Nationwide issues warning to customers whose bank balance has hit £2,400

Nationwide has warned Flex Regular Saver customers whose bank balance has hit £2,400. The building society, which is the largest in the country, is rivalled by the likes of Santander, HBSC UK, NatWest, Lloyds Bank, Barclays and more.

The Flex Regular Saver allows customers to make up to 3 withdrawals during the 12 month account term without impacting your interest rate. "Make 4 or more withdrawals and your rate will drop to 2.15% AER/gross a year (variable) for the rest of the term. We'll apply the lower rate on the day you make your fourth withdrawal," the building society said.

It is made for savers who want to save up to £200 a month, savers who are happy to make up to 3 withdrawals (during the account term) without loss of interest and for Nationwide current account holders. It is also ideal for savers who want to open their account online and manage it using our Internet Bank or Banking app.

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It is not designed for savers who want to save more than £200 each month, those who want to make more than 3 withdrawals a year, people who do not have a Nationwide current account or those who want to use one of our branches to open or manage their account.

Your rate depends on how many times you take money out in the 12 month term. After you take money out 4 times, the lower rate applies for the rest of the term. The £2,400 limit would hand you a £2,484 balance if you pay in £200 on the first day of each calendar month and each of the 4 withdrawals are for £10 and are made on the first day of each calendar month, for the first 4 months of the term and you don't pay any more money in or take any more money out and the interest rates shown do not change.

Currently, Nationwide is handing a free £175 for customers who switch.