Nationwide current accounts for January 2022

Great customer service

No spending analysis tools in its app

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

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Name	Product	Ratings	Account fees	Funding requirement	Interest (AER)	Arranged overdraft	Incentive	Representative example	Link
FlexBasic		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	No minimum funding requirement	0%	N/A			View details		loading Fetching your data...
FlexDirect - Funded		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	Min. £1000 Per Month	2%	39.9% EAR variable	£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.	View details		loading Fetching your data...
FlexAccount - Funded		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	No minimum funding requirement	0%	39.9% EAR variable	£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.	View details		loading Fetching your data...
FlexDirect - Non-funded		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	Max £999.99 Per Month	0%	39.9% EAR variable	£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.	View details		loading Fetching your data...
FlexPlus		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£13 per month	No minimum funding requirement	0%	39.9% EAR variable	£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable. Account fee of £13 per month.	View details		loading Fetching your data...
FlexOne		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	No minimum funding requirement	0.09%	N/A			View details		loading Fetching your data...
FlexGraduate		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	No minimum funding requirement	0%	0% EAR variable	Eligible for Member Credit Card.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 0% EAR variable.	View details		loading Fetching your data...
FlexStudent - Funded		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	Min. £500 per term	0%	N/A	Eligible for Member Credit Card.		View details		loading Fetching your data...

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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.

Our verdict

Nationwide currently offer current accounts with the some of the highest available interest rates. If you’re looking to earn interest on an in-credit balance, these accounts are worth investigating. If Nationwide’s current accounts are not for you, you can also compare other current accounts here.

FAQs

• Can I have two Nationwide current accounts?

  Yes! There’s no limit to the number of accounts you can open. Remember though to check out the competition and be wary of opening multiple accounts just to use features like overdrafts.

• Does Nationwide pay interest on current accounts?

  Yes, it does! Nationwide’s FlexDirect, FlexPlus, FlexStudent and FlexOne current accounts all pay some kind of interest on balances.

• What are Nationwide's current account terms and conditions?

  You can find them on Nationwide’s website here.