If you’re a student looking for a bank account, there are a lot of different products out there. FlexStudent is Nationwide’s offering. So is it worth applying for a Nationwide student account?
Why Should I Bank With Nationwide?
There are plenty of benefits to opening a student account with Nationwide.
A great 0% overdraft
Nationwide offers one of the highest interest-free overdrafts. Unlike some other UK banks and building societies, the full amount is pretty much guaranteed.
You can apply for up to £1,000 in your first year, then in your second year, it rises to £2,000. In your third year, you can get up to £3,000. To qualify for the maximum overdraft you’ll need to:
Pin at least £500 each semester
Keep up with any bill payments on the account
Stay within your arranged overdraft limit
Earn cashback on your supermarket shop
Until 30th April 2023, you can earn 5% cashback when you use your debit card at a range of supermarkets and convenience stores. This can be up to £10 per month. It might not seem much, but every penny counts when you’re on a budget.
Banking is easy with the Nationwide app
If like most students, you do everything on your phone, you can download the Nationwide app and manage your money on there.
You can get involved in your community
If you are a Nationwide customer, you can join one of the bank’s Community Boards. Once you’re on the board, you get a say in which charities the bank should support.
You can upgrade your account when you graduate
When you graduate, your Nationwide student account will change to a FlexGraduate bank account if you stay with them. You’ll still have access to an interest-free overdraft, but it will gradually decrease.
Save while you study
Once you open a FlexStudent account, you became a Nationwide member. One of the benefits of this is that you get access to the some exclusive savings accounts like the Flex Instant Saver. Great for saving up for that holiday you promised you’d take when you graduate.
Who is Eligible for a Nationwide Student Account?
To apply for a FlexStudent account you need to:
Be 18 or over
Have been a UK resident for 3 or more years
Not have a student account, or a current account with an arranged overdraft, with another building society or a bank
Have been accepted onto a full-time UCAS course of at least 2 years, in the UK, with either an unconditional offer or your conditional place confirmed
Apply no earlier than 5 months before or 12 months after your course start date
Pay in at least £500 per term from the date the account is opened. Payments can include student loans.
How Can I Apply?
To apply for a FlexStudent account, click here.
Is it worth opening a Nationwide Student Account?
If you’re looking to open a student account, FlexStudent is definitely worth a look. There are some great benefits and who can ignore the healthy overdraft that comes with it?