Nationwide Building Society launches savings account with £100 cashback deal | Personal Finance | Finance

The building society confirmed the return of its FlexStudent1 current account which will reward students £100 cashback when they open an account. As before, FlexStudent will continue to offer student customers an interest-free and fee-free arranged overdraft of up to £3,000 by year three. However, Nationwide is reminding those interested in this deal that it is “only available for a limited time”.

To get the deal, students need to open a FlexStudent account from August 1, 2022 and meet all the building society’s eligibility criteria.

It should be noted that this cashback offering is not accessible to those members who have a FlexStudent or FlexGraduate account open on July 31, 2022.

As well as this relaunch, Nationwide has promised to give away £10 to Shelter, one of the UK’s biggest housing charities, when someone opens the savings account in either August or September.

The main benefit of the FlexStudent savings account is customers will get £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 completed by December 16, 2022.

Students eligible for the account will also get an “interest-free, fee-free, flexible” overdraft which 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 their second year and up to a maximum of £3,000 in their third year.

For customers who are going on holiday, the FlexStudent will not be charged any fees abroad if customers use their debit card to pay for purchases.

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Furthermore, people who have a FlexStudent account will be able to access Nationwide’s FlexGraduate.

This is a post-university current account with an interest-free, fee-free arranged overdraft to help young people financially once entering the job market.

Tom Riley, the director of Banking and Savings at Nationwide Building Society, shared why the financial institution has decided to relaunch this deal as part of its student savings account.

Mr Riley explained: “We know that extra money will be appreciated by students at a time when many are struggling with rising costs.

He added: “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.”