Nationwide is a popular building society used by millions of people, however, some may not be aware of a deal it is currently offering its customers. It is worth noting interest rates have been shockingly low recently, taking a plunge following the Bank of England’s decision to lower its base rate to 0.1 percent back in March 2020. As the central bank has not moved to increase rates since, this has understandably created issues for those hoping to grow their funds.
With more focus on spending to provide the economy with a boost, rather than saving, there is little incentive out there for Britons to put their money away.
However, aside from security of funds that a bank or building society provides, there are still a few enticing options.
One such choice is offered by Nationwide, at present offering a two percent interest rate account.
The Nationwide FlexDirect account is a no monthly fee account offered by the building society, with a promise to “give you more”.
To unlock this interest rate, all individuals will need to do is pay in at least £1,000 per month into the account.
This does not, though, count transfers from other Nationwide accounts or VISA credits.
The account also offers an interest free arranged overdraft for 12 months in the majority of circumstances.
The FlexDirect offering from Nationwide comes with Financial Services Compensation Scheme (FSCS) protection.
This means balances saved up to £85,000 will be protected should the worst happen, providing financial security.
For those switching, the account also has the Current Account Switch Guarantee to help with the process.
Under the scheme, Britons can switch their current account in seven working days with most of the administrative work undertaken for them.
Britons, however, should be aware of the eligibility rules which come with the FlexDirect current account before applying.
Nationwide has said individuals will need to be 18 or over in order to open this account.
The same can be said for individuals who want to apply for an arranged overdraft, and people should be aware their circumstances could be checked before a decision is made.
But the Nationwide account is not the only current account offering which has a healthy interest rate.
For existing customers who are regular savers, Yorkshire Building Society is offering a 3.5 percent interest rate account.
While sister banks NatWest and RBS follow closely behind with a 3.04 percent interest rate.
People should be aware, however, that interest rates can change at the bank or building society’s discretion, and so keeping an eye out is key.