Martin Lewis has made his name as a money saving expert, and is the founder of the website of the same name. This evening, he returned to ITV screens, for the latest instalment of The Martin Lewis Money Show – A Coronavirus Special.
He said: “Five percent fixed savings. If you apply before midnight, it will last a year and it’s on up to £2,500.
“Now, this is part of a current account, the Nationwide FlexDirect, so it’s switching bank accounts. You need to meet its minimum pay-in criteria which is £1,000 a month so earning £12,000 a year, just having that paying in.”
Mr Lewis continued: “If you want five percent savings, it’s not on the hugest amount, but still, nothing else close to it on the market.
The Money Saving Expert founder went on to address what accounts are current paying the top rates for easy access savings.
“Top easy access – 1.2 percent with Marcus and Saga,” he said.
Nationwide announced changes to its savings and current account interest rates on April 6.
It came following successive cuts to the Base Rate made by the Bank of England in March, in response to the coronavirus crisis.
Launched in 2012, the FlexDirect rate has been protected over the years, but from May 1, the FlexDirect interest rate will reduce to two percent.
Meanwhile, any existing FlexDirect members who are outside the introductory period will have their credit interest rate reduced to 0.25 percent AER, on balances of up to £1,500, from July 1 (from one percent AER).
Sara Bennison, who oversees Nationwide’s products and propositions, said: “We know that this is a tough time for savers, particularly after two cuts in Bank Rate in quick succession taking it to an historic low of only 0.10 percent.
“In order to preserve the long-term sustainability of the Society for all our 16 million members, we have had to take these decisions on the interest rates we can offer on a number of our accounts.
“We have tried to remain as competitively priced as possible, with our FlexDirect account, for example, remaining one of the best in the market for credit interest and our savings prize draws helping people into good savings habits.”
Published at Thu, 30 Apr 2020 22:07:00 +0000