2014 Lender Lists:
Nationwide Overdraft Charges @ www.nationwide.co.uk
The Nationwide overdraft charges are clearly presented at www.nationwide.co.uk. Starting with FlexAccount, this has a 3 month interest-free overdraft when you switch with them. Interest is charged at 18.9% EAR when this ends. If you enter unarranged by more than £15 then unpaid transaction fees of £15 are charged. FlexDirect includes free overdrafts for a year and you don’t have to switch. You then pay 50p per day and this extends up to £10 unarranged. This follows with £5 per day and this amount is also used for unpaid transactions. These costs are excessive, but they do have monthly caps in place as noted below.
The FlexDirect grants 5% AER on balances up to £2,500 for the first 12 months (this drops to 1%). FlexPlus is the only paid account costing £10 per month. This starts out for 3 months at 0% and it then has a £100 fee-free limit. Anything above is 50p daily and this again covers being £10 into the red. You then pay £5 daily, but no payment transaction fees are imposed. The fees as noted have caps. Direct is £60 (with £35 for transactions) and Plus is £50 (no paid/unpaid transaction fees). With FlexAccount, you only pay 18.9%, with the paid/unpaid cap being £75.