Although interest rates on savings accounts have taken a bit of a beating over the last year following the Bank of England’s decision to cut the base rate to 0.1 percent in March 2020, it looks like account switching offers are back with a vengeance.
Savvy savers will be pleased to know that interest rates are slowly beginning to recover with Nationwide’s latest product offering a competitive savings rate that could pique people’s interest.
Switchers will also get £100 deposited into the account for free once the switch is completed and it will all be done for them using the Current Account Switching Service.
The sweetener of £100 is available to those looking to switch to the bank’s FlexAccount, FlexDirect, or added value account FlexPlus.
Existing customers who have a mortgage with the building society can also switch their current account and will get a £125 reward.
The Current Account Switch Service is free for customers and ensures that all direct debits and upcoming payments are moved over within seven days, so people don’t need to do anything.
There are a few exciting accounts being launched at the moment, Britons can not only get a nice sweetener for switching accounts but a better savings rate too, so it’s worth looking around.
What’s interesting about this deal is that Nationwide is rewarding its loyal customers too and actually giving them £25 more than new customers, so they’ll get £125 if they bring another account over.
Customers do not need to close their old account either and they won’t be bothered by a sales call to try and convince customers to stay.
However, it’s important to bear in mind that sweeteners like free cash can be tempting but what suits one person when it comes to choosing the best bank account might not suit another.
Individuals are encouraged to consider aspects such as interest rates and overdraft fees – added benefits like free breakdown cover and home insurance are all well and good if they will be taken full advantage of.
Any payments that are due to go into an old account will be moved to the new one automatically for the first three years.
If something does go wrong, it is covered by the Current Account Switch Guarantee, so customers can contact their new bank for a refund.
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