Nationwide is today relaunching its FlexStudent1 current account to give students £100 cashback when they open an account. FlexStudent will continue to offer an interest-free and fee-free arranged overdraft of up to £3,000 by year three.
The £100 cashback is a limited time offer and students need to open a FlexStudent account from 1 August 2022 and meet all eligibility criteria. The cashback offer is not available to those members who have a FlexStudent or FlexGraduate account open on 31 July 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.2
- Cashback: The limited time offer of £100 is available to those opening an account from 1 August. Students will receive £100 within 14 calendar days of crediting £500 to their FlexStudent account, which must be done by 16 December 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.
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. These include a £100 cashback and an arranged overdraft of up to £3,000 that is both interest and fee-free. However, the cashback is only available for a limited time, so I’d encourage students to act early to benefit from the £100.
“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.”