Nationwide raises interest rates on ISA savings account – how to apply | Personal Finance | Finance
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The financial institution has launched a new issue of its 1 Year Triple Access Online ISA, as of this week, which will include an increased rate. This new interest rate of 1.70 percent AER/tax free for 12 months is considered as one of the highest available rates offered by a high street provider, according to savingchampion.co.uk.
Furthemore, Nationwide is set to introduce a new issue of its 1 Year Triple Access Online Saver, which will also pay an increased rate of 0.70 percent AER/gross per annum.
Through this ISA account, the building society will allow transfers in, which allow members to transfer balances from either another Nationwide ISA or from an ISA account with another provider to benefit from the hiked interest rate.
The 1 Year Triple Access account gives customers the opportunity to make three withdrawals within the 12-month period.
Any other withdrawal will then be reverted back to the 0.01 percent interest rate for the rest of the remaining period.
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Once these 12-months are complete, the ISA accounts will be automatically switched to one of Nationwide’s instant access accounts.
Those interested in applying for the one of the building society’s products can visit their local Nationwide branch.
ISA accounts through the building society can be opened and managed online through Nationwide’s website.
Alternatively, customers can use Internet Bank and Mobile Banking App and each savings account has a minimum operating balance of £1.
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“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.”
On top of this, Nationwide has recently launched brand new three and five year fixed rate online bonds for its customers.
The three year fixed rate online bond is currently set at 1.35 percent AER/gross p.a.
In comparison, the five year fixed rate online bond is presently set at 1.50 percent AER/gross p.a.
These rates are considered to be the highest from a major high street provider, according to MoneyFacts.co.uk.
Both rates are available for balances of £1 or more and can be opened online through the website, via Nationwide’s Internet Bank or Banking app.
Darren Bailey, head of Product Development at the building society, added: “We always like to give our savers a range of options for their money and these latest additions will expand the range of fixed rate bonds we have available.
“These new bonds will appeal to those wanting to save with a brand they know and trust.”
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