Nationwide is offering two percent interest rate on savings – but only for a limited time

Interest rates: High inflation will 'erode returns' says expert

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The building society’s FlexDirect account is a current account with fixed two percent interest for the first 12 months. The account also offers a range of other benefits, like interest-free overdraft and no maintenance fees.

The account offers two percent interest, or 1.98 percent gross, for 12 months on balances up to £1,500. 

To be eligible, savers must pay in a minimum of £1,000 per month.

This does not include transfers from other Nationwide accounts or Visa credits. 

After the first 12 months have come and gone, the interest rate will drop to 0.25 percent variable rate. 

The first 12 months also offer an attractive interest-free arranged overdraft. 

After the 12 months, overdrafts will have an interest rate of 39.9 percent APR Representative. 

Interest on this account is calculated monthly on the last day of each month and is paid on the first. 

The account is also fee free, meaning Nationwide will not charge savers to maintain the account. 

Additionally, switching from a different bank to Nationwide can earn savers £100 cash incentive. 

And current Nationwide customers are not missing out, as they could receive £125. 

The building society shared: “It’s another example of our mutual difference and giving back to our members.”

Savers will also need to register for internet banking as the account can only be managed online or over the phone. 

To be eligible for the FlexDirect account, savers must: 

  • Be aged 18 or over
  • Be resident in the UK
  • Only use the account for personal use
  • Have no more than four existing sole or joint Nationwide current accounts.

The account also offers some other general services usually provided by Nationwide. 

This includes:

  • Contactless car payments
  • Apple Pay, Google Pay and Samsung Pay
  • Paperless statements
  • Text alerts
  • Cheque books, on request. 

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