To encourage more people to save, the building society is also giving £200 away when someone switches to a FlexDirect account. With a FlexDirect account, customers get access to five percent (4.89 percent gross a year) in-credit interest fixed for 12 months on balances up to £1,500.
It also includes an interest-free arranged overdraft for the first 12 months.
Britons will need to pay in at least £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits.
After the first 12 months, it is 0.25 percent AER (0.24 percent gross a year) variable.
Interest is calculated on the last day of each month and is paid on the first day of the next month.
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After 12 months, an interest rate of 39.9 percent a year compounded (variable) will apply to their arranged overdraft.
For more information about the account, people can visit the Nationwide website.
Opening a FlexDirect is one way to become a member of Nationwide.
Their current account members get access to exclusive savings accounts, like the Flex Instant Saver.
Customers can also get a free £200 when switching their money to a FlexDirect account online, using the Nationwide website or internet bank.
The money can be secured by people who switch their current account with another building society or bank to either a FlexPlus, FlexDirect or FlexAccount current account.
All the money has to be transferred using the Current Account Switch Service within 60 days of requesting the offer.
If a person want to claim the £200 offer, they must inform Nationwide in their application that they intend to close their old bank account and move all their standing orders and funds over to their Nationwide account.
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People also have to switch over at least two active direct debits as part of the switch to claim the money.
The offer only applies to the first sole and first joint current account a person has switched to since August 18, 2021.
It does not apply to people switching their funds to a FlexBasic, FlexOne or FlexStudent account.
Reflecting the Bank of England’s rising Base Rate, high street banks and building societies have been increasing interest across their own accounts to help customers’ savings work harder while finances are squeezed.
Britons are urged to do their research to find the best deals for them.
Leeds Building Society recently increased the rate on its fixed rate savings account to a more rewarding 4.5 percent.
Leeds BS’ Limited Issue 30 Month Fixed Rate Bond (Issue 9) is fixed until the account matures on June 1, 2025.
Savers can open the account with a minimum deposit of £1,000 and can invest up to £1,000,000 over the course of the 30-month period.
The account can be opened in a branch, online or by post however, once opened, it can only be managed in a branch and by post.