this offer from Nationwide looks like a great deal! 5% interest! You can't get anywhere near close to that with the best instant access cash savings - instant access savings - 1.76% as I write this. There are a few terms and conditions to get the Nationwide FlexDirect, you can only earn the 5% on sums up to 2,500 and you have to deposit at least 1,000 a month, internal transfers not included, however the way I see it you can transfer in 1,000 from another bank or building society and then transfer it back out the following day, I've done this with Santander and Lloyds TSB in the past when they've offered such deals, transfer in on the 10th, back to the other account on the 12th. It means you may have 3,500 in the account for 2 days, you'll only be earning interest on the first 2,500.

Find out more about the Nationwide FlexDirect here:
Why FlexDirect? - FlexDirect | Nationwide

5% interest & no overdraft fees for the first 12 months

That's FlexDirect

A current account that puts you in control

This account could be right for you if you're after an account that pays you interest when you have money in your account and you prefer to do your banking online or over the phone. It also has a really simple set of overdraft charges. To benefit from all this account has to offer, you'll need to pay in 1,000 per month (excluding internal transfers).
What you get with FlexDirect

  • 5.00% AER (4.89% gross p.a.) in-credit interest on balances up to 2,500 (fixed for the first 12 months)1
  • No monthly fee
  • No fees on arranged overdrafts for the first 12 months (overdrafts are subject to approval)4
  • Access to exclusive product offers

  • Online Banking, backed by our Digital Promise and exclusive access to our free Mobile Banking App
  • A Visa debit card and optional cheque book
  • Withdraw up to 300 cash per day from our ATM network3
  • Automated Telephone Banking as standard
  • Text alerts
  • Access to branches in an emergency2

By running your account online and over the phone, you'll benefit from:

5.00% AER/4.89% gross p.a. fixed for 12 months

We'll pay you 5.00% AER (4.89% gross p.a.) interest on your in-credit balance up to 2,500.
The rate is fixed for the first 12 months and reverts to 1.00% gross p.a./AER (variable) as long as you keep paying in 1,000 per month.
Read about the rates 12 month fee-free overdraft

Any charges on arranged overdrafts after 12 months cost 50p per day.
Unarranged overdrafts, cost 5 per day on balances over 10 and are capped at 60 per month.
See more about overdrafts Simple to use, easy to manage

At your fingertips.
Secure Online, Mobile and Telephone Banking 24/73
Paperless statements.
Online only statements 24/7
At your convenience.
Thousands of UK ATMs available for withdrawals3, bill payments, mini statements and more.
1 Rates & monthly fees: You'll get these rates as long as you pay in at least 1,000 per month (excluding internal transfers) in to your FlexDirect account. If you pay in any less then you won't earn any interest for the relevant monthly period. Rates may be withdrawn without notice. The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax). AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year.
How we pay interest: On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We normally pay you this interest 'net' of any tax, which means we deduct any tax due and pass it to the government for you.
2 FlexDirect is based on a simple self-service concept you'll be automatically registered for our online and telephone banking services to manage your account. If you ever have a transaction that can't be completed via our self-service options then our branches and UK call centres will be here for you.
See our quick reference FlexDirect service grid for more info.
3 ATMs outside the UK won't offer you statements and don't forget, if you use your mobile abroad to access your account details, you might incur charges - check with your provider before you go abroad.
4 Overdrafts are only open to those aged 18 or over and are subject to approval.