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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
ISAs
Mortgages
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
Retirement
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
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.
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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Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
New leading three- and five-year bonds as other top rates remain stable.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
No change in top variable rates, as best fixed returns fluctuate.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
New leading three- and five-year bonds as other top rates remain stable.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
No change in top variable rates, as best fixed returns fluctuate.
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