Nationwide Raises Interest Rates on Savings Accounts with New “Very Competitive” Rate | Personal finance | Finance

The account allows three withdrawals within the 12 month period. After this period, the interest rate will decrease to 0.10% for the remainder of the period. After 12 months, the account automatically switches to one of Nationwide’s instant access accounts.

The account is suitable for savers who wish to be able to make up to three withdrawals (during the 12 month term) without loss of interest. It could also appeal to savers who want to open and manage their account online using their Internet Banking/Banking app.

Additionally, Nationwide is also launching new issues of its one- and two-year fixed rate ISAs, bonds and online bonds, with savers earning up to 1.70%.

The new prices are:

  • 1 Year Fixed Rate ISA – 1.40% AER/Tax Exempt (Fixed)
  • 1 Year Fixed Rate Bond/Line Bond – 1.40% AER/gross per annum (fixed)
  • Two Year Fixed Rate ISA – 1.70% AER/Tax Exempt (Fixed)
  • Two Year Fixed Rate Bond/Line Bond – 1.70% AER/gross per annum (fixed)

Existing members who save in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see their rates increase from 0.25% to 1.25% gross/AER from August 1, 2022.

Tom Riley, director of banking and savings at the Nationwide Building Society, said: “Many savers like to put at least a portion of their savings in an instant access account to give them peace of mind that they can access the funds if they need it.

“The new issue of our Triple Access Saver account pays one of the highest rates on the market and will appeal to those looking to save with a brand they know and trust.

“We are always looking to offer a wide range of accounts to meet the different needs of our members, which is why we have also increased rates for those who do not need immediate access and want to save in a bond. fixed rate or ISA.”

Nationwide recently raised interest rates on many of its accounts.

People will have to pay at least £1,000 a month, not including transfers from other Nationwide accounts or Visa credits.

On June 16, Nationwide launched two additional new accounts:

The start to Save Issue 2 is a regular savings account offering savers a chance to win £250 in up to three raffles.

The Member Online Bond is a three-year fixed rate bond reserved for members of Nationwide.

People are members if they have a checking account, a mortgage or a savings account with the bank.

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