The interest rate is offered via the Nationwide FlexDirect account. There isn’t a monthly fee for this account.
This lasts for a 12-month period.
After that time is up, the rate will drop to 0.25 percent AER (0.24 percent gross pa) variable.
To get this, they will need to pay in £1,000 a month.
This doesn’t count transfers from other Nationwide accounts or Visa credits.
People who have had a FlexDirect before, they won’t receive this offer again though.
That is, unless the new FlexDirect account is in a different name or names.
To apply, the person must be aged 18 or older.
Virgin Money is also offering a current account which pays a two percent interest offer.
At this moment in time, it pays 0.50 percent AER (0.50 percent gross per annum variable).
It applies on the savings balance up to April 26, 2021.
After this date, the interest rate will change.
From April 27, 2021, it will drop to 0.35 percent AER (0.35 percent gross per annum variable).