Nationwide, the world’s largest building society, has recently launched new issues of its Triple Access and Flex Instant Access accounts. These can be opened via the Nationwide website, Internet Bank, in branch, or on the app, with a minimum deposit of £1.
Savers who put their cash in a one-year Triple Access ISA or one-year Triple Access Online Saver account will receive 4% interest. With the average UK savings account currently holding £9,633.30 – according to Raisin figures – this would equate to a total of £392.48 in interest after twelve months.
Nationwide stated that both accounts allow three withdrawals over the period, with any subsequent withdrawals seeing the interest rate drop to 1.75% for the remainder of the year. After the year is up, the accounts automatically switch to an instant access account.
The new Flex Instant Saver offers 3% interest and is exclusively available for current customers. Customers can make unlimited withdrawals without fearing a penalty.
Average savers who moved their cash into this account and kept it there would receive £293.01 after a year. Nationwide announced that all previous issues of the One Year Triple Access Online Saver/ISA and Flex Instant Saver were withdrawn from sale at the close of business on Thursday, December 12, 2024.
