Nationwide BS Main Current AC, Mortgage and Savings Member Personal Loan review September 2020

Nationwide BS Main Current AC, Mortgage and Savings Member Personal Loan
Nationwide BS Main Current AC, Mortgage and Savings Member Personal Loan

A solid product that also allows some flexibility, this personal loan could be a good option if you’re about to embark on an expensive project or purchase, and need some extra support.

Founded in the 19th century, Nationwide is one of the few building societies left that offer current accounts nationally. A building society is different from a bank in that it doesn’t have any investors – people who register for a current account, a savings account or a mortgage automatically become members, and are the owners of the company. Cutting out the need for paying dividends to shareholders is meant to result in better interest rates on savings accounts for members.

Members who have a main current account, a mortgage or a savings account with Nationwide can apply for this unsecured personal loan. It comes at a competitive interest rate and you can also apply with your spouse or partner.

However, the most-wanted feature of this loan is probably the flexibility – if you suddenly get that long-desired pay rise and want to overpay on some months, Nationwide won’t charge any penalties.

Name Product Total Payable Monthly Repayment Representative APR Link
Nationwide BS Main Current AC, Mortgage and Savings Member Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.
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Key details

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £25,000.00
Loan terms1 Year to 7 Years
Loan rate typeFixed
Product fee0%
Same day funding available
Same day funding noteExisting current account customers can receive funds within 2 hours.
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit

Am I eligible?

Available toExisting Customers only
Age18 to 79
Credit profilesGood
Acceptance noteMinimum Applicant Income £700 net Per Month.

How do I apply

You can only apply for this personal loan if you have a mortgage, a savings account or a main current account with Nationwide. In practice, this means that most Nationwide customers could potentially qualify for this product’s discounted rate. Always make sure you check the eligibility criteria carefully before applying.

You can apply online by accessing your Nationwide online banking, and you’ll need both your personal details (including three years of address history) and your financial details (information about your income, employment and expenses).

If instead you only have a regular Nationwide current account, you may not qualify (full information on this can be found on Nationwide’s website) – in which case, you can take a look at our review of Nationwide’s basic personal loan.

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