The deal is one of the best seen is over 10 years but there are some caveats to consider
A new market leading savings deal of 8 per cent launched on Wednesday, the best deal in a decade.
Nationwide is offering the highest rate since February 2013 and is also giving customers who switch to their Flex Regular Saver account a bonus of £200., the highest ever recorded by the Current Account Switching Service.to reach 5.5 per cent on Wednesday. The 14 increases have enabled providers to up their savings rates with competition firmly back in the market as some now offer more than the current rate of inflation of 6.7 per cent.
Those who want to switch will have to do so via the Current Account Switch Service. This can be requested when opening the current account with Nationwide.James Blower, founder of Savings Guru, said: “This is the best deal on the market, eclipsing First Direct’s 7 per cent rate. It’s obviously a fantastic rate and definitely worth looking at for savers who have free cash each month.”
It is likely the building society has been able to offer the rate due to rising interest rates which are being passed on to consumers after bank bosses were told off by MPs. Andrew Hagger of Moneycomms added: “It’s a very good deal and there’s some flexibility too with up to three withdrawals permitted in the 12-month period, not all regular saver accounts offer that level of access.”
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