Changes to FlexPlus, FlexDirect and FlexAccount

We're making changes to three of our adult current accounts. Overdrafts are changing for all three accounts, along with text alerts and terms and conditions. But if you have a Flexplus, then some of your features and insurances will be changing too.

We’ve created a calculator to help you understand the changes to your overdrafts. Beneath that, you’ll find all the detail for all the changes – simply pick your account.

Overdraft changes

Our aim is to make everyday borrowing simple and transparent, and to put you in control. That’s why on 11 November 2019, we’re moving to a single rate of interest for our arranged overdrafts on FlexPlus, FlexDirect and FlexAccount.

One interest rate of 39.9% EAR/APR (variable) for FlexPlus, FlexDirect and FlexAccount

This means: Borrowing £500 for 15 days will cost 51p less if you have a FlexPlus or FlexDirect. It will cost £3.83 more if you have a FlexAccount.

We’re removing all unarranged borrowing charges

This means: if you do go over your available limit, you won’t receive any additional charges. There will be no £5 daily fee, and no £5 paid or unpaid transaction fees.

We’re introducing new text alerts

This means: we’ll alert you each time you enter your arranged overdraft so you can avoid arranged overdraft fees. You’ll receive these texts automatically, as long as we have your correct mobile number.

Overdraft calculator

Compare the cost of your overdraft now, with what it could be from 11 November.

Tell us about your overdraft

Choose your Nationwide account

Cost of overdraft

FlexAccount

Before 11 November 2019

FlexAccount bank account
For arranged overdrafts of for a month Arranged overdraft charges £0 a month

For arranged overdrafts

  • You will be charged 18.9% EAR (variable)

  • An unarranged overdraft is where you go over your arranged overdraft limit. Or fall below a £0 balance without an arranged overdraft in place.
  • You'll be charged 18.9% EAR (variable), capped at £5 per month
  • Plus, a fee of £5 for each transaction we pay or return, capped at £45 per month.

You'll also get

  • There are no overdraft offers for FlexAccount

FlexAccount Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 39.9% EAR (variable)

FlexAccount

After 11 November 2019

FlexAccount bank account
For arranged overdrafts of for a month Arranged overdraft charges £0 a month

For arranged overdrafts

  • You will be charged 39.9% EAR (variable)

  • An unarranged overdraft is where you go over your arranged overdraft limit. Or fall below a £0 balance without an arranged overdraft in place.
  • We’re removing unarranged overdrafts and their fees
  • If you fall into an unarranged overdraft because we’re unable to stop a payment, you won’t be charged. But you’ll need to bring your account back within your limit to use it again.

You'll also get

  • There are no overdraft offers for FlexAccount

FlexAccount Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 39.9% APR (variable).

FlexDirect

Before 11 November 2019

FlexDirect bank account
For arranged overdrafts of for a month Arranged overdraft charges £0 a month

For arranged overdrafts

  • We’ll give you up to £10 fee free limit
  • Then we'll charge you 50p a day

  • An unarranged overdraft is where you go over your arranged overdraft limit. Or fall below a £0 balance without an arranged overdraft in place.
  • You'll be charged 50p a day for balances up to £10
  • You'll be charged £5 per day for balances over £10, capped at £35 per month
  • Plus, a fee of £5 for each transaction we pay or return, capped at £15 per month.

You'll also get

  • No fees on arranged overdrafts for the first 12 months

FlexDirect Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 50p per day (variable).

FlexDirect

After 11 November 2019

FlexDirect bank account
For arranged overdrafts of for a month Arranged overdraft charges £0 a month

For arranged overdrafts

  • You will be charged 39.9% EAR (variable)
  • The £10 fee-free buffer is being removed

  • An unarranged overdraft is where you go over your arranged overdraft limit. Or fall below a £0 balance without an arranged overdraft in place.
  • We’re removing unarranged overdrafts and their fees
  • If you fall into an unarranged overdraft because we’re unable to stop a payment, you won’t be charged. But you’ll need to bring your account back within your limit to use it again.

You'll also get

  • No fees on arranged overdrafts for the first 12 months

FlexDirect Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 39.9% APR (variable).

FlexPlus

Before 11 November 2019

FlexPlus bank account
For arranged overdrafts of for a month Arranged overdraft charges £0 a month

For arranged overdrafts

  • We’ll give you up to £250 fee free limit
  • Then we'll charge you 50p a day

  • An unarranged overdraft is where you go over your arranged overdraft limit. Or fall below a £0 balance without an arranged overdraft in place.
  • You'll be charged 50p a day for balances up to £10
  • You'll be charged £5 per day for balances over £10, capped at £50 per month

You'll also get

  • There are no overdraft offers for FlexPlus

FlexPlus Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 50p per day (variable).

FlexPlus

After 11 November 2019

FlexPlus bank account
For arranged overdrafts of for a month Arranged overdraft charges £0 a month

For arranged overdrafts

  • You will be charged 39.9% EAR (variable)
  • The £250 fee-free buffer is being removed

  • An unarranged overdraft is where you go over your arranged overdraft limit. Or fall below a £0 balance without an arranged overdraft in place.
  • We’re removing unarranged overdrafts and their fees
  • If you fall into an unarranged overdraft because we’re unable to stop a payment, you won’t be charged. But you’ll need to bring your account back within your limit to use it again.

