NATIONWIDE is offering a market-leading 2% interest rate on their regular savings account, but it’s important to see if you qualify.
According to Swanlow Park, the average interest rate on savings accounts in 2021 was just 0.35 percent.
Nationwide’s newest offering of 2% nearly quadruples this average, but savers should be aware of the account’s conditions and eligibility criteria.
The Flex Regular Saver account now pays 2% interest, the highest interest rate offered by Nationwide.
Regular saver accounts, on the other hand, typically pay a higher rate of interest than easy access accounts.
Because they have a few more clauses and restrictions than instant access accounts, they are more expensive.
According to Nationwide, this rate is only available for a limited time, so savers should act quickly if this is the right account for them.
The Flex Regular Saver requires savers to make a monthly deposit for a period of 12 months.
This amount cannot exceed £200, so it is not recommended for those who want to save a significant amount of money each month.
Savers can make up to three withdrawals without affecting the interest rate during the account’s 12-month term.
The interest rate will drop to 0.35 percent for the remainder of the term if you make a fourth withdrawal during this time.
The lower rate will take effect on the same day as the fourth withdrawal.
Online or through the Nationwide app, the account can be opened and managed.
The interest rate is calculated daily, but it is only paid into the account on the account’s one-year anniversary.
If savers choose to close their account early, the interest earned up to that point will be paid on the day the account is closed.
The following are the eligibility requirements:
If you open this account and then close your current account with Nationwide, your savings may be transferred to a lower-interest instant access savings account.
Savers should also be aware that they are only allowed to have one Flex Regular Saver account open at any given time.
The account can be opened jointly by two people, but it cannot be opened by one person.
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