Nationwide Building Society has provided clarity on the rules for customers who wish to earn up to £135 through its FlexDirect current account. This account offers 5% interest for the first 12 months on balances up to £1,500, alongside 1% monthly cashback. To qualify for these benefits, Nationwide has outlined a series of conditions for its customers.
According to Birmingham Mail, the bank has explained the monthly deposit requirements and how customers must ensure they meet the eligibility criteria. While Nationwide has shared some details about how the account works, much of the specific information about the account’s inner workings remains undisclosed.
Earning Potential and Requirements
Customers who open a FlexDirect account can earn 5% fixed interest on balances up to £1,500 during the first 12 months. This could result in up to £75 in interest over the course of the year. Additionally, the account offers 1% cashback on monthly spending, which can add up to £60 annually. When combined, these features allow customers to earn £135 in total during the first year.
However, to unlock these benefits, customers must meet a key requirement. Nationwide stated:
At least £1,000 must be paid in each month
with the crucial note that these deposits cannot include transfers from other Nationwide accounts or Visa credits. This means that the £1,000 needs to come from external sources, not simply from moving money around within other Nationwide accounts.
Monthly Payment Window and Promotional Period
Nationwide clarified the timeframe in which customers must make their monthly £1,000 deposit to remain eligible for the 5% interest and cashback perks. The qualifying deposit must be made between the 1st and the last day of each calendar month. Nationwide explained:
The eligible £1,000 must be paid in between the 1st and the last day of each calendar month.
This monthly schedule ensures consistency in meeting the requirements for both interest and cashback, based on the calendar month, not the date the account was opened.
For example, if a customer opened their account on July 21, their promotional period runs from July 21, 2025, to July 20, 2026. This 12-month window provides ample time to earn the full benefits, but it is essential that the £1,000 deposit is made according to the stated timing rules to avoid missing out on the benefits.
What Happens After the Promotional Period?
Once the promotional 12-month period concludes, the account will revert to a standard rate of 1% interest on balances up to £1,500. Any balances exceeding £1,500 will no longer earn interest. Nationwide outlined how interest is calculated:
Interest is calculated on the last day of each month and is paid on the first day of the next month.
Should the account balance change, Nationwide warned that there could be a need for an interest adjustment, which may affect the final amount of interest paid.
Additional Account Benefits
In addition to the FlexDirect account’s core benefits, customers who hold this account also gain access to other features, including the Flex Regular Saver. This account currently offers an impressive 6.5% interest rate. However, there are restrictions to consider: customers can only deposit up to £200 a month into the Flex Regular Saver over a 12-month term, and making more than three withdrawals will result in the interest rate being reduced to 1.25%.
Nationwide clarified the impact of withdrawals, stating that exceeding three withdrawals would significantly affect the interest earned. The interest rate would drop to 1.25% if more than four withdrawals are made during the term. The rate on the Flex Regular Saver is also not fixed, meaning Nationwide reserves the right to change it at any time.
