End of the line for top 5% deal: Nationwide to withdraw its popular monthly savings account on Friday
Nationwide is to withdraw its popular 5 per cent Flex Regular Online Saver account from sale on Friday
Nationwide will withdraw its popular 5 per cent monthly savings account from sale on Friday.
Canny savers have used the Flex Regular Online Saver to get as much interest as they can from their nest eggs by recycling money from poorer-paying accounts.
Open to Nationwide current account holders, it was set up to encourage saving — and more than eight in ten (86 per cent) of the 750,000 people with accounts have built up nest eggs averaging £20,000.
By placing the maximum £250 a month into the account for a year at 5 per cent, they earn £80 in interest.
Leaving the same £3,000 in the society’s Loyalty Saver easy-access account earns up to £33 at best.