Nationwide FlexAccount interest rates increased

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Nationwide FlexAccount interest rates increased

Tue 28th Mar 2006

The credit interest rate on the Nationwide FlexAccount will be increased to 4.25 per cent from April 1st for customers who pay in more than £1,000 a month, it has been announced today.

Nationwide claims that this will be the best standard credit interest rate on the high street and that if the big four banks offered the same package, account holders could earn a collective £4 billion in credit interest in one year.

The company's current account offers an overdraft rate of 7.75 per cent – which it claims is the lowest on the high street – as well as internet banking and free debit card use abroad.

Nationwide has also announced today that one in ten customers who switch their accounts choose to take up a Nationwide product.

Steve Clode, Nationwide's marketing director, said: "We are delighted that customers are already voting with their feet and switching to Nationwide's FlexAccount. The account offers an exceptional rate which is available to both new and existing customers."

The 4.25 per cent rate on the Nationwide FlexAccount will be offered to customers who invest £1,000 or more per month, up to a balance of £3,000.

Customers with a balance above this amount will receive a 0.25 per cent rate, as will those with a savings level below £500.

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