To apply for this particular account, individuals will need to be 18 or over, and the same circumstances apply when someone wishes to take out an arranged overdraft.
With the overdraft facility, however, Nationwide will check a person’s circumstances before making the final decision on whether it can go ahead.
Nationwide has described the process of switching to its account as “fast, seamless and guaranteed”.
All they will need to do is choose a date on which they would like to switch, and then let the bank do the administrative work.
A dedicated team switches over a person’s payments and list of payees from their former provider to the new account.
While there should not be any problems with switching, if these do arise, using the official service means savers will not lose a penny.
But if not, individuals will still be able to switch using the manual transfer process.
Nationwide has said the FlexDirect account works on a “self-service concept” designed to be simple to savers.
This means, for the most part, Britons will be able to manage their account using online or mobile banking.
This post originally appeared on Daily Express :: Finance Feed