Nationwide Building Society is offering 2% interest rate – customers should note key date

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This is via the Nationwide FlexDirect account, a current account which can be opened and managed online. It offers a two percent AER interest rate on certain balances, fixed for 12 months.

This applies to balances up to £1,500, earning 1.98 percent gross per year.

If balances exceed this threshold, the portion over the limit will not earn any interest, however the two percent rate will still apply to the first £1,500.

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Customers should be aware that this introductory rate is only fixed for the first 12 months after account opening.

After this time, a reduced interest rate will apply to any amount in the account up to £1,500.

This ongoing variable rate currently stands at 0.25 percent AER (0.24 percent gross per annum) on balances up to £1,500.

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As such, it may be customers want to make a note of when this 12 month period is up, as the interest rate will drop significantly.

However, to get this two percent rate, there is a requirement to fulfil.

This is that customers will need to pay £1,000 per month into the account.

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It’s important to note that this £1,000 does not count transfers from other Nationwide accounts or Visa credits.

On the Society’s website, it states the rates are correct as of May 1, 2020.

It adds that the rate can be changed at any time.

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That said, those within a fixed rate deal would not be affected during that time.

Nationwide states: “We’ll pay the two percent rate on the first account you open in just your name.

“Plus, if you want to share another account with someone else, we’ll pay the two percent rate on the first joint account you open with them.”

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Nationwide also explains the offer is only open to new customers, except for in a certain circumstance.

“If you’ve had a FlexDirect before, you won’t receive this offer again, unless your new FlexDirect account is in a different name or names,” it states on the website.

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