AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Nationwide acts as an intermediary for the insurance products provided with the Nationwide FlexPlus Current Account. It says two thirds of all customers in the red will be worse off … To help you understand the fees for this account, please read the Fee Information Document. We’ll need to check before we can offer you a loan, overdraft, or credit card. However, the building society has told individuals there is one other important issue to bear in mind when it comes to eligibility. All rates and charges are subject to change and we may decide when to apply and waive any account charges. The news will not affect the 750,000 existing account holders, who will be able to save into the product until they reach their maturity date. I'm on medication for high blood pressure and I think I have to pay about £30 extra per year for that to be covered. is the interest rate after the deduction of tax. We've long been fans of Nationwide’s FlexDirect current account.. That's because it offers an interest rate of 5% on balances in the account, and then another 5% on your savings in its linked Flex Regular Online Saver account. The FlexDirect account also comes with a variety of helpful benefits to assist Britons with their banking needs. They are extremely transparent and honest in their approach which is refreshing in the banking industry. Home of the Daily and Sunday Express. After this point, Britons can expect to receive an interest rate of 0.25 percent AER variable. View all our current accounts, More about the Financial Services Compensation Scheme. Britain’s largest building society has raised the interest it pays on its FlexDirect current account from 2 per cent to 5 per cent. After that, you’ll get 0.25% AER (0.24% gross p.a) variable. With a simple set of overdraft fees and somewhere guaranteed for your savings, Nationwide FlexDirect pays 5% AER fixed for a year on £2,500 , which would give you a maximum £122.25 interest. Make the most of your money by signing up to our newsletter for. READ MORE: DWP issues social media warning to Universal Credit & other claimants. To earn 2% AER (1.98% gross p.a.) Nationwide flex account 5% interest one. It says the changes will protect other benefits. Staying in your arranged overdraft over a long period can be an expensive way to borrow. For past rates and charges, see our current account support section. Currently, Nationwide's online FlexDirect account pays 5 percent AER interest fixed for the first 12 months, on savings in the account up to £2,500 - 4.89 percent gross a year. The account has long been a … If a person’s income has changed due to COVID-19, or is likely to reduce in the next two years, people must tell Nationwide their annual income before tax. To unlock this interest rate, all individuals will need to do is pay in at least £1,000 per month into the account. Nationwide has announced a major downgrade to its popular £13-a-month FlexPlus current account, leaving thousands of customers wondering whether it … Nationwide is a familiar name on Britain’s high streets, and the provider has said it is the most popular building society across the globe. For example, you can earn up to 5% AER fixed for a year on up to £2,500 with the Nationwide FlexDirect account, or 3% on up to £1,500 with the TSB Classic Plus – see more options in Top current accounts that pay interest. Nationwide acts as an intermediary for the insurance products provided with the Nationwide FlexPlus Current Account. The building society’s Loyalty Saver account was launched seven years ago and offers increasing rates of interest the longer the customer was a Nationwide member. Nationwide Flex Plus Account Benefits & Overview: For £13/month (£156/year), the FlexPlus account includes the following banking and insurance products: What Banking Products are included in the FlexPlus Account? Photograph: Danny Lawson/PA Photograph: Danny Lawson/PA Which? The interest rate is made available on balances up to £1,500, thus particularly helping those who are just getting started on a savings journey. We have a credit card just for our members who hold a current account, mortgage or savings account with us. Whilst some accounts are online only I have still been helped thoroughly if I have gone in branch with a query. There’s a network of branches you can access across the UK, and there’s also a phone support line. However, Britons must be upfront about their financial situation. Nationwide Building Society, the second-most-switched-to bank at the moment, is offering a FlexDirect account which could be right for you. 22 March 2013 at 7:48PM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts. Nationwide’s FlexDirect current account pays 5% interest on balances up to £2,500 for the first 12 months. Nationwide Mutual Insurance Company. If you use an arranged overdraft of £1,200 the amount Nationwide will charge you is 50p per day (variable) You need to be 18 or over and a UK resident to apply for a FlexPlus account. With a simple set of overdraft fees and somewhere guaranteed for your savings, Nationwide FlexDirect pays 5% AER fixed for a year on £2,500 , which would give you a maximum £122.25 interest. Find out why we use cookies and how to manage your settings. 