Rates and charges
Types of account
FlexAccount - for customers with a Visa debit card, cheque guarantee card or cash card with the offer of a chequebook.
Cash Card Account - for customers with a cash card without the offer of a chequebook, overdraft facility, Visa debit card or cheque guarantee card.
The information in these tables applies to both FlexAccount and Cash Card Account customers unless otherwise shown. The tables also summarise the product features and do not replace any terms and conditions
| Overdraft interest rates (notice given) | EAR |
|---|---|
| Authorised overdraft rate | 12.90% |
| Unauthorised overdraft rate (applied to whole balance) | 24.90% |
FlexAccount
| Credit interest rates | Until 31 July 2008 | From 1 August 2008 | ||
|---|---|---|---|---|
| Amount paid in | Gross p.a. / AER | Net p.a. | Gross p.a. / AER | Net p.a. |
| £1,500+ per month | 3.50% | 2.80% | 3.50% | 2.80% |
| £1,000+ per month | 3.50% | 2.80% | 2.00% | 1.60% |
| £500+ per month | 0.50% | 0.40% | 0.50% | 0.40% |
| Less than £500 paid in each month / no deposit is made | 0.10% | 0.08% | 0.10% | 0.08% |
Cash Card Account
| Credit interest rates | Until 31 July 2008 | From 1 August 2008 | ||
|---|---|---|---|---|
| Amount paid in | Gross p.a. / AER | Net p.a. | Gross p.a. / AER | Net p.a. |
| £1,000+ per month | 3.50% | 2.80% | 0.10% | 0.08% |
| £500+ per month | 0.50% | 0.40% | 0.10% | 0.08% |
| Less than £500 paid in each month / no deposit is made | 0.10% | 0.08% | 0.10% | 0.08% |
Important information
We pay credit interest at the rates shown above on balances up to £3,000. Any part of your balance over £3,000 will earn 0.10% before tax each year. From 1 August Cash Card Account customers will receive a single rate of interest paid on the total balance of their account. We work out interest each day and pay it into your account once a year on 31 December. Transfers from other Nationwide accounts do not count towards the monthly amount paid in.
We pay credit interest gross (the full amount) if you do not pay tax and have filled in HM Revenue & Customs form R85 (available from your local branch). We pay it net (with tax taken off) if you do pay tax. If you are joint account holders and one of you pays tax but the other does not, we can pay interest part net and part gross.
When we need to give you notice, you will receive 28 days notice before we take the charge or interest from your account. We will send you a 'Notice of charges' with your next regular statement and we will take the charge or interest 28 days after this statement date. You must pay charges for specialist services at the time the transaction takes place.
We work out overdraft interest each day and take it from your account each month. We will charge you the unauthorised overdraft interest rate and the unauthorised overdraft charge if your account is either overdrawn without our authorisation for all or part of a month, or over your authorised overdraft limit. We may decide when to apply unauthorised overdraft rates and charges, and other account charges.
All rates and charges may change.
Types of interest rate
AER – Annual Equivalent Rate. This shows what the interest rate would be if we paid interest and compounded it (interest paid on interest) once a year.
EAR – Equivalent Annual Rate. The yearly cost of an overdraft. These rates allow you to compare the different rates offered by providers.