Nationwide Raises Interest Rates on ISA Savings Account – How to Apply | Personal finance | Finance
The financial institution has launched a new edition of its one-year triple access online ISA, starting this week, which will include a premium rate. This new interest rate of 1.70% AER/tax free for 12 months is considered to be one of the highest available rates offered by a high street provider, according to savingchampion.co.uk.
Additionally, Nationwide is about to introduce a new issue of its one-year triple access online saver, which will also pay an increased rate of 0.70% AER/gross per annum.
Through this ISA account, the building society will allow transfers, allowing members to transfer balances from another domestic ISA or from an ISA account with another provider to benefit from the rate hike. interest.
The Triple Access 1 Year Account gives customers the option of making three withdrawals within the 12 month period.
Any further withdrawals will then be reduced to the interest rate of 0.01% for the remainder of the remaining term.
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Once these 12 months are over, ISA accounts will automatically switch to one of Nationwide’s instant access accounts.
Those interested in applying for one of the construction society’s products can visit their local national branch.
ISA accounts through the building society can be opened and managed online through the Nationwide website.
Alternatively, customers can use the Internet Bank and Mobile Banking App and each savings account has a minimum operating balance of £1.
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“ISAs remain an important product for many savers because the interest from a cash ISA does not count towards your personal savings allowance, so it remains a tax-efficient way to save for the short or long term.
“However, for those who may have already used up their ISA allocation for this year, we are also increasing the rate of our Triple Access online saver.
“We also like to offer savers a choice of products in which to save their money, which is why we are also launching a new range of one- and two-year fixed rate products.”
On top of that, Nationwide recently launched brand new three and five year fixed rate online bonds for its clients.
The three-year fixed rate online bond is currently pegged at 1.35% AER/pa gross
By comparison, the five-year fixed-rate online bond is currently pegged at 1.50% AER/pa gross
According to MoneyFacts.co.uk, these rates are considered the highest of a high street provider.
Both fares are available for balances of £1 or more and can be opened online via the website, through Nationwide’s internet banking or banking app.
Darren Bailey, head of product development at the construction company, added: “We always like to offer our savers a range of options for their money and these latest additions will expand the range of fixed rate bonds available to us.
“These new bonds will appeal to those who want to save with a brand they know and trust.”