The interest rate on the new two-year fixed rate product, available as an ISA, Bond or e-Bond, will be 0.50% AER / tax-free or gross p.a. (fixed). At the same time, the Society is also increasing the rate on its one-year fixed rate products.
The new rates are:
- One Year Fixed Rate Bond/e-Bond – 0.40% AER/gross p.a. (fixed)
- One Year Fixed Rate ISA – 0.40% AER/tax-free (fixed)
The rates are available for balances of £1 or more and monthly interest options are available on all Bonds as well as the 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.
Nationwide’s fixed rate accounts can be opened via branch, while existing members can open accounts through the website via Nationwide’s Internet Bank or Banking app.
Nationwide is also launching new issues of its Triple Access Online accounts from 11 June. The new rates for 12 months are:
- Triple Access Online Saver – 0.45% AER/gross p.a.
- Triple Access Online ISA – 0.25% AER/tax-free
These two instant access accounts allow three withdrawals during the 12-month term. Subsequent withdrawals will lower the interest rate to 0.01% for the remainder of that period. After 12 months, the variable rate account reverts to an instant access cash ISA. The account can be opened and managed online via the website, Internet Bank and Mobile Banking App. The account has a minimum operating balance of £1 and accepts transfers in, so members can transfer balances from another provider to benefit from the increased rate.
The previous one-year Fixed Rate Bond, e-Bond and Fixed Rate ISA as well as Triple Access Online ISA and Saver were withdrawn from sale on close of business 10 June 2021.