Martin Lewis discusses UK regulated savings accounts
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The interest rate is offered via the Nationwide FlexDirect account. There isn’t a monthly fee for this account.
It is an online account, meaning people who are interested should apply online.
For the most part, account holders will manage their account via Nationwide’s Internet Bank or Banking app.
Customers with this account can currently earn two percent AER (1.98 percent gross pa) interest on balances up to £1,500.
It is fixed at this rate for the one-year term.
This lasts for a 12-month period.
After that time is up, the rate will drop to 0.25 percent AER (0.24 percent gross pa) variable.
To get this, they will need to pay in £1,000 a month.
This doesn’t count transfers from other Nationwide accounts or Visa credits.
People who have had a FlexDirect before, they won’t receive this offer again though.
That is, unless the new FlexDirect account is in a different name or names.
To apply, the person must be aged 18 or older.
Virgin Money is also offering a current account which pays a two percent interest offer.
The M Plus Account currently pays 2.02 percent AER (two percent gross per annum variable) on up to £1,000.
The interest is paid monthly on this account.
Virgin Money explains there is no monthly fee with this account, plus no fees when the card is used abroad.
Customers who hold this current account can also access a linked M Plus Saver.
At this moment in time, it pays 0.50 percent AER (0.50 percent gross per annum variable).
It applies on the savings balance up to April 26, 2021.
After this date, the interest rate will change.
From April 27, 2021, it will drop to 0.35 percent AER (0.35 percent gross per annum variable).
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