Nationwide has relaunched its FlexStudent1 current account to give students £100 cashback within 14 days when they open an account and credit it with £500. FlexStudent also offers an interest-free and fee-free arranged overdraft of up to £3,000 by year three.
The account could be the perfect solution for students starting college or university next month, however, the £100 cashback deal is a limited time offer and anyone applying does need to meet Nationwide’s eligibility criteria. It is not available to existing members who have a FlexStudent or FlexGraduate account open on July 31, 2022, this offer only applies to those opened on or after August 1, 2022.
To help tackle homelessness, the UK’s biggest building society will also give £10 to housing charity Shelter every time someone opens an account in August and September.
Here’s a quick overview of the account benefits and eligibility criteria.
FlexStudent benefits
- Cashback: The limited time offer of £100 is available to those opening an account from August 1. Students will receive £100 within 14 calendar days of crediting £500 to their FlexStudent account, which must be done by December 16, 2022.
- Arranged overdraft: Access to an interest-free, fee-free, flexible overdraft throughout a student’s studies (subject to status), where they can set borrowing limits. Students can request up to a maximum of £1,000 in the first year, up to £2,000 in their second year and up to a maximum of £3,000 in year 3.
- Fee-free card use abroad: Students can also use their debit card abroad, whether travelling or studying, without incurring any fees.
- Access to the FlexGraduate3 current account: Those with a FlexStudent account will have exclusive access to FlexGraduate - a post-university current account with an interest-free, fee-free arranged overdraft designed to help students find their feet after university, allowing them time to pay off their overdraft once their course has finished.
Commenting on the relaunch, Tom Riley, Director of Banking and Savings at Nationwide Building Society, said: “We know that extra money will be appreciated by students at a time when many are struggling with rising costs. The FlexStudent account is designed with the needs of students in mind and comes with a number of benefits, which we believe will help students with their finances.
“As a building society, we also believe that everyone should be able to live in a safe place they can call home. So, to play our part in helping tackle homelessness, we are also giving £10 to Shelter for every FlexStudent account opened. As a partner of Nationwide for more than 20 years, we felt it was an ideal time to give Shelter additional support.”
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