Regular savers to benefit from new accounts paying up to 5%

1 December 2015

  • Nationwide rewards existing current account holders with competitive savings rates
  • Savers can put away a significant sum per month with net balance increase of £500 permitted
  • Flexibility with no minimum deposit requirement and instant access to funds

Nationwide Building Society is today launching two new savings accounts paying variable rates of up to 5% for those who like to save regularly.

Both accounts offer savers the chance to put away a significant amount per month with a net balance increase of up to £5001 per calendar month permitted. Savers have flexibility with these new accounts as there is no loss of interest if a monthly deposit is missed and customers can get instant access to their money should they wish to make withdrawals.

The accounts can be opened and operated in branch and online. The interest rates are payable for a fixed term of 12 months following the account opening.

The two regular savings accounts are:

Flexclusive Regular Saver – 5% gross p.a./AER (variable)
Flexclusive Regular Saver is available to Nationwide’s main current account2 customers.

Regular Saver – 2% gross p.a./AER (variable)
Regular Saver is available to any new or existing Nationwide savers who do not have one of the Society’s current accounts.

At the end of the 12-month term, the Flexclusive Regular Saver account will revert to the Society’s instant access Flexclusive Saver account, or nearest equivalent, while the Regular Saver account will revert to Instant Access Saver, or nearest equivalent.

Tom Riley, Nationwide’s Head of Savings, said: “These new savings accounts offer rates that are amongst the most competitive on the market and provide a further benefit to customers who use Nationwide for their main current account. As a mutual, the Society is committed to providing excellent value to existing members.

“Each of our current accounts comes with its own individual benefits, whether it’s the free European travel insurance on FlexAccount, 5% credit interest on FlexDirect or the suite of benefits that comes with our packaged FlexPlus account.

“Even if savers don’t have one of our current accounts, they will still be able to benefit from a competitive savings rate that makes the most of putting a bit of money away on a regular basis.”

Notes to Editors

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted.

1 Example: if a saver was to withdraw £200 during a month, they could deposit £700 into the account during that same month.

2 To qualify as a main current account customer, you must:

  • Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount and have:
    • Been paying in £750+ a month for the last three months (excluding internal transfers from any Nationwide account held by you or anyone else); or
    • Completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months; or
  • Hold a FlexDirect or FlexPlus account
Regular Saver Flexclusive Regular Saver
Interest rate (gross p.a./AER variable) 2.00% 5.00%

The term of the account is fixed for 12 months from the date of opening.

After that fixed period, the funds will be transferred into an;

  • Instant Access Saver (for Regular Saver)
  • Flexclusive Saver account (for Flexclusive Regular Saver) or
  • If these are not available, the nearest equivalent instant access savings account.

The terms and conditions and the interest rate applicable to that account, at that time, will apply.

Eligibility New and existing customers Main current account holders only2
You may only have one Regular Saver or Flexclusive Regular Saver at any one time, which can be held in sole or joint names.
Maximum deposit per calendar month £500
Withdrawals Instant access
Availability In branch and online

About Nationwide

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Please note: If you are a customer looking for information on our products and services, please visit the main website.