A nationwide FlexDirect account offers one of the highest interest rates in the market. However, this rate only lasts for the first 12 months and is only open to clients who have not had an account with the Building Society in the past year.
As the cost of living crisis continues, there has never been a more important time to make sure people get the best savings rate.
After the Bank of England’s base rate hike on Thursday, savers are encouraged to look around for the best possible rate.
Nationwide Flex Direct account offers:
- Minimum Payment: None (£1,000 per month for interest)
- Interest: Five percent AER fixed for a year on up to £1,500
- Arranged Overdraft: Zero percent variable AER for one year.
Money saving guru founder Martin Lewis recently named Nationwide one of his “Best Savers” accounts in his weekly MSE newsletter.
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If someone previously had a FlexDirect account, they will not get the higher rate and will only be offered a lower interest rate of 0.25 percent.
After 12 months, the interest rate on the account also drops to 0.25 percent, so, after one year, people may want to look elsewhere for a better interest rate offer.
Nationwide calculates the interest rate on the last day of each month and pays it on the first day of the following month.
There are no withdrawal restrictions on the account so people can access their funds whenever they want.
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This is a great option for people who do not want to keep their money in a savings account to get a high interest rate offer.
The Nationwide Building Society has announced that it will launch a new version of one of its most popular savings accounts.
It is offering new issues of its fixed-rate bonds online.
The two specific savings accounts that will be affected are the two-year fixed-rate online bond and the three-year fixed-rate online bond, with one product offering a rate of 4.20 percent.
These savings accounts and the interest rates attached to them are available for balances of £1 or more.
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Savers interested in taking advantage of this offer can open any of the bond account online through the Nationwide website, online banking or financial institution app.
At the beginning of this month, the Building Society implemented price increases on all unsold variable savings accounts.
As a result, Nationwide has raised interest rates across that range by as much as 1.50 percent in a huge boon for savers.
Among the affected accounts were Flexclusive Regular Save, Start to Save 2, and Help 2 Buy ISA.
Tom Riley, director of retail products at the Nationwide Building Society, explained last month why interest rates have risen in recent months.
Mr Riley explained: “We remain committed to supporting savers, which is why we have increased interest rates on all of our off-sale savings accounts.
“In recent months, our average deposit rate has been at least 70 percent higher than the market average, which shows our mutual divergence.
“Helping people develop the habit of saving, especially at this time, is the core spirit of community building.
“Because of this, one of the largest increases has been made in our regular savings accounts, which we hope will encourage those who can save money to do so.”
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