Nationwide is offering to boost your bank balance by hundreds of pounds – but there’s one key factor members should note – you have to be a customer of the building society
Nationwide customers are being given the opportunity to significantly increase their savings. The building society offers a variety of savings accounts, one of which could considerably boost your bank balance. The Two Year Fixed Rate Cash ISA boasts an annual interest rate of 3.80 percent By signing up to their newsletter, you can receive their top money-saving tips and tricks.
This account provides savers with the chance to grow their funds. However, patience and commitment is required as it is a two-year account. One advantage from opening is that a lump sum pay-out will be received when the account matures.
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So customers must commit an amount for the two-year term and naturally, the larger the amount, the more they will earn in interest. For instance, those depositing £10,000 into the account will gain an additional £760 at the end of the two years. Savers must be willing to leave their money untouched for the two-year period, otherwise, they will face charges for early withdrawal, reports Birmingham Live
Nationwide described the account as follows: “Deposit a lump sum for a fixed term. Lock it away for 2 years and earn tax-free interest” – warning that “If you withdraw money, we will close the ISA and you will pay an early access charge”.
As of June 26, according to tembomoney, the current Nationwide ISA rates stand at:
- Year Fixed Rate ISA: 3.80% AER/tax-free (fixed). Requires a minimum opening deposit of £1
- Year Fixed Rate ISA: 3.80% AER/tax-free (fixed). Requires a minimum opening deposit of £1
- Year Fixed Rate ISA: 3.80% AER/tax-free (fixed). Requires a minimum opening deposit of £1
TV money expert Martin Lewis said: “So the Nationwide Flex is Nationwide’s current account linked to regular savings account that off the top of my head pays I think 6 per cent interest on up to £200 a month for a year fixed. A number of bank accounts have these regular savings accounts,” adding that “They tend to pay very high interest”.
He also spoke on the “marketing” of bonus initiatives such as Two Year ISA, saying: “In the same way as many banks pay you, like First Direct and Natwest will pay you free cash for switching of £175, that’s one incentive.
“Another incentive is a linked limited regular saver for a small amount of money with a high headline rate of interest which attracts some people. That’s why – it’s marketing. It’s not really a product, it’s a marketing bonus.”