Nationwide has launched a new range of fixed-rate savings accounts paying up to 4.7% interest. The building society unveiled higher rates across its Fixed Rate Cash ISAs and Fixed Rate Bonds on Friday, giving savers the chance to lock away their money at a guaranteed rate.
Same rates online and in branch
Richard Stocker, Nationwide’s head of savings, said: “We’re pleased to launch new higher rates on our fixed rate cash ISAs and bonds, while continuing to ensure customers can access the same rates whether they open their account online or in branch. With the UK’s largest branch network, backed by our Branch Promise, we’re committed to ensuring customers who prefer face-to-face service aren’t disadvantaged.”
“Many of our branch-accessible products are among the highest-paying available from a major high street provider, reflecting our commitment to combining choice, value and support for savers.”
New rates for ISAs and bonds
The highest-paying deal is Nationwide’s five-year Fixed Rate Cash ISA, which now pays 4.70% AER tax-free. Its three-year Fixed Rate Cash ISA pays 4.65%, while savers can get 4.50% on a two-year deal and 4.40% on a one-year account.
Nationwide has also increased rates on its fixed-rate bonds, with both online and branch customers offered the same returns. The five-year bond pays 4.65% AER, while the three-year version offers 4.60%. Savers choosing a two-year bond can get 4.30%, with the one-year option paying 4.25%.
ISA tax benefits and withdrawal rules
The Cash ISA deals could be particularly attractive to savers looking to protect their interest from tax. Interest earned inside an ISA is tax-free and does not count towards a person’s Personal Savings Allowance.
Fixed-rate accounts generally require savers to leave their money untouched for a set period in return for a guaranteed interest rate, so customers should check the withdrawal rules before locking away their cash. Nationwide’s full range of savings accounts and ISAs is available through its website.
