Nationwide has announced a new range of savings accounts, offering some of the most competitive interest rates on the market. The building society is providing customers with the opportunity to grow their savings by hundreds of pounds.
New 1 Year Fixed Rate Cash ISA
A new 1 Year Fixed Rate Cash ISA is now available with a 4.50% interest rate. For example, someone depositing £10,000 into the account and leaving it untouched for 12 months would earn £450 in interest.
In addition to the one-year option, Nationwide has introduced two, three, and five-year fixed rate ISAs, ideal for savers with a lump sum they can set aside without needing access. The three and five-year ISAs offer a 4.60% rate.
Timing and Tax-Free Limit Changes
This launch comes at an ideal time for households to make use of cash ISAs before the existing £20,000 tax-free limit is reduced to £12,000 for people under 65 next year.
Richard Stocker, head of savings at Nationwide, said: “We’re pleased to launch new higher rates across our fixed rate ISA range with both short and longer-term options. For those who require more flexibility we also have our triple access offering. All ISAs and rates are available in branch, by phone or online, as we know customers value choice in how they bank, which is why we’ve extended our Branch Promise. Customers can also make use of our in app budgeting tool to help them manage their money.”
Nationwide confirmed that older versions of these products will no longer be available for new account openings. The new accounts can be opened in branch, by phone, or online.
