LONDON, UNITED KINGDOM — (Marketwire) — 03/07/13 — From 1 March 2013, Nationwide-s FlexDirect will pay a market-leading rate for credit interest of 5% AER fixed for the first year on credit balances up to GBP 2,500. After the first year, the account pays 1% gross p.a./AER (variable) on credit balances up to GBP 2,500.
Customers requiring an overdraft will benefit from the introductory offer of no arranged overdraft charges for 12-months, after which a reduced daily usage charge of 50p will apply on arranged overdrafts of GBP 10 or more.
Existing FlexDirect customers will see the credit interest on their account increased to 5% AER for an additional 12-months, not just for the remainder of their initial introductory term. These customers will also benefit from the introductory overdraft offer of no arranged overdraft usage charges for the 12 month period.
FlexDirect requires minimum monthly funding of at least GBP 1,000(1). The self-service account can be opened in branch, online or by telephone, but customers will be required to use Nationwide-s online, mobile and telephone banks to carry out day-to-day transactions on their account. FlexDirect customers also have access to:
is easier than people think. Nationwide has a dedicated team which switches customer-s direct debits and standing orders for them. Customers are kept informed of progress via text updates.
Phil Smith, Nationwide-s head of current accounts, said: “Nationwide continues to see record numbers of customers switching to the Society as people continue to look for a credible alternative to the big banks.
“FlexDirect offers a market-leading credit interest rate of 5% AER, a rate that is likely to hold wide appeal in a market where many pay little or no interest.
“As a demonstration that Nationwide is “On Your Side”, existing FlexDirect customers will not miss out. The market-leading credit interest rate and introductory overdraft offer will be reset on their accounts for an additional 12-months.”
How FlexDirect-s credit interest compares against the big banks:
Source: Competitor websites and Nationwide – 22.2.2013
Notes to editors:
(1) Minimum monthly funding of GBP 1,000 excludes internal transfers.
Account Eligibility
Account Operation
Credit Interest
Overdraft daily usage fees
Flexclusives
Exclusive deals available to reward FlexDirect customers, including:
Customers also have access to Simply Rewards – A website exclusively for Nationwide debit card and credit card customers, offering discounts on top brands. Further details can be found at .
AER Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax). The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).
About Nationwide
Nationwide is the world-s largest building society as well as the second largest provider and a top-three provider of in the UK. It is also a major provider of , , and . Nationwide has around 15 million members.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide-s head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
Find recent press releases and photos at the Nationwide Media Centre:
Twitter:
YouTube:
Contacts:
Media information:
Nationwide
Michelle Slade
01793 657500
Nationwide
Steve Blore
01793 655199