Nationwide Building Society has clarified the terms and conditions for its leading savings product. The Flex Regular Saver offers savers 6.5 per cent interest. Account holders can deposit up to £200. This means if you contributed the maximum amount over 12 months, you would accumulate £84.50 in interest.

Any interest you earn is paid on the anniversary of the account opening date. However, making four or more withdrawals will see the rate plummet to just 1.05 per cent, a drop of 5.45 percentage points. One account holder contacted the building society over social media to ask how the rules work.

They explained that their account was set to mature in December, but they needed to withdraw all funds in one go to buy a property. They questioned what would happen to the interest rate if they

See Full Page