Nationwide will give students £100 cashback when they open a FlexStudent current account – but only for a limited time.
Eligible savers can also benefit from an interest-free and fee-free arranged overdraft of up to £3,000 by the third year with the account.
Tom Riley, director of retail products 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 noted: “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 receive the £100 cashback offer, a FlexStudent account must be opened on or after August 1, 2023.
In addition, £500 must be credited to the account, which must be done by December 15, 2023. Eligible students will then receive the £100 within 14 days.
The FlexStudent account is only available to individuals in the UK aged 18 or over, who have been a resident in the UK for at least three or more years.
They must have also been accepted on a full-time UCAS registered course of two or more years’ duration. The account can be opened five months before the course starts and up to 12 months after.
Savers can only have one FlexStudent account open at any one time and it can only be held in the sole name of the customer.
The account can be launched and operated online, over the phone and in a branch and savers can opt to receive text alerts to help them easily manage their money.
Current account members also get access to Nationwide’s exclusive savings accounts, such as the Flex Instant Saver, offering a three percent interest rate.
When the three years of study are up, Nationwide offers to switch the account over to a FlexGraduate current account where savers still get access to an interest-free arranged overdraft, but the limit will reduce in steady steps each year.
If customers don’t want to be moved onto FlexGraduate, they just need to contact Nationwide. FlexStudent customers are eligible for other products with the building society, as they will be over the age of 18.
