Martin Lewis advises on savings accounts and premium bonds
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The building society’s 1 Year Triple Access Online Saver initially offers the higher interest rate and savers can access their cash up to three times at this rate before it drops. After the fourth withdrawal, the interest rate drops to 0.15 percent. The lower rate remains then for the rest of the term.
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.
After 12 months, the account automatically switches to one of Nationwide’s instant access accounts.
The account is all online so people can’t pay in or withdraw cash or cheques.
The account 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.
People can pay in any amount up to £5 million.
Britons need to be over the age of 16 years, be a UK resident, and have a valid email address to open the account.
Nationwide also states that a person cannot open this account in trust for the benefit of someone else.
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.”
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Moneyfacts listed the Triple Access Online Saver as one of the “best” easy-access savings accounts currently available for savers.
Other accounts featured on the list offering the same rate were Saga Easy Access Savings Account and Marcus by Goldman Sachs online savings account.
Nationwide recently confirmed the return of its FlexStudent1 current account which will reward students £100 cashback when they open an account.
However, the building society is reminding those interested in this deal that it is “only available for a limited time”.
To get the deal, students need to open a FlexStudent account from August 1, 2022, and meet all the building society’s eligibility criteria.
Nationwide has also recently raised the introductory credit interest rate on its FlexDirect current account to five percent.
This move by the building society is estimated to assist members by up to £200 within a year if they switch over to their services.
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