Nationwide Building Society announced the relaunch of its FlexStudent current account which comes with an enticing cashback deal.
The building society will give £100 to students who choose to open the financial institution’s product.
This current account from Nationwide offers an interest-free and fee-free arranged overdraft of up to £3,000 by the third year.
However, students are reminded that this is a “limited time” deal and accounts must have been open from August 1, 2023, to qualify for cashback.
As such, young people are being urged to apply for this current account as soon as feasibly possible.
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Tom Riley, the director of Retail Products at Nationwide Building Society, shared why those going to university should consider this particular product.
He explained: “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, 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.”
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Qualifying students will receive £100 within 14 calendar days of crediting £500 to their FlexStudent account.
However, it should be noted that young people must complete this by December 15, 2023.
Anyone with a FlexStudent account will have exclusive access to FlexGraduate which is a post-university current account with an interest-free, fee-free arranged overdraft.
It is designed to help students financially after their studies and give them time to pay off their overdraft once university is over.
On top of this, Nationwide confirmed a wave of interest rate increases to benefit savers of all ages.
For example, instant access savings accounts, including the Instant Access Saver, Instant ISA Saver, and Cashbuilder, were given a rate rise of up to 0.80 percent.
Furthermore, Loyalty Saver, Loyalty ISA or Loyalty Single Access ISA account saw rates jump by 0.20 percent to 3.5 percent.
Previous and current issues of Nationwide’s Triple Access Online ISA and Triple Access Online Saver were awarded a rate increase to 3.5 percent.
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