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Michael Brown

Acting Editor
Published: 16/03/2022
Nationwide Building Society branch high street lender

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The building society will increase its 1 Year Triple Access Online ISA rate to entice savers to invest before the end of the tax year.

From tomorrow, Nationwide BS will be upping the interest rate on its variable rate 1 Year Triple Access Online Individual Saving Account (ISA) from 0.25% to 0.70% Annual Equivalent Rate (AER).

“Savers will often wait until this time of year to fully utilise their ISA allowance so, with the end of the tax year fast approaching, we have decided to increase the rate on our Triple Access Online ISA,” said Tom Riley, Director of Banking and Savings at Nationwide BS.  

The increased interest rate means its easy access ISA offers stronger competition among other mainstream banks. The increased rate is now on a par with the accounts offered by Marcus by Goldman Sachs® and SAGA.

However, the rate is still far from market-leading. Melton Building Society and Paragon Bank offer 0.10% more for their variable rate Cash ISAs, while Yorkshire Building Society has set its rate at 0.77% AER, paid yearly. Savers should also note that both Nationwide BS and Paragon pay a lower rate if more than three withdrawals are made in a 12-month period.

In addition, Nationwide BS will increase its rate on the 1 Year Triple Access Online Saver from 0.45% to 0.70% AER tomorrow.

Fixed rate increases

In an attempt to remain more competitive, Nationwide will also increase the interest received on some of its fixed rate ISAs.

Its 1 Year Fixed Rate ISA will start paying 0.50% AER instead of 0.40% AER and its 2 Year Fixed Rate ISA will double its current rate to 1.00% AER.

“ISAs remain an important product for many savers, as interest from a cash ISA doesn’t count towards your Personal Savings Allowance, so it remains a tax efficient way to save for the short or long term,” said Riley.

However, neither of these products offer the best rate on the market. In comparison, Castle Trust Bank’s Fixed Rate e-Cash ISA beats both offers at a rate of 1.21% AER for one year. Two year fixed ISA options, meanwhile, start at 1.55% AER.

For more detail on your fixed rate ISA options, consider viewing our charts. Alternatively, you can keep up to date with the recent ISA news by reading our weekly roundup.


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