Nationwide is a popular building society, and draws in hundreds of thousands of savers each year. As many banks and building societies step up their offers, Nationwide is doing the same with a particularly enticing interest rate.
Today, it is increasing the introductory credit interest rate on its FlexDirect account to a market-leading five percent.
This rate will be available for new applications opened from June 21, on balances up to £1,500 for the first 12 months.
Savers who are switching their current account will also be able to benefit from Nationwide’s switching incentive.
It is offering £125 to existing members who make the switch, and £100 to brand new customers.
While the FlexDirect account offers an introductory rate of five percent, this does change over time.
After 12 months, the account pays 0.25 percent variable.
Britons can open the account online or in branch, and it can also be operated online.
Members will need to pay in £1,000 per month, not counting transfers from other Nationwide accounts or VISA credits.
To qualify, switches must be made from another provider using the Current Account Switch Service and a minimum of two active Direct Debits must be transferred as part of the switch and set up on the new account.