Published On: Mon, Nov 23rd, 2020

Nationwide customers can earn 2% interest rate for 12 months via FlexDirect account | Personal Finance | Finance

“In order to preserve the long-term sustainability of the Society for all our 16 million members, we have had to take these decisions on the interest rates we can offer on a number of our accounts.

“We have tried to remain as competitively priced as possible, with our FlexDirect account, for example, remaining one of the best in the market for credit interest and our savings prize draws helping people into good savings habits.”

Anyone who applied for FlexDirect accounts prior to May 1 are continuing to receive credit interest of five percent AER (4.89 percent gross) on balances of up to £2,500 for the remainder of their 12-month introductory period.

However, once this period ends, existing account holders have their credit interest rate reduced to 0.25 percent AER, on balances up to £1,500 – something which came into effect in July.

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