The UK’s largest building society by assets, Nationwide, has launched FlexDirect, a new current account that can only be accessed via telephone or online.

Customers are given the option to set up the account in a branch but will have to use the internet or telephone to carry out "day to day activities."

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Nationwide’s head of current accounts, Phil Smith, said: "FlexDirect offers customers a competitive rate of credit interest as well as providing them with access to exclusive deals on other Nationwide products.

"Nationwide continues to see an increase in the number of customers switching to the Society as people look at credible alternatives to the big banks."

FlexDirect customers will have access to:

Nationwide’s range of ‘Flexclusives’ including exclusive savings, mortgages, credit cards and personal loan deals

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The new FlexDirect account will pay credit interest of 2% per annum (fixed) for the first year on in-credit balances up to £2,500 ($4,000). After the first year, the account pays 1% per annum (variable).

Eligible customers are offered a three month fee free overdraft facility, after which arranged overdrafts are charged at £1 each day, with a maximum charge of £20 per month.

The new FlexDirect account requires a minimum monthly funding of £1,000, excluding internal transfers.

For customers intending to transfer their current account, Nationwide is offering an ‘account transfer promise’ that aims to contact a customer’s direct debit providers within ten working days, and if not gives them £100 as compensation.