05 Oct 2022

Nationwide increases savings rates across Fixed Rate and Triple Access products

  • Nationwide launching new one, two, three-year Fixed Rate Online Bonds paying highly competitive rates
  • Rates also raised on latest issue of 1 Year Triple Access Online Saver and 1 Year Triple Access Online ISA

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.

Notes to editors

1 Source: Savings Champion. https://savingschampion.co.uk/best-buys/personal/fixed-rate-bond

2 The rates are available for balances of £1 or more and monthly interest options are available on fixed bonds (excluding online bonds) for those who prefer to get a regular income from their savings. Savers can open Bonds in branch, while Online Bonds can be opened via the website, Internet Bank and Banking app.

3 1 Year Triple Access Online Saver/ISA can be opened and managed online via the website, Internet Bank and Mobile Banking App and have a minimum operating balance of £1.

4 Source: Savings Champion. https://savingschampion.co.uk/best-buys/personal/easy-access-accounts; https://savingschampion.co.uk/best-buys/personal/variable-rate-cash-isas

5 Monthly interest options:

1 Year Fixed Rate Bond: 3.25%/3.20% AER/gross per annum

2 Year Fixed Rate Bond: 3.50%/3.45% AER/gross per annum

6 Source: Moneyfacts. Best Easy Access Savings | Up to 2.10% Variable | moneyfacts.co.uk

7 The introductory rate is payable for 12 months, after which the account will revert to another instant access account (details provided nearer maturity). Existing members will benefit from the increase in their introductory rate for the remainder of their term (i.e., if they have held account for three months, the new 2.00% rate will apply for the remaining 9 months of the introductory period. Members can save up to £5 million into the instant access account, with no limit on withdrawals. The account can be opened online via Nationwide’s website, Internet Bank or Mobile Banking App.

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.