Nationwide Building Society has revealed a straightforward method for its customers to earn an effortless £75, simply by maintaining a savings balance.
How the FlexDirect Account Works
The key to securing this payment lies with the society's FlexDirect Account, which operates differently from standard current or savings accounts. This unique product offers a competitive 5% AER (4.89% gross) interest rate, fixed for an initial 12-month period.
However, this high rate is only applied to balances up to a maximum of £1,500. Nationwide pays interest monthly on the entire amount held in the account, provided it does not exceed this cap. By depositing £1,500 and leaving it untouched for the full year, customers will earn exactly £75 in interest.
Important Details and the Switching Bonus
Prospective savers must be aware of a significant change that occurs after the first year. A Nationwide representative confirmed that "after a year, the interest rate is 1% AER (0.99% gross a year) variable".
They also clarified a common customer question, stating there is no minimum monthly payment required into the account, making it accessible for many.
In a separate offer, households have an opportunity to secure an additional £175 payment by switching their bank to Nationwide. This incentive is typically available to new customers who are not already members of the building society, as part of a wider trend of lenders offering cash to attract new business.
Is This Offer Right For You?
This deal presents a clear and simple way for Nationwide customers to gain a guaranteed return on a modest amount of savings. For those with £1,500 they can set aside, it functions as a risk-free method to earn extra cash over twelve months.
Meanwhile, the separate switching bonus offers a substantial one-off payment for those considering a move to the building society, providing a dual opportunity for both existing and potential new members to benefit.
