16 Jul 2024

Nationwide boosts student account with £100 cashback and year of Just Eat vouchers

  • 12 months of Just Eat vouchers worth £120 and £100 cash payment will be available from 16 July 2024  
  • FlexStudent offers interest-free, fee-free overdrafts up to £3k and commission-free purchases and withdrawals abroad 

Nationwide’s FlexStudent current account1 is offering £100 cashback and 12 months of Just Eat vouchers worth £120 – providing £220 of incentives to students in their first year of university.  

The account continues to offer an interest-free and fee-free arranged overdraft of up to £3,000 by the third year in addition to commission-free purchases and cash withdrawals abroad. 

To get the £100 cashback and £10 monthly Just Eat vouchers, students must apply for a FlexStudent account from 16 July and deposit £500 by 13 December 2024 and meet all eligibility criteria2. 

FlexStudent breakdown for 2024:  

  • Cashback: Students will receive £100 into their FlexStudent account within 14 calendar days of crediting £500 to their account – the first instalment of their student loan, for example. This must be between 16 July and 13 December 2024. 
  • Just Eat: Eligible account openings will receive a £10 voucher code every month for the first 12 months. These can be used online. Access to vouchers will be provided within 14 days of the student becoming eligible.   
  • 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 a maximum of £3,000 in year three. They’ll need to pay in at least £500 each term, keep up with any bill payments and stay within their arranged overdraft limit. 
  • Commission-free purchases and cash withdrawals abroad: FlexStudent account holders will not pay any fees for using their card abroad for making purchases or withdrawing cash, giving them peace of mind when travelling. 
  • Access to the FlexGraduate current account3: 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.  

Nationwide won Best Student Account Provider of the Year at the Moneyfacts Consumer Award 2024. 4

Tom Riley, Director of Retail Products at Nationwide Building Society, said: “We think your student bank account should help you live your best life at university and we hope our cashback offer and Just Eat collaboration helps make their first year that little bit easier. Combined with the interest-free, fee-free arranged overdraft and commission-free usage abroad, we’re doing what we can to help make university life as simple and fun as possible.” 

Notes to editors

1 Student bank account | FlexStudent account | Nationwide 

2 FlexStudent eligibility criteria 

  • Be 18 or over 
  • Have been a UK resident for 3 or more years 
  • Not have another student bank account (if you do, you could move this to Nationwide) 
  • Have an unconditional offer or a confirmed conditional place on a full-time UCAS course of at least 2 years 
  • Be starting your course at a UK institution in 5 months or less, or have been on your course for less than 12 months 
  • Pay in at least £500 per term from the date the account is opened (this can be with your student loan). 
  • Available for a limited period and may be withdrawn at any time.  

3 FlexGraduate 

  • FlexGraduate is only available to FlexStudent customers.   
  • Students don’t need to do anything. Nationwide will write to customers in FlexStudent at least two months before we move their account to a FlexGraduate account, with full information about the account and its terms and conditions.  
  • FlexGraduate customers will keep the same account number, sort code and PIN and will receive a new FlexGraduate debit card.  
  • If customers don’t want to be moved onto FlexGraduate, they just need to contact us to discuss what new account options are available. FlexStudent customers are eligible for our other products, as they will be over the age of 18.   
  • Any other products will be subject to credit checks and the terms and conditions of the specific products.    
  • FlexGraduate has a maximum duration of three years for students on courses of three years or more. For courses of two years, students have a maximum duration of 2 years.  

Overdrafts  

  • The maximum available limits will decrease in manageable increments. For example, after a three-year course the overdraft will be reduced to:  
  • £2,500 by the end of year one after graduation   
  • £1,750 by the end of year two after graduation   
  • £1,000 by the end of year three after graduation After a two-year course the overdraft will be reduced to:   
  • £1,500 by the end of year one after graduation  
  • £1,000 by the end of year two after graduation  

4 Moneyfacts Consumer Award winners 2024 | moneyfactsgroup.co.uk