Important information

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  • About the account
    • Our FlexAccount is only available if you are a UK resident and are aged 16 or over. You must be 18 or over to apply for an overdraft.
    • We will take income tax from the interest at the lower rate (currently 20%) unless you are registered to receive interest without tax taken off by HM Revenue & Customs.
    • We follow the Banking Code.
    • If we cannot settle a complaint to your satisfaction through our internal complaints procedure you may refer the matter to the Financial Ombudsman Service.
    • We do not charge for you using cash machines in the UK or abroad. The machine provider may make a charge but we have no control over this.
    • We may record calls for monitoring and training purposes.


    We are a member of the Financial Services Compensation Scheme set up under the Financial Services and Markets Act 2000. The Scheme will cover up to £35,000 of money you have invested with us in shares or deposits. Most investors are covered, including individuals and small firms. Although most shares and deposits in UK building societies are in sterling, the scheme also covers the euro and other European Economic Area currencies. You can ask us for more details.

    You may close your account at any time by writing to us at Nationwide Building Society, Nationwide House, Pipers Way, Swindon, Wiltshire, SN38 1NW, enclosing your FlexAccount cards and chequebooks. We will only close your account when you return all the cards we have sent you, and made all the payments you are responsible for under your account. In normal circumstances, we will not close your account without giving you at least 30 days' notice.

    Your account is governed by English Law and we will use English in all our communications with you.
  • Terms explained
    AER - stands for Annual Equivalent Rate and shows what the interest would be if we paid interest and compounded it (interest earned on interest) once each year. 

    EAR - Equivalent Annual Rate. This is the yearly cost of an overdraft or loan. It is meant to allow you to compare similar products when looking at different rates offered by lenders.

    p.a. - per annum. Interest rates are displayed for yearly periods.
  • The Banking Code and you
    Setting standards for banks, building societies and other banking service providers.

    We follow the Banking Code. Not all financial institutions do. Doing your banking with someone who follows the Banking Code gives you extra confidence. You should check that any other financial institution you deal with for banking services (such as savings accounts, current accounts, loans and credit cards) also follows the code.

    The Banking Code sets minimum standards of service that you can expect from banks, building societies and other providers of banking services.
  • Our responsibilities to you
    We promise we will treat you fairly and reasonably when providing you with products and services covered in this Code. We will keep this promise by meeting all of the key commitments shown below.

    • We will make sure that our advertising and promotional literature is clear and not misleading and that you are given clear information about our products and services.
    • We will give you clear information about accounts and services, how they work, their terms and conditions and the interest rates which may apply.
    • We will help you use your account or service by sending you regular statements (where appropriate) and we will keep you informed about changes to the interest rates, charges or terms and conditions.
    • We will help you to switch your current account between financial institutions subscribing to this Code.
    • We will lend responsibly.
    • We will deal quickly and sympathetically with things that go wrong and consider all cases of financial difficulty sympathetically and positively.
    • We will treat all your personal information as private and confidential, and provide secure and reliable banking and payment systems.
    • We will publicise this Code, have copies available and make sure that our staff are trained to put it into practice.
  • How you can find out more
    The Banking Code is updated regularly. The most recent edition came into force on 31 March 2008. It contains standards that cover:

    • choosing products and services which meet your needs
    • running your account
    • borrowing money
    • interest rates, charges and terms and conditions, and how you will be told about any changes to these
    • cards and PINs
    • protecting your account and your personal information
    • moving or closing your account
    • dealing with financial difficulties
    • complaints
  • How to make a complaint
    If you ask us, we will tell you how to make a complaint and how quickly we will deal with it. If we cannot settle the complaint to your satisfaction, you may ask the Financial Ombudsman Service to look into it. You can contact them at South Quay Plaza, 183 Marsh Wall, London, E14 9SR or visit www.financial-ombudsman.org.uk.
  • Copies of The Banking Code
    If you would like a free copy of the Banking Code, you can get one from us. Or you can view and download a copy from the British Bankers' Association's website at www.bba.org.uk.
  • Banking Code Standards Board
    The Banking Code is monitored by an independent organisation - the Banking Code Standards Board. It makes sure that any institutions which follow the code follow it and it can take action if any organisation fails to do so. You can contact them at Level 12, City Tower, 40 Basinghall Street, London, EC2V 5DE or via their website at www.bankingcode.org.uk.

 
© Nationwide Building Society