The building society has confirmed the return of its FlexStudent1 checking account which will reward students with £100 cashback when they open an account. As before, FlexStudent will continue to offer student customers an interest-free, no-fee overdraft of up to £3,000 by year three. However, Nationwide reminds those interested in this deal that it is “only available for a limited time”.
To get the offer, students must open a FlexStudent account from August 1, 2022 and meet all of the building society’s eligibility criteria.
It should be noted that this cashback offer is not available to members who have a FlexStudent or FlexGraduate account opened on July 31, 2022.
As well as the stimulus, Nationwide has pledged to donate £10 to Shelter, one of the UK’s biggest housing charities, when someone opens the savings account in August or September.
The main benefit of the FlexStudent savings account is that customers will receive £100 within 14 calendar days of crediting £500 to their FlexStudent account.
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However, this bank transfer by the customer must be made before December 16, 2022.
Students eligible for the account will also benefit from an “interest-free, fee-free and flexible” overdraft that will allow them to set borrowing limits.
Savings account holders can set a maximum of £1,000 in the first year, up to £2,000 in the second year and up to a maximum of £3,000 in the third year.
For customers going on vacation, the FlexStudent will not pay any overseas fees if customers use their debit card to pay for purchases.
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Additionally, people who have a FlexStudent account will be able to access Nationwide’s FlexGraduate.
This is a post-graduate current account with an overdraft arranged without interest or fees to help young people financially once they enter the job market.
Tom Riley, Director of Banking and Savings at the Nationwide Building Society, explained why the financial institution decided to relaunch the deal as part of its student savings account.
Mr Riley explained: ‘We know the extra money will be appreciated by students at a time when many are struggling with rising costs.
He added: “However, cashback is only available for a limited time, so I would 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 that they can call home.
“So to play our part in tackling homelessness, we also donate £10 to Shelter for every FlexStudent account opened.
“As a Nationwide partner for over 20 years, we felt this was the perfect time to provide further support to Shelter.”