FlexDirect
Switching bonus from Nationwide
Bonus
£175
Penny's take
Strong all-round package for first-time Nationwide switchers. The £175 bonus arrives alongside genuinely useful first-year perks — 5% AER on up to £1,500 and 1% debit-card cashback — making this one of the more rewarding free accounts available. The hoops are reasonable: switch via CASS, move two Direct Debits, pay in £1,000 and make one card payment within 31 days.
The biggest catch is the one-time eligibility rule — previous Nationwide switchers need not apply, and you must be moving from a non-Nationwide, non-Virgin Money account. The first-year rates also drop after 12 months, so the long-term appeal depends on how you use the account day-to-day.
Requirements at a glance
Deposit requirement
Direct Debits
Transactions
Monthly fee
Online Banking
How to qualify
Requirements
- •Complete a full Current Account Switch Service (CASS) switch within 28 days, closing the old account and moving at least two active Direct Debits.
- •Pay in £1,000 within 31 days of account opening or applying to switch to an existing account.
- •Make at least one qualifying debit card payment within the same 31-day period.
Things to check
- This must be your first eligible Nationwide switch offer for a sole account, or your first for a joint account.
- You must switch from a non-Nationwide and non-Virgin Money current account.
- FlexDirect interest and cashback have separate monthly funding and transaction conditions.
Account Benefits
No monthly fee
FlexDirect has no monthly account charge.
First-year cashback
Earn 1% monthly debit-card cashback for 12 months when the account conditions are met.
First-year interest
Earn 5% AER on balances up to £1,500 for 12 months when the funding conditions are met.
£50 overdraft buffer
The first £50 of an approved arranged overdraft is interest-free.