Nationwide offers ‘whopping’ 5% interest rate account for savers keen to grow money | Personal Finance | Finance

Nationwide Building Society is making the offer through its popular FlexDirect account which offers a range of benefits. This includes the fact the account is fee-free, access to exclusive savings accounts, and the potential for an interest-free arranged overdraft.

However, the most enticing element about the account is the five percent interest rate fixed for 12 months.

It is available on balances up to £1,500, providing the chance to secure a solid return.

Individuals will need to pay in at least £1,000 a month into this account, not counting transfers from other Nationwide accounts or Visa credits.

To apply, Britons must be 18 or over and a UK resident.

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Martin Lewis, the founder of Money Saving Expert, used the website to point Britons towards the building society’s deal.

He said: “The FlexDirect pays a whopping five percent in-credit interest.

“It easily beats accounts if you’ve £1,500 or less to save.

“However, the rate drops sharply after a year, so look elsewhere then as it’s likely it ca be beaten.”