express– Nationwide is a familiar name on Britain’s high streets, and the provider has said it is the most popular building society across the globe. However, with interest rates at a shocking low recently, it is no surprise many have felt less compelled to save. In March 2020, the Bank of England took the decision to reduce its base rate to 0.1 percent – the lowest in its history.
This was a shock for many savers, who have been forced to bear the brunt of the lower rate – which has been held at 0.1 percent ever since.
With interest rates diminishing, there have been limited options available from familiar providers to help Britons grow their money.
There are, however, some choices which are currently available from easy access accounts to ISAs which could assist matters.
An account from Nationwide is one such offering, and Britons may be interested in the details.
The Nationwide FlexDirect account is a free, online offering from the building society.
The account pays two percent interest AER – or 1.98 percent gross – per annum, particularly strong in the current climate.
The interest rate is made available on balances up to £1,500, thus particularly helping those who are just getting started on a savings journey.
It is worth noting though, this interest rate is currently only being offered at a fixed rate for the first 12 months.
After this point, Britons can expect to receive an interest rate of 0.25 percent AER variable.
To earn this interest rate, however, there is a particular payment rule Britons will need to bear in mind.
Savers must pay at least £1,000 into this account every month to benefit from the offer.
This does not include deposits from other Nationwide accounts or VISA credits.
To be eligible for this account, individuals must be aged 18 or over and a UK resident.
However, the building society has told individuals there is one other important issue to bear in mind when it comes to eligibility.
Its website states: “If you’ve had a FlexDirect account before, it’s not possible to use this 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.”
The FlexDirect account also comes with a variety of helpful benefits to assist Britons with their banking needs.
These include free text alerts, Apple, Samsung and Google Pay, up to £500 ATM limit and a cheque book.
The application process for a FlexDirect account is intended to be quick and easy and can be carried out online.
However, Britons must be upfront about their financial situation.
If a person’s income has changed due to COVID-19, or is likely to reduce in the next two years, people must tell Nationwide their annual income before tax.
