Nationwide launches FlexDirect current account

Nationwide has announced the launch of FlexDirect, the Society's first new current account in over 25 years.

FlexDirect will pay credit interest of 2% p.a./AER (fixed) for the first year on in-credit balances up to £2,500. After the first year, the account pays 1% p.a./AER (variable).

FlexDirect is a self-service account requiring minimum monthly funding of at least £1,000. Customers can open the account in branch, online or by telephone, but will be required to use Nationwide's online and telephone bank to carry out day-to-day transactions on their account.  FlexDirect customers will also have access to:

Nationwide's range of ‘Flexclusives' including exclusive savings, mortgages, credit cards and personal loan deals

Simply Rewards - a website offering discounts on a range of products and services from top consumer brands.

Eligible customers are offered a three month fee free overdraft, after which arranged overdrafts are charged at £1 per day, with a maximum charge of £20 per month.

To help those intending to transfer their current account, the Society has a dedicated team which switches customer's direct debits and standing orders for them. Customers are kept informed of progress via text updates. At the same time the Society offers an account transfer promise to contact a customer's direct debit providers within ten working days, if not we give them £100.

Phil Smith, Nationwide's head of current accounts, said: "FlexDirect offers customers a competitive rate of credit interest as well as providing them with access to exclusive deals on other Nationwide products. Supported by our Internet Bank, we feel this account will be a real hit with customers looking to get more from their current account.

"Nationwide continues to see an increase in the number of customers switching to the Society as people look at credible alternatives to the big banks. Switching current accounts is easier than people think. Our account transfer team will switch customer's regular payments for them and will keep them informed of how the switch is progressing via text.

"Nationwide continues to offer competitive products with long-term good value, which is underpinned by a commitment to great customer service."