Best Buy Table Savings Grows Nationally With New Highest ‘Easy’ Access Ratio As More Big Names Begin To Compete For Customers

  • The new edition of the annual triple access deal pays at an increased rate
  • Only two easy access deals in the entire market currently pay more
  • Rates on one-year and two-year fixed-rate products are also increasing across the country

Nationwide Building Society has launched a new issue of its one-year triple savings account paying a very competitive 1.4 per cent.

This represents a 0.4 percentage point increase on the previous issue, which paid 1 per cent, and a 0.95 percentage point increase on the 0.45 per cent deal that was only available in February.

It means Britain’s biggest mutual, home to 9.4 million members, now offers easy-access savings second to only two other providers.

Among the best: Nationwide’s new release of its 1 Year Triple Access Online Saver pays a very competitive 1.4%.

Someone who keeps £10,000 in an account should ensure that £140 is paid back in interest after a year. Although Nationwide can change course at any time.

Tom Riley, director of banking and savings at Nationwide, said: “Many savers like to put at least some of their savings in an instant access account so they can be sure they can access the funds when they need them.

“The new release of our triple access savings account has one of the highest rates on the market and will appeal to those looking to save with a brand they know and trust.”

However, the product has three nuances that depositors should be aware of before signing up.

First, unlike some easy access deals, Nationwide’s triple access account only allows you to make three withdrawals in a 12-month period.

Any subsequent withdrawals will return the interest rate to just 0.1 percent for the remainder of the period.

Second, after the first 12 months the account automatically switches to one of Nationwide’s Instant Access accounts, meaning the rate is likely to drop dramatically.

Nationwide’s instant access deposit currently pays either 0.16 per cent, 0.18 per cent or 0.2 per cent depending on the amount held in the account.

Third, any depositor who currently has money in the previous issue will continue to earn at the existing rate, rather than automatically moving to the new improved rate.

Hence, these depositors will have to withdraw their funds from the old issue and open a new issue to reap the benefits.

How does Nationwide compare?

Compared to the big banks, Nationwide is way ahead when it comes to offering easy access.

Santander’s has the highest paying easy access deal of the big banks, paying 0.75 per cent after this week’s rate rise. Most of the big names pay much less.

Nationwide also outperformed most of the other major building societies, although Principality Building Society also pays 1.4 per cent on a dual access deal – although it limits savers to just two withdrawals each year.

Compared to the rest of the market, Nationwide’s deal is extremely competitive. Only Cynergy Bank’s 1.46 percent deal and Al Rayan Bank’s 1.45 percent deal pay more.

As well as the triple access account, Nationwide is also increasing rates on its one and two year fixed rate products.

However, with the one-year deal now paying 1.4 per cent and the two-year deal 1.7 per cent, investors would be wise to consider the rest of the market as it is possible to almost double your rate by moving elsewhere.

The best one-year and two-year fixed-rate deals are currently offered by Cynergy Bank, which pays 2.72 per cent and 3.08 per cent.

It follows on its heels TSB is raising its fixed rates this week.

Cynergy Bank is a member of the Financial Services Compensation Scheme and therefore any deposits with the bank are protected by the UK Deposit Guarantee Scheme up to a total of £85,000.

You can find out more about the best fixed rates on the market by visiting This is Money’s independent ranking of the best buys.

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