11 Dec 2020

Nationwide increases the interest rate on Triple Access account

On Friday (11 December 2020), Nationwide Building Society will launch a new issue of its one-year Triple Access Online Saver and introduce a new Two-Year Fixed Rate Bond and Fixed Rate ISA.

Triple Access Online Saver

The rate on the new issue of the account is double that on the previous issue making it amongst the highest easy access rates on the market. The new rate is:

  • One-Year Triple Access Online Saver – 0.50% AER/gross for 12 months

The account is instant access and allows three withdrawals in each 12-month period following account opening. Subsequent withdrawals will lower the interest rate to 0.01% for the remainder of that period. After 12 months, the account reverts to an instant access savings account which pays a lower rate of interest.

The account can be opened and managed online via the website, Internet Bank and Mobile Banking App. Saver can invest up to £5 million in the account, which has a minimum operating balance of £1.

Fixed Rate Bond/ISA

The Society will also be introducing a new Two-Year Fixed Rate Bond and Fixed Rate ISA. The new rates are:

  • Two Year Fixed Rate Bond/eBond - 0.35% AER/gross
  • Two Year Fixed Rate ISA - 0.35% AER/tax-free

The rates are available for balances of £1 or more and monthly interest options are available on all Bonds and FRISAs for those who prefer to get a regular income from their savings. FRISAs also accept transfers in, so customers can move ISA balances from other providers.

The accounts can be opened in branch, while existing members can open accounts through the website, via Nationwide’s Internet Bank or Banking app.

The previous issues of the One-Year Triple Access Online Saver and the Mutual Reward Bond will be withdrawn from sale at close of business on 10 December 2020.

Tom Riley, Director of Banking and Savings at Nationwide Building Society, said: “In recent weeks many providers have been reducing rates. We are bucking this trend and are pleased to be able to increase the rate on the new issue of our Triple Access Online Saver, making it one of the highest easy access rates on the market.

“The pandemic has impacted many people’s finances and it has highlighted the importance of having a savings nest egg that you can access if needed. Putting aside even a small amount on a regular basis can soon add up and help people be more financially resilient in future.”