Nationwide says the account forms part of Nationwide’s efforts to reward current account members, while also helping people maintain a regular savings habit.

The account can be managed online and is a limited access, regular saver paying 2% AER/gross (variable) for 12 months, after which it will revert to an instant access account.

Nationwide says the account pays “one of the highest savings rates in the market”. Newcastle Building Society, West Brom and TSB also all offer regular savers paying 2%. Principality’s Learner Earner regular saver account pays 2.35% but is only for children.

Nationwide customers are able to save up to £200 a month in the account and can make up to three withdrawals within the 12 months after the account opening. The Flex Regular Saver can be opened via Nationwide’s website or on its mobile app.

The account is only available to members who hold one of the Society’s current accounts: FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne. Members are only able to open one Flex Regular Saver – either as an individual or a joint account.

If you don’t have a current account with Nationwide, you can switch your bank account to the society, and then be eligible for a Flex Regular Saver.

Nationwide is currently offering a £125 switching incentive for existing members (£100 for new customers) who switch into either a FlexDirect, FlexAccount or FlexPlus account using the Current Account Switch Service.

Tom Riley, director of banking and savings at Nationwide Building Society, said: “In the current environment having a savings nest egg to fall back on is more important than ever, so as the UK’s biggest building society we do all we can to help and encourage people to save on a regular basis.

“By rewarding our current account members, Flex Regular Saver is a further demonstration of the benefits of having a current account with Nationwide. However, it is only available for a limited time, so I’d encourage members to act early to benefit from one of the most competitive savings accounts in the market.”