Nationwide Building Society Boosts FlexOne Current Account with Competitive 5% Savings Account
Lead: Nationwide Building Society has announced the launch of a new instant access savings account to encourage young people to develop a savings habit. The FlexOne Saver will offer an impressive 5% gross p.a./AER (variable) on balances up to £5,000 for customers aged between 11 and 17. In addition, Nationwide is also increasing the interest rate on its off-sale FlexOne Regular Saver account to 5%.
Nationwide Building Society is prioritizing financial education and encouraging young people to save through its latest offering. The new FlexOne Saver is designed to provide a competitive option for young savers, offering a substantial interest rate on their balances. Customers aged between 11 and 17 can open the account, which is available both in-branch and online. Interest will be paid annually, and the account can be held until the age of 23, at which point it will convert to an instant access savings account.
Tom Riley, Nationwide’s Director of Retail Products, emphasized the importance of instilling a savings habit at a young age. It’s important to develop a savings habit at a young age and, as a building society, we want to play our part in helping foster that, Riley stated. That’s why we’re launching a new savings account for our FlexOne current account customers. Our FlexOne Saver provides young people with a place for their savings, offering a competitive interest rate and with no restrictions on withdrawals. FlexOne Saver will also ensure that our youth current account remains one of the most compelling accounts available.
FlexOne current account, which is fee-free, is exclusively available to customers aged between 11 and 17. It offers the choice between a cash card or Visa debit card and pays a competitive 2% AER (variable) interest on balances up to £1,000.
Furthermore, Nationwide is increasing the rate on its off-sale FlexOne Regular Saver account to 5% gross p.a./AER (variable), effective immediately. The FlexOne Regular Saver allows deposits of up to £100 per month, providing an excellent opportunity for young savers to maximize their savings.
The launch of the FlexOne Saver and the increased interest rate on the FlexOne Regular Saver account reflect Nationwide’s commitment to empowering young people with financial know-how and encouraging them to save. By introducing these competitive savings accounts, Nationwide aims to ensure that its youth current account remains an attractive option for young savers.
With the new accounts in place, Nationwide hopes to inspire young people to develop a savings habit early on, ultimately setting them up for financial success in the future.
