Nationwide reveal how their MoneyWatch service works
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Nationwide states it has over 15 million members, showing the enduring popularity of the provider for savings, mortgages and other financial assistance. And amid challenging interest rates, the building society could help many people secure a solid return. Interest rates have suffered throughout the pandemic, with little to no optimism that a return to formerly higher rates will be realised.
Through it all, though, there have been some providers who continue to offer competitive deals to customers.
One of these is Nationwide, which through one of its current accounts, is offering one of the market-leading rates.
This is made available through its FlexDirect current account, which is understandably popular.
The FlexDirect account offers a person access to two percent in-credit interest and an interest free arranged overdraft for the first 12 months.
Nationwide is offering 2% interest rate to Britons with FlexDirect – are you eligible? (Image: Getty)
This, therefore, not only offers a return, but also financial security should a person need to dip into their overdraft.
The two percent interest rate is fixed for 12 months, and is available on balances up to £1,500.
There is, however, a step that a person will have to take in order to secure this interest rate.
Britons are required to pay in at least £1,000 a month into this account to secure the top interest rate.
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This does not count transfers from other Nationwide accounts or Visa credits, it is important to note.
After the first 12 months, the interest rate on this account drops to 0.25 percent AER – which still provides some return.
Britons will not have to pay any interest on their arranged overdraft for the first 12 months from the date the FlexDirect account is opened.
However, after this, an interest rate of 39.9 percent APR representative is applicable, so it is vital to stay alert.
Nationwide: Are you eligible? (Image: Getty)
Individuals are likely to have to undergo a credit check for this kind of account, and before an arranged overdraft can be issued.
FlexDirect is also designed to be an online account, meaning it is best suited to those who have internet access.
Nationwide explains: “Everyday banking can be done on your phone, computer, tablet or smart watch.
“It can be done using our Banking app or Internet bank.”
The account is also fee-free, meaning Britons will not have to meet any additional charges for maintaining the account.
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What will be important, however, is understanding eligibility before this kind of account is opened.
Firstly, to be able to apply a person needs to be 18 or over, and must also be a UK resident.
Next, they will need to agree with Nationwide that the account is for personal use only.
And finally, they must hold no more than four existing sole or joint Nationwide current accounts to be eligible.
If a person has had a FlexDirect account before they will not receive the 12 month credit interest offer or the interest-free overdraft offer again.
However, they will be able to get the offer on a new joint account, as long as they have not shared a FlexDirect account with the person concerned before.