Nationwide Building Society has launched a new regular savings account paying eight per cent AER/gross p.a, which, at the time of writing, is the highest rate available on the market.
The Flex Regular Saver account is exclusive to Nationwide’s current account customers – meaning they must hold one a FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne account.
Savers can deposit up to £200 per calendar month into the market-leading account, which is managed online.
It allows up to three withdrawals within the 12 months of the account opening.
Nationwide is also offering a switch incentive of £200
If four or more withdrawals are made, the rate on the account will change to 2.15 per cent AER variable.
Savers also need to be at least 16 years old to open the account.
Customers can only open one Flex Regular Saver, and this can either be as an individual or a joint account.
The building society has also launched a top-of-market £200 switching incentive.
Customers who switch to Nationwide via the Current Account Switch Service can get £200, an offer which is currently top of the market.
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To qualify, a person needs to complete a full switch using the switching service and a minimum of two active direct debits must be transferred to the new account.
It can be opened on Nationwide’s website or via the Internet Bank or Mobile Banking App.
Existing Nationwide customers can also switch a current account they hold with another provider to an existing account they hold with the building society via the Internet Bank.
The switch needs to be completed within 60 days of it being requested.
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 eight per cent 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.”
Customers could earn up to £377 during the first year if they qualify for the £200 incentive, switch into the FlexDirect account and save in the new Flex Regular Saver, Nationwide said, although they must meet certain criteria.