Nationwide has confirmed how many savers could be better off as it announced changes to its savings product range on Wednesday. The world's largest building society has unveiled its latest ISA rates, offering potential extra cash for those transferring money into these accounts, provided they meet specific requirements.
New ISA Rates and Potential Gains
Currently, Nationwide provides four fixed rate cash ISAs, with rates climbing to 4.6%. A recent Finder survey revealed that the typical savings held by UK residents is around £19,214. Should this amount be placed into a one-year fixed rate cash ISA with Nationwide, offering a 4.5% interest rate, savers would be approximately £860.58 richer after twelve months.
The three-year and five-year fixed rate cash ISAs feature a 4.6% interest rate, which means average savers could be a considerable £2,762.37 or £4,822.23 wealthier at the term's conclusion, respectively. However, using these would mean keeping funds locked away for much longer periods.
Full List of Nationwide's New Savings Rates
- 1 Year Fixed Rate Cash ISA – 4.50% AER/Tax-free (fixed)
- 2 Year Fixed Rate Cash ISA – 4.55% AER/Tax-free (fixed)
- 3 Year Fixed Rate Cash ISA – 4.60% AER/Tax-free (fixed)
- 5 Year Fixed Rate Cash ISA – 4.60% AER/Tax-free (fixed)
- 1 Year Triple Access ISA – 3.30% AER/Tax-free (variable) (1.05% after four or more withdrawals)
- 1 Year Single Access Saver – 3.30% AER/Gross a year (variable) (1.05% after four or more withdrawals)
Comments from Nationwide
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.” He added that customers can also make use of the in-app budgeting tool to help manage their money.
