This comparison simply includes all savings accounts.
Nationwide FlexDirect Current Account
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Interest calculated monthly. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must retain a minimum balance of £20,000 in the account. Must be UK resident and be aged 18 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 3 penalty-free withdrawals in a 12 month period. 3.82% AER (variable tracker) + 0.68% AER 12 month boost. 3.75% gross variable tracker. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. After 3 withdrawals within a 12 month period the rate will revert to either 3.40% AER (variable tracker with boost applied) or 2.72% AER (variable tracker) for the remainder of the 12 month period since opening the account. Must be UK resident. Must be aged 18 or older
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Nationwide FlexDirect Current Account
Nationwide Building Society, the second-most-switched-to bank at the moment, is offering a FlexDirect account which could be right for you.
With a simple set of overdraft fees and somewhere guaranteed for your savings, Nationwide FlexDirect pays 5% AER fixed for a year on £2,500, which would give you a maximum £122.25 interest. This rate is fixed for the first year you hold the account, which gives some security in a world of uncertain savings rates. The rate falls to 1% in subsequent years.
To qualify for the interest, you'll need to pay in £1,000+/month. So if you're after an account that pays you interest when you have money in your account, and if you prefer to do your banking online or over the phone then this could be the current account for you.
As standard, Nationwide offers a contactless Visa debit card which efficiently allows you to pay for up to £30 worth of goods or services in a single transaction. While some people still have doubts over the safety of contactless payments they are actually safe and highly secure and are embedded with multiple layers of security to protect you against fraud. If your card is lost or stolen, as long as you report it to your bank as soon as possible in accordance with your bank’s terms, you won’t have to pay for any fraudulent use.
Click here for more information on the Nationwide FlexDirect Current Account »
Nationwide also provides, as standard:
- Free text alerts to help you manage your account
- Automated Telephone Banking, open 24/7
- Award winning secure online banking
- Withdrawal of up to £500/ day from their ATM network
- Paperless statements
- No monthly account fee
- The full £75,000 UK savings safety guarantee
As the rate is fixed, provided it's still at 5% when you apply for the account, you know that is the rate you will get for the first year, making this a risk-free switch. Despite a number of other competitors cutting their rates, Nationwide has said that there are no planned reductions although its rates are constantly under review.
Useful Information to Know
- Your interest is calculated on the last day of each month for each day of that month. The interest is then paid on the first day of the next month without tax deducted.
- They also offer a great refer a friend scheme. If your friend successfully switches to a Nationwide current account you will both receive £100; you can refer up to 10 friends a year.
- This account also offers a fee free arranged overdraft for 12 months, although the limit you get is credit score dependent. After the 12 months, it charges 50p per day for the overdraft. The total unarranged fees are capped at £95/month which provides some security.
They also offer a first time bank charge refund, so if you let them know you’ve made a mistake, they will refund any overdraft fees which you have incurred.
Overall this is a great account for people who can commit to paying in £1000 per month and want to make the most out of their money. The 12 month fee free overdraft is very attractive as well as the chance to earn up to £1000 through their refer-a-friend scheme.
Click here for more information on the Nationwide FlexDirect Current Account »
