Savings update: Nationwide offers ‘best’ rates on their Triple Access Account

Nationwide banking services down for users across the UK

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Savers can now get 1.5 percent on their cash with up to three withdrawals. As the cost of living crisis continues, any extra cash could be vital for families, especially those with a low income.

Savers who opened the account with the previous rate of 1.4 percent will automatically be moved up to 1.5 percent.

Someone depositing £10,000 in the account would secure a return of £150 in interest after one year, however Nationwide can change the rate.

The account allows three withdrawals during the 12-month term.

Any subsequent withdrawals will revert the interest rate to 0.15 percent for the remainder of the period.

After 12 months, the account automatically switches to one of Nationwide’s instant access accounts.

Currently, these accounts pay no more than 0.2 percent, meaning savers may wish to consider switching once the first year is up.

If a person put £1,000 into the account upon opening it and makes no withdrawals, then they will have £1,015.00 after 12 months.

The interest made is paid yearly on the anniversary of the account opening.

If the account is closed early, Nationwide will pay the interest on the day it is closed into another account, even if it is with another UK provider.

Nationwide has also upped its Cash ISA version of the account for those looking to avoid paying tax on the interest they earn.

It now pays 1.35 percent.

As a new issue, all savers who currently hold this deal with a lower rate will need to move their cash in order to benefit.

The account is all online so people can’t pay in or withdraw cash or cheques. It also does not come with a debit card, passbook or certificate.

Britons can also start their application through Nationwide’s website and must also be able to manage the account online or by using Nationwide’s app.

Once opened, people will need to pay money into the account within 28 days or it will close.

Tom Riley, director of banking and savings at Nationwide Building Society, said: “Our Triple Access Online Saver and ISA accounts pay some of the highest rates on the market and will appeal to those wanting to save with a well-known high-street brand that they trust.”

Moneyfacts listed the Triple Access Online Saver as one of the “best” easy-access savings accounts currently available for savers.

People can pay in any amount up to £5 million.

Britons need to be over the age of 16 years to apply.

They also need to be a UK resident, and have a valid email address to open the account.

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