Martin Lewis offers advice on savings and interest rates
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Nationwide is one of the UK’s most popular providers, and as a building society, many people are drawn to it each year. Understanding this, the provider is taking steps to say thank you to its customers with two new exciting offers. This could be beneficial for savers, particularly in the current low interest rate environment many have experienced in recent months.
The offers are being made to existing members of Nationwide, meaning customers should look out for how they could clinch it.
Firstly, the provider is offering a £125 cash reward for existing members who switch their current account to the Society.
This is while new customers will also be able to receive £100 for switching to Nationwide.
In order to qualify, switches will need to be made using the Current Account Switch Service.
A minimum of two active Direct Debits will also need to be set up on the new account.
Members will be required to use Nationwide’s Internet Bank to switch a current account help with another provider.
This can be done to an existing account held with Nationwide, or a new account.
The switch must be completed within 30 days of it being requested.
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But this is not all Nationwide is offering, with another exciting opportunity on the horizon for savers.
The launch of the provider’s Flex Instant Saver is likely to delight existing current account holders with Nationwide.
It will be exclusive to this group, and pay a competitive interest rate of 0.35 percent AER.
Those who already hold or open any of the Society’s current accounts will also be able to open this new account.
The interest rate is payable for a 12 month period, after which the account reverts to another instant access account.
As a result, then, it could be well suited to those who want to grow their money in the short-term.
Into the instant access account, members will be able to save up to £5million, with no limit on withdrawals.
It can be opened online via the Nationwide website, through Internet Banking or the Mobile Banking App.
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Tom Riley, Director of Banking and Savings at Nationwide Building Society, commented on the update.
He said: “As a mutual we always look to reward our members’ loyalty with exclusive products and services.
“This is why our new switching incentive offers a higher level of reward for existing members compared to those who are new to the Society.
“At the same time, we are also launching a new savings account which further rewards our current account members with a competitive rate of interest.
“We believe our mutual difference is the reason that the Society continues to be one of the main winners of the Current Account Switch Service as people look for a provider that will not only offer a compelling account, but also one that has a strong focus on reward member loyalty.”
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