A new issue of the Triple Access Online ISA has launched today (Friday 13 May) paying 1% AER (variable) for 12 months. This has increased from 0.8%.

The ISA allows transfers in, so savers can move their money from an existing ISA into the mutual’s product.

Meanwhile, Nationwide is also increasing the interest rate to 1% AER/gross (variable) for its Triple Access Online Saver. This has increased from 0.8%.

Both accounts allows savers to make three penalty withdrawals during the 12 month term. After the three permitted withdrawals, any other access will see the interest rate plunge to 0.10% for the remainder of the term.

The accounts can be opened and managed online via the website, internet bank and the mobile banking app. They require a minimum balance of £1. After 12 months, these accounts automatically switch to one of Nationwide’s instant access accounts.

Fixed rate product rises

Nationwide is also launching new issues of its one-year fixed rate ISAs, Bonds and Online Bonds plus three and five-year Online Bonds.

The new rates are:

• 1 Year Fixed Rate ISA – 1.10% AER/tax-free (fixed) – up from 0.80%
• 1 Year Fixed Rate Bond/Online Bond – 1.10% AER/gross per annum (fixed) – up from 0.80%
• 3 Year Fixed Rate Online Bond – 2.00% AER/gross per annum (fixed) – up from 1.9%
• 5 Year Fixed Rate Online Bond – 2.10% AER/gross per annum (fixed) – up from 2%.

The rates are available for balances of £1 or more and monthly interest options are available on fixed rate ISAs and bonds (excluding online bonds) for those who prefer to get a regular income from their savings.

Nationwide’s Fixed Rate ISAs also accept transfers in, so people can move ISA balances from other providers or from an existing Nationwide ISA.

Fixed Rate ISAs can be opened via branch, while existing members can also open accounts via Nationwide’s Internet Bank or Banking app. Savers can open Bonds in branch, while Online Bonds can be opened via the website, Internet Bank and Banking app.

Tom Riley, director of banking and savings at Nationwide Building Society, said: “ISAs remain an important product for many savers, as interest earnt on a cash ISA doesn’t count towards your Personal Savings Allowance.

“Our new Triple Access Online ISA will offer a market-leading rate from a brand savers know and trust. For those who want to save outside of an ISA, we are also increasing the rate on our Triple Access Online Saver. We like to give savers a choice of fixed rates, which is why we are also launching a new range of one, three and five-year fixed rate products.”