IMPORTANT INFORMATION

FlexDirect gives you access to 5.00% AER (4.89% gross p.a.) interest on your in-credit balance up to $2,500. This rate is fixed for first 12 months and then reverts to 1.00% gross p.a./ AER variable afterwards. You must pay $1,000 or more (excluding internal transfers) into your account each month to receive in-credit interest with FlexDirect. Rates may be withdrawn without notice. Under the terms and conditions of this account, customers are only guaranteed the 5% AER promotional credit interest rate on one FlexDirect account.

Overdrafts are only open to customers aged 18 or over and are subject to approval.

To be eligible for the 3 month interest-free overdraft on our FlexAccount, all we ask is that you use our Account Transfer Service to switch your existing Direct Debits and standing orders when you open your new account. Switching to us is easy, and we can manage it for you. More on switching.

How we pay interests

On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We normally pay you this interest 'net' of any tax, which means we deduct any tax due and pass it to the government for you.

What does AER mean?

AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year.

What does gross mean?

The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

Nationwide subscribes to the Lending Code. For more information on the Lending Code please visit http://www.lendingstandardsboard.org.uk/ . You need to be 16 or over to apply for a FlexAccount and 18 or over to apply for a FlexDirect or FlexPlus account. FlexAccount European Travel Insurance and FlexPlus Annual Worldwide Travel Insurance are provided for Nationwide by US Insurance Limited.

US Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority (FCA). The Prudential Regulation Authority registered number is 202810. Address - The Wharf, Neville Street, Leeds, LS1 4AZ.

US Insurance Limited is registered in England. Registration number – 1179980. Worldwide Mobile Phone Insurance is arranged and administered for FlexPlus by Lifestyle Services Group Limited and underwritten by London General Insurance Company Limited.

FlexPlus Breakdown cover is provided by Britannia Rescue and is underwritten by Liverpool Victoria Insurance Company Limited.

Extended Warranty Protection is arranged and administered for FlexPlus by Lifestyle Services Group Limited and underwritten by London General Insurance Company Limited.

Identity Theft and Worldwide Emergency Card Assistance are provided for FlexPlus by Lifestyle Services Group Limited.