Nationwide Building Society has announced that it will be offering a rate of 4.25 per cent on its FlexAccount current account from April 6th.
The hike will lift the FlexAccount head and shoulders above its competitors’ products and ensure that it is the best current account on the high street for interest.
The rate compares to an average one to 1.5 per cent interest paid on current accounts.
Nationwide has estimated that current account holders in the UK could earn up to £4 billion more in interest if its competitors followed suit.
“The current account market is changing and Nationwide is delighted to offer an exceptional rate which is available to both new and existing customers,” said Nationwide executive director Stuart Bernau.
Savers will need to have a minimum of £1,000 paid into their account every month to qualify for the rate however, and it will only be paid on balances up to a maximum £3,000
The building society also boasts that it is offering the best current account overdraft rate on the high street, currently 7.75 per cent and a no-strings, straightforward service.
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