Lower earning Flex Account customers at Nationwide will be hit by a reduction in interest rates that come into force on August 1st.
Nationwide will be paying a varied interest rate to its Flex Account customers based on how much is paid into the account on a regular monthly basis. The new rates are listed below, and for some of us it may well be time to have a look around at other bank rates.
If you make regular monthly deposits of £500 to £999 the interest you receive will be 0.5%
Monthly deposits of £1000 to £1499 will see interest fall from 3.5% to 2%.
Monthly deposits of under £500 will stay at 0.1%.
Nationwide suggests that the changes will not affect most of its basic account customers “as they already receiving 0.1% interest, because they pay in less than £500 per month.”
Nationwide are also quick to point out that the majority of its rivals do not pay any interest on basic current accounts.
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