One of the leading high street building societies, Nationwide is looking to shake up the current account market by introducing a deal that pays 40 times more interest than it rivals.
The FlexAccount will pay a higher amount of interest on its account from 3 per cent to 4.25 per cent from 1 April. Other current accounts from the likes of Natwest, Barclays and Lloyds TSB only pay on average 0.1 per cent.
To take advantage of the special deal, customers are not required to use the Building Society’s online banking services. However one condition has to be met to qualify for the full rate, that is, a minimum of £1,000 must be paid into the account on a monthly basis.
Other institutions offering deals include the Alliance and Leicester’s Premier Direct account which pays 5 per cent a year. However this is only available to those who subscribe to online banking.
Abbey’s current account pays 6 per cent. This is only available for the fist year and on the first £1,000 deposited. After 12 months the interest rate will drop to 2.25 per cent.
The Nationwide shake up
Financial Services > e-banking > Banking news
The Nationwide shake up
Tue, 24 Jan 2006
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