With the end of the tax-year fast approaching, Nationwide Building Society will be launching a new issue of its 1 Year Triple Access Online ISA on Thursday 17 March, paying an increased rate.
The new interest rate of 0.70% 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 savings market1.
At the same time, the Society will also be introducing a new issue of its 1 Year Triple Access Online Saver, which will also pay an increased rate of 0.70% 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 Thursday 17 March, Nationwide will also be launching new issues of its one and two-year fixed rate ISAs, Bonds and Online Bonds.
The new rates are:
- 1 Year Fixed Rate ISA – 0.50% AER/tax-free (fixed)
- 1 Year Fixed Rate Bond/Online Bond – 0.50% AER/gross per annum (fixed)
- 2 Year Fixed Rate ISA – 1.00% AER/tax-free (fixed)
- 2 Year Fixed Rate Bond/Online Bond – 1.00% AER/tax-free (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: “Savers will often wait until this time of year to fully utilise their ISA allowance so, with the end of the tax year fast approaching, we have decided to increase the rate on our Triple Access Online ISA. The new rate means we are offering savers the opportunity to use their ISA allowance in a product providing a competitive rate coupled with the ability to access their money when needed.
“ISAs remain an important product for many savers, as interest from a cash ISA doesn’t 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 their ISA allowance for this year, we are also increasing the rate on our Triple Access Online Saver. We also like to give 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.”
