Nationwide Building Society is hungry for new current account business as it launches a new £200 switching incentive to tempt customers to switch from rival banks.
To qualify for this incentive, applicants must switch using the official Current Account Switching Service (CASS).
Not only will new customers benefit from the £200 payment, if they open a Nationwide FlexDirect account they will get 5% interest on their credit balances up to £1,500 for the fist 12 months – note that after that the rate drops to just 1%.
At the same time, nationwide is launching a new regular savings account, exclusively for current account customers, paying 8% AER/gross p.a. – the highest rate available on the market.
The maximum you can save is £200 per month and over the course of the 12 months the account is open you could earn a maximum of £104 in interest before tax.
The regular saver does offer more flexibility than many other regular savings accounts, with 3 withdrawals permitted without penalty during the year – just be aware that if you make more than 3 withdrawals the rate drops to 2.15%.