Nationwide explains how former FlexDirect customers can access 2% interest offer

No interest is earned on balances over £1,500.

Sara Bennison, who oversees Nationwide’s products and propositions, said at the time: “We know that this is a tough time for savers, particularly after two cuts in Bank Rate in quick succession taking it to an historic low of only 0.10 percent.

“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.”