Nationwide increases interest rates on savings account with new ‘highly competitive’ rate | Personal Finance | Finance

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

The account is suited for savers who want 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 Bank/Banking app.

Additionally Nationwide is also launching a new issues of its one and two-year fixed rate ISAs, Bonds and Online Bonds with savers being able to earn up to 1.70 percent.

The new rates are:

• One Year Fixed Rate ISA – 1.40 percent AER/tax-free (fixed)
• One Year Fixed Rate Bond/Online Bond – 1.40 percent AER/gross per annum (fixed)
• Two Year Fixed Rate ISA – 1.70 percent AER/tax-free (fixed)
• Two Year Fixed Rate Bond/Online Bond – 1.70 percent AER/gross per annum (fixed)

Existing members saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.25 percent to 1.25 percent gross/AER from August 1, 2022.

Tom Riley, Director of Banking and Savings at Nationwide Building Society said: “Many savers like to place at least some of their savings in an instant access account to give them peace of mind that they can access the funds should they need to.

“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 always look to offer a wide range of accounts to suit the different needs of our members, which is why we have also increased rates for those who don’t need immediate access and want to save in a fixed rate bond or ISA.”