Nationwide Announces 4.25% Current Account
Nationwide building society ups the current account interest rate ante
18th January 2006
Nationwide say that the average current account holder would be £130 better off by switching to their 'Flex' current account product, which will pay a 4.25% rate of interest from 1st April.
The announcement of the new rate ups the ante in a banking price war which has recently seen current account interest rates approaching or even exceeding those of savings accounts or other investment vehicles.
The account has some restrictions though - customers must pay in a minimum of £1,000 per month, and the high interest rate will only apply to balances up to £3,000. Even so, this is still attractive compared to the nominal rate of 0.1% which continues to be paid on most high street accounts.
The Nationwide account also features an overdraft rate of 7.75%, and the new rates will be available to both existing and new customers.
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