Nationwide Building Society has introduced a competitive savings account offering a 6.5% annual equivalent rate (AER), but it is only available to existing customers. The Flex Regular Saver Issue 7 pays interest on deposits of £1 or more after 12 months. While withdrawals are unlimited, making four or more withdrawals reduces the rate to 1.05% for the remainder of the term.
Key Features
Customers can deposit up to £200 per calendar month, with no minimum payment required. The rate is variable, meaning Nationwide can adjust it in response to economic changes. After 12 months, the account converts to an instant access savings account with a lower rate, and Nationwide will notify customers before this happens.
Eligibility Criteria
- Must hold a Nationwide current account.
- Aged 16 or over.
- Must have an email address and mobile number.
- UK resident.
- Account management and application must be done online only.
The account can be opened individually or jointly.
Competing Offers
Nationwide is among several providers offering savings accounts with AERs above 6%. Virgin Money's Regular Saver Exclusive Issue 6 offers a fixed 6.5% on deposits of £1 or more, with a maximum monthly deposit of £250, and is available to existing current account customers. The term ends on June 30, 2027.
Hanley Economic Building Society's 1 Year Branch Smart Saver offers a variable rate of 6.30%, with a minimum opening deposit of £25, a maximum monthly deposit of £300, and requires at least 10 payments to keep the account active.
Lloyds Bank's Club Lloyds Monthly Saver provides a fixed 6.25% AER, with monthly deposits between £25 and £400. Interest is paid on the one-year anniversary, and it is open to new and existing Club Lloyds Current Account customers aged 18 and over.
For more details and comparisons, visit Moneyfactscompare.co.uk.
