Customers can get five percent interest fixed for 12 months on balances up to £1,500. People need to pay in at least £1,000 a month, not counting transfers for other Nationwide accounts or Visa credits.
Interest is calculated on the last day of each month and is paid the next day on the first day of the month.
After the first 12 months, the interest rates drops to a 0.25 percent variable rate.
The account comes with an interest-free arranged overdraft for 12 months, after which an interest rate of 39.9 percent a year compounded interest will apply to the arranged overdraft.
Launching a FlexDirect allows a person to become a member of Nationwide and access other services, including the Flex Instant Saver.
READ MORE: Half a million pensioners to miss out on state pension rise due to where they live
This applies to people who switch their current account with another building society or bank to either a FlexPlus, FlexDirect or FlexAccount current account.
The full switch has to take place using the Current Account Switch Service within 60 days of requesting the offer.
To claim the £200 offer, customers must inform Nationwide in their application that they intend to close their old bank account and move all their direct, standing orders and money over to their Nationwide account.
People also have to switch over at least two active direct debits as part of the switch to claim the money.
READ MORE: The areas that pay the most council tax in the UK – is yours in the top 10?
The offer only applies to the first sole and first joint current account a person has switched to since August 18, 2021.
It does not apply to people switching their funds to a FlexBasic, FlexOne or FlexStudent account.
The Bank of England has raised the base interest rate in the past few months in an effort to tackle soaring inflation, with the base rate currently at 2.25 percent.
The bank has previously said it hopes to see the rate of inflation reduced to two percent.
Christopher Snowdon, Head of Lifestyle Economics at the Institute of Economic Affairs, warned that soaring inflation means savers are getting less for their money.
He said: “Double digit inflation in September is what was expected and it will get worse before it gets better.
“It is particularly concerning to see food and soft drink inflation at nearly 15 percent. In real terms, interest rates are currently at minus eight percent.
“The Bank of England keeps saying that it will not hesitate to raise rates and yet it consistently does far too little far too late.”
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