You'll also get

  • There are no overdraft offers for FlexPlus

FlexPlus Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 39.9% APR (variable).

These costs are a guide. The real cost of your overdraft will depend on how you use it.

How the calculator works

The calculator assumes you've used a fixed amount of your overdraft for all the days you're overdrawn. Also, it doesn't factor in any fee free periods. So, the actual cost of your arranged overdraft could be lower.

All changes to our current accounts

Pick your account below for more detail on the changes to your overdrafts. You’ll also find summaries of the changes to your terms and conditions and text alerts. If you have a FlexPlus, it’s important to read this section as it includes the changes to your features and insurances.

There are a few changes ahead for FlexPlus. Some of these changes are because of new banking regulations to simplify the way we charge for overdrafts. They'll make the way you borrow easier to understand and control. At the same time, we've reviewed FlexPlus features and insurances. Because it's important to us to offer you the best products we can.

Summary of changes to FlexPlus features and insurances

No more foreign transaction fees from 1 August

We’ll no longer charge you a transaction fee when you use your debit card to pay for things abroad.

In-credit interest is being removed from 1 November

FlexPlus currently pays interest of 3% AER (2.96% gross) on the money in your account up to £2,500. We’re removing in-credit interest to keep FlexPlus sustainable, in light of rising costs.

Travel insurance changes from 1 November

We're updating your cover to reflect changes in travel trends and industry guidance. The updates will also reflect future developments in technology. We've improved the layout and order of the policy, too. These changes may mean you're no longer covered. They may also affect your level of cover.

Mobile phone insurance from 1 November

Handsets are becoming more expensive to replace. So, we've increased the phone value limit to £1,500. We’ve also raised the cost of excesses:


  • Apple handsets – £75 for damage or breakdown, and £125 for loss or theft
  • Non-Apple handsets – £50 for damage or breakdown, and £100 for loss or theft

There are no changes to FlexPlus breakdown cover

Our breakdown cover is staying just as it is. No changes at all.

Save and print your copy of the changes


Summary of changes to FlexPlus overdrafts

One single interest rate for our arranged overdrafts from 11 November

From the 11 November, our arranged overdraft interest rate will be 39.9% EAR/APR (variable) for FlexAccount, FlexDirect and FlexPlus. An arranged overdraft is one you’ve agreed with us in advance.

The £250 fee-free buffer is being removed from 11 November

From 11 November, you’ll be charged for all of your arranged overdraft.

No more unarranged overdrafts from 11 November

From 11 November, we’re removing unarranged overdrafts. This means you will not usually be able to spend over your arranged overdraft limit. And if you don’t have an arranged overdraft, then we’ll try to stop you from falling below a £0 balance. There are some cases where we can’t stop a transaction and you may go into an unarranged overdraft. That’s because they’re not charged at the same time that the payment takes place. If you go into an unarranged overdraft, you’ll only pay interest up to your arranged overdraft limit.

No more unarranged overdraft fees from 11 November

From 11 November, we'll be saying goodbye to all unarranged overdraft fees. That’s the £5 daily fee, and the fees for stopping and paying transactions. So, if you do go over your available limit, there'll be no fees. But you’ll need to get your account within your limit before you can use it again. 

New text alerts by 18 December

We're introducing two new text alerts. One will let you know when you’ve entered an arranged overdraft. The other will let you know when a scheduled payment will take you into your arranged overdraft. Everyone will receive the new alerts, as long as we have your correct mobile number. You can choose to opt out of these new alerts by texting ‘STOP Arranged' to 65037. It’s also possible to change your preferences for existing text alerts.

These changes will not affect your current arranged overdraft limit.

Other changes to your FlexPlus terms and conditions

We're making a few more changes to the terms and conditions of your account. These changes come into effect on 11 November.

The purpose of these changes is to:

  • Clarify our ability to make future changes to your agreement.
  • Help us to comply with Strong Customer Authentication. This is part of a new regulation that changes the way you shop and bank online.
  • Set out how you can use Third Party Provider services, following the launch of Open Banking.

Save and print your copy of the changes

Understanding the changes to your overdraft and text alerts

There’s a new regulation on the horizon, designed to simplify the way we charge for overdrafts. Because of this, all banks and building societies will need to make changes. We want to make the way you borrow easier to understand and control.

Summary of changes to FlexDirect overdrafts

One single interest rate for our arranged overdrafts from 11 November

From the 11 November, our arranged overdraft interest rate will be 39.9% EAR/APR (variable) for FlexAccount, FlexDirect and FlexPlus. An arranged overdraft is one you’ve agreed with us in advance.

The £10 fee-free buffer is being removed from 11 November

From 11 November, you’ll be charged for all of your arranged overdraft.

No more unarranged overdrafts from 11 November

From 11 November, we’re removing unarranged overdrafts. This means you will not usually be able to spend over your arranged overdraft limit. And if you don’t have an arranged overdraft, then we’ll try to stop you from falling below a £0 balance. There are some cases where we can’t stop a transaction and you may go into an unarranged overdraft. That’s because they’re not charged at the same time that the payment takes place. If you go into an unarranged overdraft, you’ll only pay interest up to your arranged overdraft limit.

