Nationwide FlexDirect current account review
- Incentive
- Earn 1% cashback on debit card spend, capped at £5 per month.
- Account fee
- £0
- Interest (AER)
- 5% AER
- Overseas card transactions
- 2.99%
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable.
Our verdict
Great in year one. Then, um... less great.
The Nationwide FlexDirect current account is designed for those looking to make the most of their everyday banking. It offers a range of benefits aimed at rewarding new customers, including a strong introductory interest rate and other perks that make it appealing for people who regularly manage their finances online. With no monthly fee and a straightforward application process, it’s a solid option for anyone who wants a simple, rewarding account.
Visit Nationwide's website to apply or compare other Nationwide accounts here.
Check out our guide to best bank accounts for more information.
Pros
-
Pays interest on in-credit balances
-
Interest-free overdraft for the first 12 months
-
No monthly fee
-
Account can easily be opened online
Cons
-
Interest rate drops after the first 12 months
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Interest is charged on overdrafts after the first 12 months
-
Account can only be managed online
Details
Product overview
| Account name | FlexDirect - Funded |
| Incentive | Earn 1% cashback on debit card spend, capped at £5 per month. |
| Provider | Nationwide BS |
| Account fee | £0 |
| Interest (AER) | 5% AER |
| ATM withdrawal limit | £500 |
| Debit network | Visa |
| Card type | Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £0 |
| Minimum opening balance | £0 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 2.99% |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | 2.99% |
| Foreign cash transaction fee in Europe | £0 |
| Foreign cash transaction fee in rest of world | £0 |
Overdraft information
| Arranged overdraft available | |
| Arranged overdraft rate | 0% |
| Overdraft Grace Period | 14:30 same day |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable. |
What is the Nationwide FlexDirect current account?
The Nationwide FlexDirect current account offers everything you need from a bank account, plus interest on balances up to £1,500 for the first 12 months and cashback on debit card spending. You’ll also get a £50 interest-free overdraft buffer.
There’s no monthly fee for the account which can be managed online or via the Nationwide banking app. It can be opened as an individual or joint account and a chequebook is available on request. It comes with a contactless Visa debit card.
How does it work?
The main features of the Nationwide FlexDirect current account are outlined below:
- Interest on in-credit balances. Earn interest of 5.00% AER on balances up to £1,500 for the first 12 months. After this, you’ll earn 1.00% AER. You’ll need to pay in at least £1,000 a month to qualify.
- Cashback on purchases. Earn 1% monthly cashback (up to £5 a month) when you spend on your debit card. Again, this only applies for the first 12 months and you must pay in at least £1,000 a month to qualify.
- Interest-free £50 arranged overdraft. If you’re eligible for an overdraft, the first £50 is interest-free (Nationwide used to offer a more generous interest-free overdraft for 12 months but this is no longer the case).
- Access to other Nationwide products. Members get access to exclusive products such as loans and credit cards.
"It pays to be a Nationwide member, literally! Nationwide is one of the only banking providers that gives cash payouts for loyalty. It's made a "Fairer Share Payment" to eligible members for 3 years in a row, and in 2025, it made an extra £50 payment as a thank you to customers following its purchase of Virgin Money. Meaning, if you've been an eligible member since 2023, you'll have made a total of £350 to date. This is why we named Nationwide our 2025 Provider of the Year for Banking Perks. "
Who is it for?
To apply for the Nationwide FlexDirect account, you’ll need to be at least 18 years old, a UK resident and use the account for personal reasons only. You must also not hold more than 4 existing Nationwide current accounts.
If you’ve already had a FlexDirect account before, you won’t receive the 12-month credit interest offer or cashback again. However, you will get the offer on a new joint account, so long as you haven’t shared a FlexDirect account with that person before.
"I moved from Barclays to Nationwide for both the switcher deal and for my current and savings accounts to earn interest. I really like the savings tools – I use of them to round up my spending to the nearest £1 and put it straight into my savings. It’s a small amount each time, but it adds up! I also wanted to switch to a bank with a greater emphasis on social and green investments.
If there’s one thing you’d tell a friend who’s thinking of getting this, what would it be?
Great current and savings products but the app interface is a little clunky and having to use the card reader to add a new payee can get annoying."
How does it compare with other popular banking apps?
Finder Score for bank accounts
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
Read the full methodology
"Nationwide is a solid choice for a current account. However, I wouldn’t say there was anything exceptional worth mentioning in terms of features. The app is straightforward and easy to use and any interactions I’ve had with customer service have always been positive. One frustration I have is the requirement to sometimes use a card reader to set up a new payee, which is not always doable when I am out and about.
Where Nationwide does stand out is how it rewards its customers. I’ve benefited from initiatives like its supermarket cashback offer during 2023 and its Fairer Share Payment to members, which have been a nice addition to a dependable banking experience."
How to apply
You can apply for the Nationwide FlexDirect current account online. You’ll need your address history for the past 3 years, your employer’s history (if you’re employed) and a valid UK passport or full UK driving licence. If you don’t have a passport or driving licence, you may have to go into a branch with your ID.
If you already have a current account with Nationwide and you want to switch to the Nationwide FlexDirect account, you can do so via online banking.
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