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. - Select this to show/hide the search box, menu - reveals log in & registration links for Internet Banking, - Select this link to expand/collapse product menu choices, On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. This site uses cookies and by using the site you are consenting to this. Gross p.a. Joint current account options with flexibility to bank via secure online banking, a free mobile app, branch access and telephone banking. Reviewed on 29th April 2020. However, you can have two FlexDirect accounts as long as one is a joint account. This was a shock for many savers, who have been forced to bear the brunt of the lower rate - which has been held at 0.1 percent ever since. Nationwide will ‘revamp’ its savings range, scrapping popular loyalty accounts held by nearly 1.7 million customers. We pay interest without tax deducted. If you use an arranged overdraft of £1,200 the amount Nationwide will charge you is 50p per day (variable) You need to be 18 or over and a UK resident to apply for a FlexPlus account. Find out more about the changes to the, Yes, I would like to take part in the website survey. Interest is calculated on the last day of each month and is paid on the first day of the next month. FlexDirect could suit you if: Your balance is often in credit – if you pay in at least £1,000 each month you’ll get 2% AER (1.98% gross p.a. APR stands for Annual Percentage Rate. If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. From 1 March 2013, Nationwide's FlexDirect current account will pay a market-leading rate for credit interest of 5% AER fixed for the first year on credit balances up to GBP 2,500. Nationwide has almost 8 million current account holders and 800,000 overdraft users per month. Note, this link will open in a new window or tab, No thanks, I would not like to take part in the website survey, Not sure FlexDirect is for you? It doesn’t include fees or promotional rates. It will depend on our view of your circumstances. Our free, online account. Flex plus insurance cover adds value. Phone insurance for all your family’s smartphones ; European breakdown cover for you in any vehicle; Extended warranty (additional 12 … What is the Nationwide FlexDirect account? It is worth noting though, this interest rate is currently only being offered at a fixed rate for the first 12 months. Nationwide is to cut the interest on its popular FlexDirect current account, in yet another blow to current account perks. Home Office: One Nationwide Plaza, Columbus, OH. interest on balances up to £1,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. I had to call Nationwide today because having made a number of purchases for my upcoming wedding I forgot to move money from my savings to my daily account. We’ll take a look at your circumstances to see what we can offer you. Nationwide flex-plus account with visa debit card does everything I need. This meant when my monthly credit card payment came up I had insufficient funds incurring a charge and worried about the potential loss of my interest … If you want to bag the 5% interest FlexDirect currently pays on balances up to £2,500, you've until Thursday 30 April to apply and lock in that rate for a year. Text messages re my unusual /larger payments very reassuring. Net p.a. NATIONWIDE has unveiled a series of changes to its flagship FlexPlusCurrent account which comes with a hefty price hike of £36 over a year. Nationwide customers could secure 2% interest savings account - check eligibility now NATIONWIDE is a popular building society used by millions of people each year, and its latest offering is likely to entice even more to save with the provider. A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. Despite the recent slashing of interest rates following the BoE’s decision to drop the base rate Nationwide provide excellent service. Great value banking . Our overdrafts page can help you compare our arranged overdrafts, and find out how much one might cost. It’s free to open and use, though you do have to pay in at least £1,000 a month to get the interest. fixed) interest on balances up to £1,500 for the first 12 months, and 0.25% AER (0.24% gross p.a) variable after that. If you want to bag the 5% interest FlexDirect currently pays on balances up to £2,500, you've until Thursday 30 April to apply and lock in that rate for a year. Nationwide Building Society is scrapping interest on its FlexPlus packaged current account and also increasing overdraft costs. The account has been a firm favourite with customers for some time, and has been market-leading for months, but as savings rates continue to drop it’s now the last one standing offering such a high return. 39.9% APR Representative (variable). All you need to do is pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. Nous voudrions effectuer une description ici mais le site que vous consultez ne nous en laisse pas la possibilité. Nationwide has started telling customers about changes it's making to its FlexPlus packaged bank account in November, which include slashing in-credit interest and raising overdraft fees for many. Nationwide is to cut the interest on its popular FlexDirect current account, in yet another blow to current account perks. That’s on every penny in your account up to £1,500 – 1.98% gross a year. Money paid in from other Nationwide accounts held by you or anyone else or visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000. 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