If users of the world’s largest building society move their money into a different account for a year, they’ll benefit from hundreds.
The bank recently launched new issues of its Triple Access and Flex Instant Access accounts, which can be opened via the Nationwide website, Internet Bank, in branch, or on the app, with a minimum deposit of £1.
Savers who stash their cash in a one-year Triple Access ISA or one-year Triple Access Online Saver account will benefit from a 4% interest rate.
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According to The Echo, the average UK savings account balance currently at £9,633.30 – as per Raisin figures – this would equate to a total of £392.48 in interest after twelve months, simply for leaving your money in the account for a year.
Nationwide has clarified that both accounts do allow three withdrawals over the period, but any subsequent withdrawals will see the interest rate drop to 1.75% for the remainder of the twelve months.
After the year is up, the accounts automatically switch to an instant access account.
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Meanwhile, the new Flex Instant Saver offers 3% interest, is exclusively available for current customers and holders can make unlimited withdrawals without fearing a penalty.
Average savers who moved their cash into this account and kept it there would receive £293.01 after a year.
Nationwide has announced that all previous issues of the One Year Triple Access Online Saver/ISA and Flex Instant Saver were withdrawn from sale at the end of business on Thursday, December 12, 2024.