Nationwide Building Society offering 2% interest rate – plus easy way to get £125 bonus

Interest rates 'not getting fed through' to savings says expert

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Nationwide Building Society is offering a generous interest rate as well as a cash bonus for people who switch to their FlexDirect account. The current account can be opened and managed online.

The account offers a two percent AER, and this rate is fixed for 12 months.

Savers will receive 1.98 percent gross interest for the year, and it is paid on balances up to £1,500.

This means any amount saved into the account above £1,500 will not receive any interest.

Account holders will need to pay in a minimum of £1,000 per month.

This amount is excluding transfers from other Nationwide accounts or Visa credits.

Britons should note that after the 12 months is up, the interest rate drops significantly.

They will then receive a variable rate of 0.25 percent AER (0.24 percent gross).

The account also comes with an interest-free arranged overdraft for 12 months.

DON’T MISS
Council tax reductions: How Britons could save thousands of pounds on their bills [INSIGHT]
Rishi Sunak torn apart by ‘extremely angry’ colleagues over tax hike: ‘Tax millionaires!’ [REACTION]
Sunak’s stupid and cruel 55% pensions tax must be axed before it does even MORE damage [TAX]

After the initial 12 months of the account being opened, an interest rate of 39.9 percent (AER Representative, variable) will apply.

The account can easily be managed online via Nationwide Building Society’s banking app or through internet banking.

These services can be accessed via phone, computer, tablet or smart watch.

Savers could also pick up an extra £125 for switching.

However, this amount is only given to people who are already a member of Nationwide Building Society.

New members will still get a cash bonus, at a lower amount of £100.

There are also no monthly fees charged for maintaining the account.

Nationwide’s website states the FlexDirect account “comes with everything you’d expect from a Nationwide current account”.

This includes:

  • Contactless card payments in the UK up to £100
  • Apple Pay, Google Pay, Samsung Pay and Paym
  • Paperless statements
  • Text alerts — set your preferences to help you manage your money
  • Chequebook available on request

Source: Read Full Article