Nationwide, the globe's biggest building society, has recently unveiled new versions of its Triple Access and Flex Instant Access accounts. These can be set up via Nationwide's website, Internet Bank, in-branch, or through their app, with a modest minimum deposit of just £1.
Savers who stash their money in a one-year Triple Access ISA or one-year Triple Access Online Saver account will enjoy a 4% interest rate. Given that the average UK savings account currently holds £9,633.30 - as per Raisin's data - this would translate to a tidy sum of £392.48 in interest after a year.
Nationwide clarified that both accounts permit three withdrawals during the term, with any additional withdrawals causing the interest rate to tumble to 1.75% for the rest of the year. Once the year concludes, the accounts automatically morph into an instant access account.
The fresh Flex Instant Saver offers a 3% interest rate and is exclusively on offer for existing customers. Customers have the freedom to make unlimited withdrawals without the worry of a penalty.
Average savers who transferred their cash into this account and let it sit would receive £293.01 after a year. Nationwide revealed that all previous issues of the One Year Triple Access Online Saver/ISA and Flex Instant Saver were pulled from sale at the end of business on Thursday, December 12, 2024, reports the Express.
It comes as Nationwide Building Society has shared one "rule" which could help you put away an extra £1,500 over the next few months. The building society shared the advice in its November MyNationwide newsletter this week. This week's newsletter focused on embracing "smarter spending" habits over the festive season. The newsletter noted that Christmas is a time of year when many face more financial pressure than at any other time.
The newsletter said: "It's that time of year again. There's often a lot going on, which can make it tempting to spend more than you meant to." Nationwide told readers that budgeting over Christmas is a good way to manage their finances and see when they can afford "those little extras."
The building society noted that the best budgets needed to be tailored to the customer and their circumstances. This helps customers determine their spending priorities and identify areas where they can reduce expenses. It added, "Doing this can keep you enjoying the things you love whilst living within your means."