Nationwide explains key dates to qualify for extra £135 with this account | Personal Finance | Finance

Nationwide Building Society has clarified the rules around when customers with a certain account need to make their deposits to qualify for a 5 percent interest rate.

A customer asked the group over social media about their FlexDirect current account. Customers can earns 5 percent fixed for the first 12 months they hold the account on balances up to £1,500, meaning you could earn up to £75 over the course of the year.

You can also get 1 percent monthly cashback, up to £5 a month, which would add up to £60 over the 12-month term. This means with these two features you can earn an extra £135 over the year.

However, to qualify for the interest rate and the cashback, the rules state you need to pay in “at least £1,000 each month”. This cannot include transfers from other Nationwide accounts or Visa credits.

The customer said they had opened their account on July 21 and they had paid in the qualifying amount on July 26. They wanted to know if the monthly dates when they would need to pay in the £1,000 would run from the date they had opened the account, or following a standard calendar month.

In response, Nationwide said: “Interest and cashback eligibility begins from the date you open your FlexDirect account, not from the date you deposit the qualifying amount.

“Since you opened your account on 21st July, your 12-month promotional period for earning 5% interest (up to £1,500) and 1% cashback (up to £5 per month) runs from 21st July 2025 to 20th July 2026.”

The customer went on to ask Nationwide to specify exactly the period they would need to pay in the £1,000 to qualify for the extra perks.

Nationwide said in response: “The eligible £1,000 must be paid in between the 1st and the last day of each calendar month.”

Any balances above the £1,500 during the first year will not earn any interest. Once the 12-month term is ended, the account has a standard rate of 1 pecent which applies to balances up to £1,500, again with zero interest for any amount above this.

Information on the Nationwide website about the account explains: “Interest is calculated on the last day of each month and is paid on the first day of the next month. We pay interest without tax deducted.

“If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment.”

Holding the account will qualify you for certain other accounts, including the Flex Regular Saver, which currently pays 6.5 percent.

You can pay in up to £200 a month into the account over a 12-month term, although you can only make up to three withdrawals and still get the rate.

If you make four or more withdrawals, the rate drops to 1.25 percent. The rate is not fixed so Nationwide could change it at any time.