Nationwide launches new ‘market-leading’ 8% regular savings account

Nationwide Building Society has launched a new regular savings account, exclusively for current account customers, paying a top rate of eight percent AER/gross.

The new deal comes alongside a market-leading bank switching incentive, which will see those who switch to a Nationwide current account receive a payment of £200.

Tom Riley, director of retail products at Nationwide Building Society, said: “We want to give people every reason to join and stay with Nationwide.

“That’s why we are offering new and existing current account customers a top-of-market £200 if they switch their main banking relationship to the Society.

“We’re also rewarding our current account customers with a market-leading rate of eight percent AER on our Flex Regular Saver. We believe this is a further demonstration of the difference of being part of a modern, member-owned organisation.”

READ MORE: Savings account switch ‘essential’ as deals improve – top interest rates today

Nationwide Flex Regular Saver

To help encourage current account customers to get into a “regular saving habit”, the society’s new Flex Regular Saver account pays a market-leading eight percent AER/gross p.a. for 12 months.

Customers can save up to £200 per calendar month in the online managed account, which allows up to three withdrawals within the 12 months after the account opening.

The Flex Regular Saver is only available to customers who hold one of the society’s current accounts, which includes the FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne.

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Customers can only open one Flex Regular Saver either as an individual or a joint account.

Nationwide switch incentive

To qualify for Nationwide’s bank switch incentive, customers must complete a full switch using the Current Account Switch Service (CASS). A minimum of two active Direct Debits must be transferred to the new account.

A new account can be opened on Nationwide’s website or via the internet bank or mobile banking app and the switch can be requested as part of the application.

Existing customers can also switch a current account they hold with another provider to an existing account they hold with the Society via the Internet Bank.

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However, it should be noted that the switch must be completed within 60 days of it being requested.

Customers can switch to one of the society’s three main current accounts, the FlexPlus, the Flex Direct, or the Flex Account.

The Flex Plus is a packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £13 per month.

The FlexDirect is an online account paying five percent AER credit interest and offering an interest-free overdraft for the first 12 months (conditions apply).

The FlexAccount is an everyday bank account where customers can bank online and in-branch for no fee.

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