Nationwide urges savers ‘act rapidly’ as £100 cashback present account launched

Nationwide will give college students £100 cashback once they open a FlexScholar present account – however just for a restricted time.

Eligible savers may also profit from an interest-free and fee-free organized overdraft of as much as £3,000 by the third 12 months with the account.

Tom Riley, director of retail merchandise at Nationwide Building Society, commented: “For many students, university is the first time they have to manage a household budget and the rising cost of living is likely to make things even harder this year.

“Our FlexStudent account has been designed with the needs of students in mind as it offers them £100 cashback plus an interest-free and fee-free arranged overdraft of up to £3,000 that they can dip into as needed.”

However, Mr Riley famous: “The cashback is only available for a limited time, so I’d encourage students to act quickly if they want to benefit from the offer.”

To obtain the £100 cashback provide, a FlexScholar account have to be opened on or after August 1, 2023.

In addition, £500 have to be credited to the account, which have to be executed by December 15, 2023. Eligible college students will then obtain the £100 inside 14 days.

The FlexScholar account is simply out there to people within the UK aged 18 or over, who’ve been a resident within the UK for no less than three or extra years.

They should have additionally been accepted on a full-time UCAS registered course of two or extra years’ period. The account will be opened 5 months earlier than the course begins and as much as 12 months after.

Savers can solely have one FlexScholar account open at anyone time and it may solely be held within the sole title of the client.

The account will be launched and operated on-line, over the telephone and in a department and savers can choose to obtain textual content alerts to assist them simply handle their cash.

Current account members additionally get entry to Nationwide’s unique savings accounts, such because the Flex Instant Saver, providing a 3 p.c rate of interest.

When the three years of examine are up, Nationwide provides to modify the account over to a FlexGraduate present account the place savers nonetheless get entry to an interest-free organized overdraft, however the restrict will scale back in regular steps annually.

If clients don’t need to be moved onto FlexGraduate, they simply have to contact Nationwide. FlexScholar clients are eligible for different merchandise with the constructing society, as they are going to be over the age of 18.