No more unarranged overdraft fees from 11 November

From 11 November, we'll be saying goodbye to all unarranged overdraft fees. That’s the £5 daily fee, and the fees for stopping and paying transactions. So, if you do go over your available limit, there'll be no fees. But you’ll need to get your account within your limit before you can use it again. 

New text alerts by 18 December

We're introducing two new text alerts. One will let you know when you’ve entered an arranged overdraft. The other will let you know when a scheduled payment will take you into your arranged overdraft. Everyone will receive the new alerts, as long as we have your correct mobile number. You can choose to opt out of these new alerts by texting ‘STOP Arranged' to 65037. It’s also possible to change your preferences for existing text alerts.



These changes will not affect your arranged overdraft limit. If you opened your FlexDirect within the last 12 months, you'll still be on 0% interest until the anniversary of your account opening. From then on, you'll start paying interest on your arranged overdraft.

Other changes to your FlexDirect terms and conditions

We're making a few more changes to the terms and conditions of your account. These changes come into effect on 11 November.

The purpose of these changes is to:

  • Clarify our ability to make future changes to your agreement.
  • Help us to comply with Strong Customer Authentication. This is part of a new regulation that changes the way you shop and bank online.
  • Set out how you can use Third Party Provider services, following the launch of Open Banking.

Save and print your copy of the changes

Understanding the changes to your overdraft and text alerts

There’s a new regulation on the horizon, designed to simplify the way we charge for overdrafts. Because of this, all banks and building societies will need to make changes. We want to make the way you borrow easier to understand and control.

Summary of changes to FlexAccount overdrafts

One single interest rate for our arranged overdrafts from 11 November

From the 11 November, our arranged overdraft interest rate will be 39.9% EAR/APR (variable) for FlexAccount, FlexDirect and FlexPlus. An arranged overdraft is one you’ve agreed with us in advance.

No more unarranged overdrafts from 11 November

From 11 November, we’re removing unarranged overdrafts. This means you will not usually be able to spend over your arranged overdraft limit. And if you don’t have an arranged overdraft, then we’ll try to stop you from falling below a £0 balance. There are some cases where we can’t stop a transaction and you may go into an unarranged overdraft. That’s because they’re not charged at the same time that the payment takes place. If you go into an unarranged overdraft, you’ll only pay interest up to your arranged overdraft limit.

No more unarranged overdraft fees from 11 November

From 11 November, we'll be saying goodbye to all unarranged overdraft fees. So, if you do go over your available limit, there'll be no fees for paying and stopping transactions. But you’ll need to get your account within your limit before you can use it again.

New text alerts by 18 December

We're introducing two new text alerts. One will let you know when you’ve entered an arranged overdraft. The other will let you know when a scheduled payment will take you into your arranged overdraft. Everyone will receive the new alerts, as long as we have your correct mobile number. You can choose to opt out of these new alerts by texting ‘STOP Arranged' to 65037. It’s also possible to change your preferences for existing text alerts.

These changes will not affect your current arranged overdraft limit.

Other changes to your FlexAccount terms and conditions

We're making a few more changes to the terms and conditions of your account. These changes come into effect on 11 November.

The purpose of these changes is to:

  • Clarify our ability to make future changes to your agreement.
  • Help us to comply with Strong Customer Authentication. This is part of a new regulation that changes the way you shop and bank online.
  • Set out how you can use Third Party Provider services, following the launch of Open Banking.

Save and print your copy of the changes

Understanding the changes to your overdraft and text alerts

Your options if you already have a FlexPlus, FlexDirect or FlexAccount 

If you’re happy to accept all the changes

You don’t need to do a thing. The changes will come into effect automatically.

If you’re worried that you won’t be able to afford your overdraft



If you’re not sure what to do

Please get in touch. We’ll be happy to help. Give us a call, or pop into your local branch.

If you decide that your account is no longer right for you


  • You can change your account to one of our other current accounts (taking any arranged overdraft with you).
  • Or you can close your Account, though you’ll need to repay your overdraft first. Your insurance cover will end on the date you close your account.
  • There’s also the option to switch your account to another provider. You may be able to make arrangements with your new provider to cover the overdraft you have with us.

Your options if you’ve recently applied for FlexPlus, FlexDirect or FlexAccount

If you’ve started an application and we’ve asked you for more information.

If you’re happy with the changes and still want the account, please send us the information we’ve requested. The changes will come into effect on their respective dates.

If you decide you no longer want the account, do nothing. Your application won’t progress without the requested information.

Important information

What is EAR?

EAR stands for ‘Equivalent Annual Rate’. It’s an interest rate that takes into account the compounding of interest. That’s when interest is added to your outstanding balance, meaning you pay interest on interest already charged. It doesn’t include fees or promotional rates.

What is APR?

APR stands for Annual Percentage Rate. It includes all the costs of borrowing such as certain account fees and promotional rates. It's for comparing costs between different products and providers.