Nationwide launches savings offer and doubles interest rates

Martin Lewis gives advice on rising interest rates

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The £200 incentive has now taken the spot as the “highest” switching incentive currently on the market according to data collected by MoneySavingExpert.com.  To qualify for the £200 incentive, new Nationwide customers must complete a full switch, using the Current Account Switch Service (CASS). They must also set up a minimum of two active Direct Debits to the new account.

Nationwide states existing members can also switch and receive the £200 a current account they hold with another provider to an existing account they hold with the Society through the internet bank.

The new account can be opened on Nationwide’s website or through the Internet Bank or mobile banking app. 

To get the money, the switch must be completed within 60 days of it being requested. 

The three main current accounts offered in the incentive are the FlexAccount, FlexDirect,  and the FlexPlus.

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The FlexAccount is an everyday bank account where members can bank online and in branch for no fee.

The FlexDirect account is an online account paying 5 percent AER credit interest and offers an interest-free overdraft for the first 12 months.

The FlexPlus account is a packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £13 per month.

MoneySavingExpert.com and Which? have highlighted this account in their “Best Packaged Bank Accounts” lists.

From Wednesday, October 5, Nationwide will also be doubling the interest rate for new and existing members on the Flex Instant Saver account.

The interest rate for this savings account will go to two percent and will be available for the next 12 months.  

After the year is out, the account will revert to another instant access account with the Society stating that details for this move would be provided to its customers nearer maturity of the account. 

Nationwide explains existing members holding this account will also benefit from the interest rate rise as they will be offered it for the remainder of their term. 

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If someone has held an account for three months then the new two percent will apply for the remaining nine months of the introductory period. 

With the Flex Instant Saver account, people can save up to £5million with no limit on their withdrawals. 

This account can be opened online through Nationwide’s website, Internet Bank or Mobile Banking App.

Nationwide explain how the account is “availably exclusively” to current account members who open or already hold any of the Society’s current accounts. 

These accounts include FlexPlus, FlexDirect, FlexAccount, FlexBasic, FlexStudent, FlexGraduate or FlexOne7. 

Tom Riley, director of banking and savings at Nationwide Building Society, said: “With the rising cost of living, many people are reviewing their financial products to ensure they continue to offer good value. 

“Nationwide is now offering a market-leading £200 to new and existing members who switch their current account to the Society.

“The Society offers a range of accounts to suit the different needs of its members and current account members will also have exclusive access to Flex Instant Saver, where the rate has been doubled to 2.00 percent AER.

“Switching accounts has never been easier as we will transfer any existing balances and payments from the previous account using the Current Account Switch Service.”

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