20 March 2020
Nationwide Building Society is today launching new issues on a number of its on-sale savings accounts in response to the changing savings market.
They will apply to anyone opening these accounts from today (Friday 20 March). The new rates of interest on the following accounts are as follows:
- One-year Triple Access Online ISA – 1.00% 1 2
- One-year Triple Access Online Saver – 1.00% 1 2
- Triple Access Saver – 0.50% 2
- Triple Access ISA – 0.50% 2
- One-year Fixed Rate Bond, e-Bond and Fixed Rate ISA – 0.50%
- Two-year Fixed Rate Bond, e-Bond and Fixed Rate ISA – 0.60%
- Three-year Fixed Rate Bond, e-Bond and Fixed Rate ISA – 0.75%
As previously announced, any new and existing members who increase their ISA balance with Nationwide by £100 or more by 30 April will be automatically entered into a prize draw for the chance to win up to £20,000.
There are no current changes to Nationwide’s Start to Save account, which continues to pay 1.00% AER/gross p.a. (variable) and offers savers the chance to win £100 through regular prize draws as long as members save between £50 and £100 for three months.
Previous versions of all the above mentioned accounts, along with the Society’s Flex Online Saver, were withdrawn from sale at close of business on 19 March 2020.
Notes to Editors:
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross p.a. is the interest rate without tax deducted. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
1 After 12 months, the variable rate account reverts to a variable rate that will be confirmed ahead of maturity.
2 The instant access account allows three withdrawals in each 12-month period following account opening. Subsequent withdrawals will lower the interest rate to 0.05% for the remainder of that period.
The Triple Access accounts can be opened and managed online via the website, Internet Bank and Mobile Banking App. Savers can invest up to £5 million in the account, which has a minimum operating balance of £1.
The Triple Access Online ISA and Triple Access ISA accept transfers in, so savers can transfer existing ISA balances from other providers.
Early closure on fixed rate accounts
|Term of bond, e-bond or ISA
||One year or less
|Loss of interest