Savings: Nationwide launches savings account with 2% interest rate – ‘Limited time!’ | Personal finance | Finance
This makes it one of the most competitive savings offers out there, but Nationwide wants people to know it’s only available for a ‘limited time’. According to the building society, it’s available exclusively to current account members looking to put money aside on a regular basis. Nationwide’s Flex Regular Saver was originally launched on November 24, 2021 for customers of the financial institution.
The Flex Regular Saver is part of the building society’s promise to reward account holders for their deduction at Nationwide.
However, it was also designed to encourage those same clients to maintain regular, healthy savings habits.
An account can be managed by customers online through the building society or through Nationwide’s mobile app.
It pays an AER of 2%/pa gross for 12 months, after which it will convert to an instant access account.
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Nationwide customers can save up to £200 per calendar month and are allowed up to three withdrawals within the one-year window after account opening.
However, the Flex Regular Saver is only accessible to clients of the real estate savings company who hold a current account with the company.
These accounts include: FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne accounts.
All customers are only allowed to open one Flex Regular Saver, as an individual or joint account.
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Tom Riley, Director of Banking and Savings at Nationwide Building Society, explained why the building society decided to offer this latest savings product to its customers.
Mr Riley said: ‘In today’s environment it is more important than ever to have a savings nest egg to fall back on, so as the UK’s largest construction company we are doing everything our best to help and encourage people to save regularly.
“By rewarding our current account members, Flex Regular Saver is further demonstration of the benefits of having a current account with Nationwide.
“However, it is only available for a limited time, so I encourage members to act early to benefit from one of the most competitive savings accounts on the market.”