Account nameFlexDirect - Funded
Eligible for Member Credit Card.
ProviderNationwide BS
Account fee£0
Interest (AER)5%
ATM withdrawal limit£500
Debit networkVisa
Card typeCash / Debit
Minimum eligibility age18 Years
Minimum operating balance£0
Minimum opening balance£0
Direct debits
Current account switch guarantee
Cheque Book

Nationwide is the largest building society in the world with more than 15 million members. It first opened its doors in 1884 as the Co-operative Permanent Building Society. After growing and merging with around 250 other building societies over the next 135 years, it changed its name to Nationwide in 1970. The building society now offers a range of financial products, including current accounts.

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 and an interest-free overdraft for the first 12 months.

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 0.25% AER. You’ll need to pay in at least £1,000 a month to qualify.
  • Interest-free arranged overdraft. Pay no interest on your overdraft for 12 months from the date you first open your account. After 12 months, an interest rate of 39.9% APR applies.
  • Access to other Nationwide products. Members get access to exclusive products such as loans and credit cards.

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 interest-free overdraft 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.

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.

Pros and cons of the account


  • Earn interest on balances up to £1,500
  • Interest-free overdraft for 12 months
  • Access to exclusive offers
  • No monthly fee


  • No interest is paid on balances over £1,500
  • Interest on overdrafts is charged at 39.9% APR after the first 12 months
  • Account must usually be operated online or via the app
  • You’ll need to pay in at least £1,000 a month to earn interest

Our verdict: Is this account any good?

The Nationwide FlexDirect current account is a bit of an all-rounder. For those with a large overdraft to clear, the FlexDirect current account provides some much-needed breathing space to focus on paying it off without being hit by interest – so long as you can do this within 12 months.

Alternatively, if you usually stay in the black, the account is one of the few current accounts to still pay interest, provided you can pay in £1,000 or more a month. Visit Nationwide’s website to apply or compare other Nationwide accounts here.

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