24 Nov 2021

Nationwide launches new regular savings account aimed at rewarding current account members

  • New Flex Regular Saver pays 2% - one of the highest savings rates in the market
  • Account exclusively for current account members, available for a limited time only

Nationwide Building Society is launching a new savings account paying one of the top rates in the market, available exclusively for current account members looking to put money away regularly.

Flex Regular Saver will be launched on Wednesday 24 November and will be available for a limited time only. The account forms part of Nationwide’s efforts to reward current account members, while also helping people maintain a regular savings habit.

The account can be managed online and is a limited access, regular saver paying a competitive 2% AER/gross p.a. (variable) for 12 months, after which it will revert to an instant access account.

Members are able to save up to £200 per calendar month and are allowed up to three withdrawals within the 12 months after the account opening1. It can be opened via Nationwide’s website and by using the Internet Bank or Mobile Banking app.

Flex Regular Saver is only available to members who hold one of the Society’s current accounts (FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne2). Members are only able to open one Flex Regular Saver – either as an individual or a joint account.

Those who don’t currently have a current account with the Society can open one in order to be eligible for Flex Regular Saver. The Society is currently offering a £125 switching incentive3 for existing members (£100 for new customers) who switch into either a FlexDirect, FlexAccount or FlexPlus account using the Current Account Switch Service.

Tom Riley, Director of Banking and Savings at Nationwide Building Society, said: “In the current environment having a savings nest egg to fall back on is more important than ever, so as the UK’s biggest building society we do all we can to help and encourage people to save on a regular basis. By rewarding our current account members, Flex Regular Saver is a further demonstration of the benefits of having a current account with Nationwide. However, it is only available for a limited time, so I’d encourage members to act early to benefit from one of the most competitive savings accounts in the market.”

Notes to editors

1 If four or more withdrawals are made, the rate on the account will change to 0.35%

2 Members need to be at least 16 years old to open Flex Regular Saver

3 To qualify for the incentive, switches must be made using the Current Account Switch Service and a minimum of two active Direct Debits must be set up on the new account.

Existing members must use Nationwide’s Internet Bank to switch a current account they hold with another provider to an existing account they already hold with the Society or open a new account to switch to using Nationwide’s website, Internet Bank or Mobile Banking App. The switch must be completed within 30 days of it being requested.