Nationwide Flexclusive Regular Saver Pays 5%

Written by Karen Bryan

nationwide flexclusive regular saverThe Nationwide Flexclusive Regular Saver pays a 5% (variable) rate of interest. You need to be a Nationwide current account customer to open this account, either depositing at least £750 a month into a standard Nationwide Flex Account, or be a holder of a Nationwide Flex Plus Accountt or Flex Direct Account.

The maximum monthly deposit into the Nationwide Flexclusive Regular Saver is £500. The account runs for 12 months. There’s unlimited instant access to the account.

I already have three other high interest 12-month regular saver accounts, which are only available to current account holders. An M&S Bank Regular Saver which pays a fixed rate of 6%, but the maximum monthly deposit is £250. You can’t make withdrawals unless you close the account, which incurs a penalty. The First Direct Regular Saver pays a fixed rate of 6% and allows a slightly higher maximum monthly deposit of £300. You can’t make any withdrawals, only close the account, and then the rate of interest pad drops to the rate paid on a standard savings account. The TSB Monthly Saver pays a fixed rate of 5%, with a maximum monthly deposit of £250. It offers unlimited instant access.

In my opinion, the Nationwide Flexclusive Regular Saver is the best account for people who are able to save up to £500 a month, but prefer to retain the option of penalty-free withdrawals.

The main downside to the Nationwide account  is that 5% rate of interest is variable. This means that you need to keep an eye on the rate. The rate of interest would have to drop significantly before it became uncompetitive, as the best standard rate savings account only pay around 1.5%.