Nationwide Flex Account

Reed_Richards

itsamyprobably wrote: »

do you have other money kept in there as well ie the £2500 to earn the interest on

You earn interest day by day on the balance held in the account. So the most interest you can earn is 5% of £2500 = £125 if you have a balance of £2500 or more in the account for the entire year.

itsamyprobably wrote: »

I currently have around £1700 in savings that I am thinking of keeping in the nationwide Flex Account (adding to it each month) how much interest would this be per month on average?

Well if you can maintain an average balance of £1700 for the year then the interest you would earn would be £85 in the year which would be just over £7 per month.

itsamyprobably

Thank you! That’s cleared it up fully, never even bothered to look at interest etc on accounts before so had no idea how it worked!
Probably lost out on a fair bit being in the account I’m in (even when the nationwide goes to 1% it’s probably still better than what I get now)