How your account and promotional offers will change when you upgrade to FlexPlus
If you are upgrading from FlexAccount to FlexPlus
Your promotional offers
When you upgrade your account, any account specific promotional offers that come with your existing account will stop immediately.
Your travel insurance
If you’ve purchased a FlexAccount travel insurance upgrade, and this upgrade does not come as standard with FlexPlus travel insurance, then your upgrade will be applied to your new FlexPlus insurance and there will be no additional premium to pay until that upgrade expires. Please note that FlexAccount travel insurance upgrades will not be refunded if the upgrade comes as standard on FlexPlus travel insurance. If you decide to cancel your upgrade to FlexPlus within the 28 day cancellation period, we will reinstate any offers and insurances that came with your previous account.
How your overdraft fees will change
The FlexAccount overdraft rate is applied as a percentage (currently 18.9% EAR variable for arranged overdrafts). With FlexPlus, overdraft rates are charged as a flat daily usage rate (starting from 50p per day for arranged overdrafts). There's also a £100 fee-free limit on arranged overdrafts.
To understand more about the difference between these overdrafts please see our Understanding Overdrafts leaflet.
How your in-credit interest will change
FlexAccount doesn't give you in-credit interest on your balance. With FlexPlus, we'll pay 3.00% AER (2.96% gross p.a.) variable in-credit interest on balances up to £2,500.
If you're upgrading from FlexDirect to FlexPlus
How your in-credit interest rate will change
FlexDirect currently comes with 5.00% AER (4.89% gross p.a.) fixed in-credit interest on balances up to £2,500. This rate is fixed for the first 12 months and then reverts to 1.00% gross p.a./ AER variable afterwards. You must pay £1,000 or more (excluding internal transfers) into your account each month to receive in-credit interest with FlexDirect.
FlexPlus comes with 3.00% AER (2.96% gross p.a.) variable in-credit interest on balances up to £2,500. You do not need to pay in a certain amount to your FlexPlus account each month in order to qualify for in-credit interest.
How your overdraft will change
Like FlexDirect, FlexPlus overdrafts are charged at a flat daily rate starting from 50p per day. FlexDirect comes with a fee-free overdraft for the first 12 months, after this there is a £10 fee-free limit on arranged overdrafts. FlexPlus comes with a fee-free overdraft for 3 months. After 3 months, FlexPlus gives you a £100 fee-free limit on arranged overdrafts.
To understand more about the difference between these overdrafts please see our Understanding Overdrafts leaflet.