On Wednesday 5 October, Nationwide Building Society is increasing rates across a number of its savings products.
The changes include launching Fixed Rate Online Bonds paying highly competitive1 rates of up to 4.75%. Nationwide will also increase the rate on the current issue of its Triple Access Online Saver and Triple Access Online ISA meaning both those that have the accounts already and those who open them will benefit.
Fixed Rate Online Bonds:
The Society will be launching new issues of its Online Bonds2. The new, highly competitive1 rates, which are AER/gross per annum (fixed), will be:
- 1 Year Fixed Rate Online Bond – 4.00%
- 2 Year Fixed Rate Online Bond – 4.50%
- 3 Year Fixed Rate Online Bond – 4.75%
Triple Access products3:
The new rate on the current issue of the 1 Year Triple Access Online Saver is now a highly competitive4 2.10% AER/gross per annum (variable) for 12 months. The new rate on the existing issue of the 1 Year Triple Access Online ISA is now 2.00% gross/tax-free per annum (variable) for 12 months.
Both accounts allow three withdrawals during the 12-month term. Subsequent withdrawals will see the interest rate revert to 0.30% for the remainder of the period. After 12 months, the accounts automatically switch to one of Nationwide’s instant access accounts.
Fixed Rate Bonds:
The Society will be launching new issues with increased rates on its Fixed Rate Bonds2. The new annual rates, which are AER/gross per annum (fixed), will be:
- 1 Year Fixed Rate Bond – 3.25%
- 2 Year Fixed Rate Bond – 3.50%
Monthly interest options are also available on Fixed Rate Bonds.5
Flex Instant Saver:
On Wednesday 5 October, the Society will also be doubling the interest rate for new and existing members on the Flex Instant Saver account to a highly-competitive6 2.00% AER for 12 months7.
The account is available exclusively to current account members who open or already hold any of the Society’s current accounts (FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexOne or FlexBasic7)
Tom Riley, Director of Banking and Savings at Nationwide Building Society, said: “Our savings range continues to evolve to the needs of our members both today and tomorrow. The increases we’re making to the rates on the latest issue of our Triple Access accounts mean those who already have those accounts will benefit without needing to do anything. We also understand there are plenty of savers who are happy to lock their money away for a period of time, which is why we will be offering highly competitive rates on our Fixed Rate Online Bonds.”
Nationwide’s Flex Regular Saver and previous issues of Fixed Rate Bonds, Fixed Rate Online Bonds will be withdrawn from sale on Tuesday 4 October.