Nationwide Reviews - Current Account

Ranked 5 of 9 Current Account providers

Nationwide Reviews

Reviews

1,134

Review Score

5.64/10

Defaqto

Defaqto

Arranged Overdraft Interest Rate

39.9%

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Reviews

1,134

Review Score

5.64/10

Nationwide is reviewed on

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Benefits of Nationwide’s FlexAccount

Nationwide’s FlexAccount is their simple, free current account. A FlexAccount includes, but isn’t limited to the following benefits:

  • No monthly maintenance fee
  • Arranged overdraft available
  • Bank online, over the phone or in branch
  • Contactless Debit Card

Compare current accounts to see how Nationwide perform against their competitors.

What other current accounts do they offer?

Alongside their FlexAccount, Nationwide offers a range of current accounts that come with additional benefits that might be better tailored to your personal banking needs.

FlexDirect

Nationwide’s free, online account.

  • Apply for an arranged overdraft
  • Interest paid if you pay in at least £1,000 a month
  • Bank online or with Nationwide’s app

 

FlexPlus

Packed with perks and insurance benefits for a £13 monthly fee.

  • Uk & European breakdown and recovery assistance
  • Worldwide family travel insurance
  • Worldwide family mobile phone insurance
  • Arranged overdraft available
  • Travel-friendly debit card

 

FlexStudent

An account tailored to the needs of students. This account could suit you if you’re 18 or older and have been accepted for a UCAS course that’s at least 2 years long. This account is completely fee-free even when using your card abroad. You can also get a fee-free overdraft of up to £3,000 by year three.

FlexOne

An account for young people, aged 11-17 years old. There’s no monthly maintenance fee and you’ll get 0.1% AER/0.09% gross p.a. (variable) on balances up to £1,000.

FlexBasic

This is Nationwide’s most basic current account. Ideal for people who have been made bankrupt or aren’t eligible for any of Nationwide’s other current accounts, there’s no arranged overdraft option available with this account.

This account comes with:

  • Contactless Debit Card
  • Free mobile and online banking
  • Free text alerts
  • Withdraw up to £500 cash per day from ATMs

It doesn’t include:

  • Cheque book
  • Arranged overdraft option
  • Interest on credit balances
  • Insurance benefits

Can I have more than one Nationwide account?

Yes, you can have as many Nationwide current accounts as you like. So, if you have your eye on more than one of the great accounts that they offer, you can go ahead and apply today. However, you should always check out what the competition is offering to see if there’s an account out there that better suits your needs and you should always be wary of opening multiple accounts just to benefit from features like overdrafts.

How do I open a current account with Nationwide?

You can apply for a Nationwide current account both online or in a branch, however, if you apply online, you might be asked to visit your local branch to provide proof of your identity. To open an account, you need to provide Nationwide with the following information:

  • How much you expect to pay in each month
  • Salary details, plus any assets you have
  • Your employer’s address and phone number
  • Business account details if you’re self-employed
  • Nationality/citizenship
  • Residence status
  • Proof of ID

What overdraft options do they offer?

Like the majority of high street banks, Nationwide allows you to apply for an arranged overdraft and in some circumstances, they’ll allow you access to an unarranged overdraft. You can apply for an arranged overdraft at any time as long as you’re at least 18 years old and live in the UK. You can use Nationwide’s eligibility tool to get an idea of how much you’ll be allowed to borrow.

You might be able to use an unarranged overdraft if you have insufficient funds to make a payment and don’t have access to an arranged overdraft. Nationwide will always try to stop payments before they take you into an unarranged overdraft. However, if you do end up using an unarranged overdraft, you won’t be charged but you’ll need to bring your balance back within your limit before you can use your account again. It’s important to remember that using an unarranged overdraft can negatively impact your credit score.

How much does an overdraft cost?

Representative example
A variable representative rate of 39.9% APR
A variable interest rate of 39.9% EAR
Based on borrowing £1,200

As an example, if you were to borrow £500, the interest cost would be £3.26 for 7 days, £13.99 for 30 days, £28.37 for 60 days.

Does Nationwide have a mobile app?

Yes. Nationwide’s mobile app offers a host of great features, including:

  • View your balance faster – use fingerprint ID or face ID to login quickly and securely. Or just tap ‘Quick Balance’ to see how much is in your account without actually logging in.
    Search, filter and compare – view up to 15 months’ transactions to quickly compare your monthly incomings and outgoings.
  • Quick, simple payments – transferring money is fast and simple, whether it’s a new or existing payee.
  • Pending transactions – see details of transactions that are being processed but haven’t yet been deducted from your balance.
  • Impulse Saver + Rounds Ups – use Nationwide’s free Impulse Saver tool and also round up the ‘spare change’ from your debit card transactions.