Nationwide offers savers an interest rate of 2.10 percent

Interest rates: Rocketing peaks demonstrated in Sky News graphic

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Nationwide Building Society lifted the interest rate across Fixed Rate and Triple Access products this month. The One-year Triple Access account was highlighted as one of’s “Best” easy-access saving accounts on the market at the moment. The account can be opened with just £1 and people can save up to £5million in it.

If a person deposits £1,000 into the account, with the current interest rate, they will earn interest of £21 over the course of a year.

Nationwide states that it calculates the interest daily and it is then paid into a person’s account yearly on each anniversary of the account opening.

If the account is closed early, Nationwide will pay the interest accumulated into another Nationwide account or into an account by another provider.

The account however must be in the same name as the Tripel Access account.

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People can manage their account online on Nationwide’s internet banking or their banking app.

The Tripel Access account does allow people to withdraw their money so it isn’t entirely locked away for the year.

For this account, people can access their cash up to three times within the year without the interest rate being affected.

If a person withdraws for a fourth time, then the interest rate will drop to 0.30 percent.

This rate will then be set for the rest of the term.

The interest rate on this account is variable and could change during the term.

Nationwide states that if they reduce the interest rate on an account with more than £100 in it then it will send the owner a personal notification 14 days before the change is made.

If the interest rate goes up, then Nationwide will normally make the change first and then inform the account owner after.

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Other Nationwide products which saw their interest rate rise included its One Year Triple Access Online ISA and the building society’s one, two, and three-year Fixed Rate Online Bonds.

The Triple Access ISA offers a rate of 2.00 percent, and the online bonds offer rates of four percent, 4.50 percent, and 4.75 percent respectively.

As well as this, Nationwide has also doubled the interest rate it offers on its Flex Instant Saver account.

With this move, the interest rate for new and existing members on this savings account will pay 2.00 percent AER for 12 months.

This savings product is available exclusively to current account members who open or already hold any of the Society’s current accounts.

These include the FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexOne or FlexBasic accounts.

When announcing the increases, Tom Riley, the director of Banking and Savings at Nationwide Building Society stated that the savings accounts offered by the building society were going to continue to “evolve” for its customers.

He said: “The increases we’re making to the rates on the latest issue of our Triple Access accounts mean those who already have those accounts will benefit without needing to do anything.

“We also understand there are plenty of savers who are happy to lock their money away for a period of time, which is why we will be offering highly competitive rates on our Fixed Rate Online Bonds.”

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