Nationwide has relaunched its FlexDirect current account with enhanced perks, offering eligible customers the potential to gain up to £470 in value within a year. The building society, which operates branches in Birmingham, is combining cashback, credit interest, and a switching bonus to reward everyday spending and account balances.
What the new FlexDirect account includes
The updated FlexDirect account is designed for everyday use, with management available in-branch or online. It includes a mobile app featuring budgeting tools and selfie authentication, alongside telephone and branch assistance for customers switching to the account.
Fred Powell, head of current accounts at Nationwide, said: “Simple changes like choosing a current account with cashback and interest can make a big difference. Our new FlexDirect current account is designed for everyday spending. You can manage it in a branch or online; it has a great app with budgeting tools and selfie authentication, and we can help customers on the phone or in a branch to switch.”
Eligibility and steps to secure the switching bonus
To qualify for the switching bonus, customers must move to a new or existing FlexDirect, FlexAccount, or FlexPlus from a non-Nationwide or non-Virgin Money current account. They must complete a full switch using the Current Account Switch Service, have at least two Direct Debits on their old account, and finish the switch within 28 days.
Additionally, account holders need to pay in £1,000 and make one debit card payment within 31 days of the new account opening, or within 31 days of applying to switch an existing account.
Expert analysis on the account's value
Rachel Springall, finance expert at Moneyfacts, said: “Nationwide’s FlexDirect account could offer customers up to £470 in value in the first year, including cashback, credit interest, the switching incentive and, assuming the £100 Fairer Share is paid again. The account is highly attractive all-round and rewards customers on their day-to-day spending with cashback. Those who keep a bit of cash in the account will earn an inflation-busting interest rate.”
Springall also highlighted the ease of switching, noting: “Switching current accounts is quick and easy to do through the Current Account Switch Service, which celebrates its 13th anniversary this month. The service moves over any balance and redirects standing orders and direct debits to the new account.”
She cautioned consumers to assess their options carefully: “Customers must not feel rushed to switch. There is no real ‘one-size-fits-all’ current account, as many are tailored for different needs. Those that do offer an array of add-ons must be regularly assessed to ensure they are still offering value for money, otherwise consumers will waste their cash on the packaged account fee.”
