selling point – most of its accounts pay some kind of interest rates on balances. FlexDirect’s introductory offer (5% up to £2,500 for the first 12 months) is among the top rates available on the market.
  • Multiple ways to bank. Nationwide has more than 650 branches across the UK, but you can also manage your accounts on the phone, online or using the mobile app.
  • Mobile Banking App. Easy to use and straightforward, it allows you to constantly stay on top of your finances and also to set savings goals.
  • Global acceptance. Nationwide’s debit cards are on the Visa network, so the vast majority of merchants around the world will take them.
  • Round-the-clock assistance. If you have an emergency, for example because your card is stolen, you can call Nationwide 24/7 and they’ll be able to sort it out for you.
  • A wide range of related products. If you need a savings account, a credit card, a loan, a mortgage or investments and insurance products, Nationwide has got you covered.

Opening an account with Nationwide

To open an account with Nationwide, you’ll have to provide the following information:

  • How much you expect to pay in each month
  • Your salary details and any assets you have
  • Your employment status
  • Your business account details if you’re self-employed
  • Your nationality/citizenship
  • Your residence status/tax residence status
  • Proof of identity

You can open a Nationwide account online or by visiting a branch – if you apply online, you may be asked to pop into a branch to provide proof of identity.

Why should I compare current accounts anyway?

Depending on how you manage your day-to-day spending, you’ll need different things from your current account. For example, you may want to think about the following:

  • How often you travel. Should you look for fee-free spending abroad?
  • How you bank. Are you addicted to mobile apps or would you rather sort things out in person?
  • How much you earn and spend. Depending on your income, you may be able to get higher-tier current accounts – and the perks and rewards that come with it.
  • Switching incentives. If you’re simply unhappy with your bank, there are plenty of others ready to offer you some cash if you switch your account.

Depending on which features are most important to you, there will be accounts that suit your needs best… so compare, compare, compare.

What about digital banking?

If your priorities are fee-free spending abroad and a slick mobile app with spending control features, you should definitely take a look at our digital banking section. Here are a few of the best deals out there at the moment.

Data indicated here is updated regularly
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
Santander
We say
★★★★★
You say
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
Starling Bank
We say
★★★★★
You say
★★★★★
0.05%
15% EAR variable
Seamless easy switching within 7 days
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
Cashplus
We say
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Account fee of £5.95 per month.
ThinkMoney
We say
★★★★★
0%
N/A
Guaranteed acceptance
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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