Nationwide Building Society has today introduced a new, competitive instant access savings account with the aim of encouraging saving among young people. The FlexOne Saver pays 5% and is available on up to £5,000 to 11 to 17 year olds with a Flex Account. The Building Society has also upped the rate on its off-sale Flex One Regular Saver account to 5%.
In a statement issued this morning, Nationwide has reported as follows:
The new FlexOne Saver will pay a competitive1 5% gross p.a./AER (variable) on balances up to £5,000.
To open a FlexOne Saver account, customers need to be aged 11 to 17 and have a FlexOne current account. FlexOne Saver can be opened and managed in branch or via the Internet Bank or Banking App2.
Interest on FlexOne Saver is paid annually and the account can be held up to the age of 23, after which it will revert to an instant access savings account.
Nationwide’s FlexOne current account is fee-free and also open to those aged between 11 and 17. It comes with a choice of either a cash card or Visa debit card. The current account pays interest of 2% AER (variable) on balances up to £1,000.
In addition, customers with Nationwide’s off-sale FlexOne Regular Saver account, which allows deposits of up to £100 a month, will see their rate increase to 5% gross p.a./AER (variable), effective from Wednesday 22 November.
Tom Riley, Nationwide’s Director of Retail Products, said: “It’s important to develop a savings habit at a young age and, as a building society, we want to play our part in helping foster that. That’s why we’re launching a new savings account for our FlexOne current account customers. Our FlexOne Saver provides young people with a place for their savings, offering a competitive interest rate and with no restrictions on withdrawals. FlexOne Saver will also ensure that our youth current account remains one of the most compelling accounts available.”
2 Those aged 11 and 12 need to visit a Nationwide branch to open the account as they need to be accompanied by a parent or guardian.
FlexOne Saver: FlexOne Saver | Children’s Savings Account | Nationwide
FlexOne: Children’s Bank Account | FlexOne Account | Nationwide
