This is a long standing offer for SAVERS from Nationwide. So it's more of a fyi deal for those who are not aware. Nothing Black or Friday about this offer.
Starved of any decent interest rates on your SAVINGS? Why not open a FlexDirect account and get 5% interest for 12 months for amounts upto £2500.
Your partner can open one too AND have a joint account. So 3 accounts holding upto £7500 earning 5%per annum paid monthly is as good as it gets in this interest rate environment (for 12 months only though). You DO have to deposit £1000 each month from a non Nationwide account, but you can top it up and withdraw within a few hours if you so wish.
The smart thing to do is to keep credit balance at £2500. Amounts over that don't earn any interest at all, I think.
with my street maths, the most you can get in a month is -
5% of 2500 = £125 per year
so, 125/365 (days/year) * 31 = £10.62 for a 31-day month
But it gets better. If you switch to Nationwide with 2 direct debits using the switch service both the recommended and the one who recommends get £100 each (hint, hint ;)
Wait, there's more! FlexDirect account can open a Regular Flexclusive saver account, top it up upto £500 each month and earn 5% on that too for 12 months
The online service and app are both good. We've had 2 accounts now and will soon open a joint account.
I suspect this offer will be pulled (rates reduced) in the not too distant future. The 5% interest on the current account is guaranteed for 12 months, but the Flexclusive Saver rate is variable.
If you are fortunate to have about 10k savings and in a stable relation then think about spacing out the 3 account open dates over 3-6 months, so that you don't face a problem with what you have to do next after 12 months. eg. We intentionally opened the regular Flexclusive account a few months after the FlexDirect account to stagger the finish dates of the 12 month offers. The slight nitpick with the Flexclusive is interest is paid only at the end of 12 months, so if you deposit in month-1 but withdraw at month-6 you lose all the interest (aiui, correct me pls)
btw, credit to karlie888 who first made me aware of switching offers. There's a LONG thread about that. Some on that thread made loads from Yorkshire Bank and Clydesdale Bank when their offer was not worded correctly. Hope they opened a benefit fund for the poor sod who surely got fired for that gaff :¬