To coincide with the start of the new tax-year, Nationwide Building Society will be increasing the rate on the latest issue of its 1 Year Triple Access Online ISA on Wednesday 6 April.
The new interest rate of 0.80% AER/tax-free (variable) for 12 months is one of highest available from a major high street provider and is competitive in the wider variable rate ISA market1.
At the same time, the Society will also be increasing the rate on the latest issue of its 1 Year Triple Access Online Saver, which will also pay an increased rate of 0.80% AER/gross per annum (variable).
The 1 Year Triple Access Online ISA accepts transfers in, so members can transfer balances from either another Nationwide ISA or from an ISA account with another provider to benefit from the increased rate.
The 1 Year Triple Access accounts allow three withdrawals during the 12-month term. Subsequent withdrawals will revert the interest rate to 0.01% for the remainder of the period. After 12 months, these accounts automatically switch to one of Nationwide’s instant access accounts.
The accounts can be opened and managed online via the website, Internet Bank and Mobile Banking App and have a minimum operating balance of £1.
Fixed Rate products
On Wednesday 6 April, Nationwide will also be launching new issues of its fixed rate ISAs, Bonds and Online Bonds paying increased rates.
The new rates are:
- 1 Year Fixed Rate ISA – 0.80% AER/tax-free (fixed)
- 1 Year Fixed Rate Bond & Online Bond – 0.80% AER/gross per annum (fixed)
- 2 Year Fixed Rate ISA – 1.40% AER/tax-free (fixed)
- 2 Year Fixed Rate Bond & Online Bond – 1.40% AER/gross per annum (fixed)
- 3 Year Fixed Rate Online Bond – 1.90% AER/gross per annum (fixed)
- 5 Year Fixed Rate Online Bond – 2.00% AER/gross per annum (fixed)
The rates are available for balances of £1 or more and monthly interest options are available on fixed rate ISAs and bonds (excluding online bonds) for those who prefer to get a regular income from their savings. The Society’s Fixed Rate ISAs also accept transfers in, so people can move ISA balances from other providers or from an existing Nationwide ISA.
Fixed Rate ISAs can be opened via branch, while existing members can open accounts via Nationwide’s Internet Bank or Banking app. Savers can open Bonds in branch, while Online Bonds can be opened via the website and Internet Bank and Banking app.
Tom Riley, Director of Banking and Savings at Nationwide Building Society, said: “Many savers will look to utilise their ISA allowance at the start of the new tax-year. Our latest Triple Access Online ISA offers one of the highest rates on the market and will appeal to those looking to save with a brand they know and trust.
“This ISA accepts transfers in, so savers will benefit from Nationwide’s ISA transfer promise, which sees the Society pay interest from the day it receives the application, so savers don’t lose out on interest while the transfer is in progress.
“At the same time, we are also increasing rates on our Fixed Rate ISAs. Unlike many other providers, Nationwide allows savers to split their ISA allowance between variable and fixed rate products, giving members more flexibility.”
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