Nationwide launches Flexclusive Saver savings account

Nationwide is launching a brand new savings account designed to reward customers who use Nationwide's FlexAccount as their main current account.

Flexclusive Saver is a variable rate, seven-day notice account that guarantees to pay at least 1.75% above the Bank of England Base Rate until 1 January 2013.  At Base Rate's current level, Flexclusive Saver pays 2.25% gross p.a./AER* on balances of £1,000 and over.

It is a branch-based account that is only available to existing Nationwide FlexAccount holders who have credited in at least £750 into their account in the last three months.  Flexclusive Saver is the latest in a series of products, offers and discounts that deliver additional value to customers who use Nationwide's FlexAccount as their main current account.

Flexclusive Saver will appeal to those who want access to their money at short notice.  Penalty free access is available provided seven-day advance notice is given on the amount to be withdrawn, while for customers who want immediate access, seven-day loss of interest will be applicable.

The minimum opening balance for Flexclusive Saver is £1,000, with the maximum investment limited to £5 million.

Robin Bailey, Nationwide's director for savings, said:  "What Flexclusive Saver highlights is the benefits of having Nationwide's FlexAccount as your main current account.  As a mutual, the Society is committed to providing the best possible value to those members who choose to have a deeper relationship with us.  Those who use their Nationwide current account as their main account already benefit from free European travel insurance, a competitive personal loan rate, access to exclusive mortgage products and some of the lowest charges in the market for foreign currency transactions.  Adding Flexclusive Saver to that list of benefits will further enhance the attractiveness of Nationwide's FlexAccount.

"Flexclusive Saver's interest rate is also guaranteed to track the Bank of England Base Rate all the way up to 1 January 2013 meaning that savers will have the peace of mind that the rate will remain competitive over a longer period."