Nationwide launches 'best rate in a decade' 8% saver and £200 switch offer
Nationwide Building Society has introduced new £200 switch offer plus a savings account with an interest rate of 8% - the best rate on the market for a decade.
The 8% savings account is available from today (September 21) and it is only available to people who have a Nationwide account - these accounts include FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne. It is also offered to both existing and new customers - so you can switch over now and benefit from the bumper savings rate.
But you can only save up to £200 every month, and alongside this, the account only allows up to three withdrawals within the 12 months after the account opening. If you go over this number, then the savings rate will drop to a 2.15%. Once the 12 months is up, the account will automatically revert to an instant access account.
From today, people who move their current account banking over to Nationwide will also receive £200. To be eligible for the switching incentive, you will need to move over to the building society's FlexPlus,FlexDirect, or FlexAccounts. Some of these
Nationwide's FlexPlus account is a membership account meaning you will have to pay a fee to have one but you do get a few added extra which include family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad. The fee is £13 for this account, however the other accounts are free to have. The FlexDirect account pays 5% AER credit interest and offers an interest-free overdraft for the first 12 months and the FlexAccount is a simple everyday bank account.
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The building society says savers could earn up to £377 in the year if they take advantage of the £200 switching offer moving to its FlexDirect account as well as save in the new Flex Regular Saver.
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 8% 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.”
There was a period this year when several major high-street banks were offering incentives for savers to move their money over. However, not many remain now, and as of writing only two are left on the market. First Direct is the only other bank offering a switching deal of £175. This bank also has one of the top regular savings accounts too - offering 7%.
Skipton Building Society offers the second-best rate on the market at the moment with its regular savings account offering an interest rate of 7.5%.
You can find our roundup of the best rates across different types of saving accounts offered at the moment here.
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