Nationwide is to launch a new savings account with a competitive interest rate, as well as a cash bonus for new and existing customers who switch to a current account with the UK’s largest building society.
Cash incentive
As savings rates begin to heat up in anticipation of a base-rate hike (more on this in our article “When will interest rates rise (or in fact be cut)? – Latest predictions”), Nationwide is to reward customers who switch to one of their current accounts with a cash bonus.
The building society is offering £125 for existing customers - such as those with a Nationwide mortgage or ISA - to open a current account, while there is a £100 reward for new customers switching to Nationwide for the first time.
In order to be eligible for the £100 cash reward, new customers will need to switch their current account provider using the Current Account Switch Service (CASS), and must set up a minimum of two active direct debits. Existing Nationwide customers must use its internet bank - available on desktop or via its mobile app - to open a current account in order to claim their £125 bonus.
The switch to a Nationwide account must be completed to qualify for the incentive. The switching offer is available from Wednesday 18 August 2021.
Customers can choose from the society’s multiple current account options, including the FlexAccount, FlexDirect, and FlexPlus.
The Flex Instant Saver
Nationwide’s new savings account, the Flex Instant Saver, will be exclusively available to those with an existing Nationwide current account.
Customers will be able to save up to £5 million into a Flex Instant Saver, with no withdrawal limits, and make use of its 0.35% interest rate for the first 12 months. After this introductory period, the Flex Instant Saver will revert to another of Nationwide’s instant access savings accounts.
The Flex Instant Saver launches on Wednesday 18 August 2021.
Nationwide current accounts
Nationwide has a range of different current accounts, two of which are fee-free, and one which offers extra features for £13 per month.
FlexAccount
This everyday current account, with no monthly fees, gives you unlimited branch access and telephone support. It has a typical arranged overdraft rate of 39.9% AER variable.
FlexDirect
This online-only current account is also fee-free, but offers an interest-free arranged overdraft for the first 12 months, plus a 2% AER interest rate on balances up to £1,500 for the first year.
FlexPlus
Despite the £13 per month maintenance fee, this current account comes with worldwide travel, mobile phone and European breakdown cover and no foreign currency transaction charges.
Nationwide also offers four additional current accounts: FlexBasic, FlexStudent, FlexGraduate, and FlexOne.
You can find more of the UK’s leading current account offers in our article “The best UK current accounts – August 2021”.
