Nationwide offers 5% interest rate and up to £125 cash for savers – are you eligible?
Martin Lewis advises on savings accounts and premium bonds
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Nationwide is a popular building society and is offering a wide range of account options to suit different savers. One which may stand out is the five percent interest rate via its FlexDirect account.
This is one of the leading current account offers currently on the market, which could make it more attractive to savers hoping for a significant return.
The rate, however, is only available on balances up to £1,500.
It is fixed for a period of 12 months.
After this initial period, the rate substantially drops to 0.25 percent variable.
Interest is calculated on the last day of each month, and is paid on the first day of the next month.
Another attractive feature is the interest-free arranged overdraft available for the first 12 months.
But Britons will have to have their circumstances checked by the building society before this overdraft can be offered.
To apply for the FlexDirect account, people must be a UK resident and over the age of 18.
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They must agree the account is only intended for personal use.
They will also need to hold no more than four existing sole or joint Nationwide current accounts.
Those who have had a FlexDirect account before, however, will need to pay attention.
Nationwide explained: “If you’ve had a FlexDirect account before, you won’t receive the 12 month credit interest offer or the interest-free overdraft offer again.
“However, you will get the offer on a new joint account, as long as you have not shared a FlexDirect account with that person before.”
Furthermore, Nationwide also has an enticing switching incentive for those hoping to put extra cash in their back pocket.
Those who are not yet Nationwide members could get £100 for switching to a FlexDirect account.
Existing Nationwide members could get £125, in a move the building society describes as “giving back”.
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To be eligible for the switching offer, people must complete their switch online through the official Current Account Switching Service.
They must also switch over two direct debits as part of this move.
Nationwide has warned Britons it may change, replace or withdraw the offer at any time.
As a result, if individuals wish to benefit, they may wish to act as soon as possible.
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