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Nationwide ups easy access saver rate (again)

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22/07/2022
Nationwide Building Society has increased the interest rate on its Triple Access Online Saver for new and existing customers.

The mutual has increased the rate on its 1 Year Triple Access Online Saver (Issue 15) from 1.4% to 1.5% AER/gross (variable) for 12 months on balances of £1+.

It applies to new and existing applicants from today.

The product, which sits in the easy access savings tables, allows up to three withdrawals within the 12-month term. Subsequent withdrawals will see the interest rate drop to a revised 0.15%.

If you have money in the previous issue of the 1 Year Triple Access Online Saver (Issue 14) then you’re currently earning 1% and the revert rate after three withdrawals stands at a lower 0.10%.

However, Nationwide confirmed you can close this account and open the new version (Issue 15) in order to get 1.5% rate on your money.

Nationwide last increased the rate on the easy access saver earlier this month for new customers.

While 1.5% is competitive, it’s not market-leading. According to data site Savings Champion, Al Rayan has taken the top spot with its Everyday Saver (Issue 3) offering an expected profit rate (to comply with Sharia Law) of 1.6%, though it requires a minimum £5,000 deposit.

Meanwhile, for those with a lower opening deposit, the Virgin Money M Plus Saver pays 1.56% AER (variable) on balances up to £25,000. While customers do need to have a Virgin Money M Plus Current Account to get the linked saver, there’s no need to close your existing everyday banking to get the 1.56% deal.

Other Nationwide product rate rises

The Society has also launched a new issue of its 1 Year Triple Access Online ISA paying an increased rate of 1.35% gross/tax-free per annum (variable) for 12 months. And it has launched new issues of its one and two-year fixed rate ISAs, Bonds and Online Bonds.

The new rates are:

  • 1 Year Fixed Rate ISA – 2% AER/tax-free (fixed) – previously 1.4%
  • 1 Year Fixed Rate Bond/Online Bond – 2% AER/gross per annum (fixed) – previously 1.4%
  • 2 Year Fixed Rate ISA – 2.25% AER/tax-free (fixed) – previously 1.75%
  • 2 Year Fixed Rate Bond/Online Bond – 2.25% AER/gross per annum (fixed) – previously 1.75%.

Tom Riley, director of banking and savings at Nationwide Building Society, said: “Our Triple Access Online Saver and ISA accounts pay some of the highest rates on the market and will appeal to those wanting to save with a well-known high-street brand that they trust. At the same time, we are also increasing rates on our fixed rate bonds offering competitive rates for those who want to lock their money away for a period of time.”

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