Nationwide is giving its customers the chance to boost their bank balances by up to £375, thanks to a generous savings offer that rewards customers simply for letting their money grow.
Nationwide’s One-Year Triple Access Online Saver, a digital savings account, is currently offering a 3.75% AER (Annual Equivalent Rate). With interest paid annually, a customer who deposits £10,000 and leaves it untouched for the full 12 months will receive £375 in interest paid directly into their bank account. Unlike fixed-rate bonds that often tie up your money completely, this account offers a balance between access and reward. Account holders can make up to three withdrawals during the 12 months without penalty.
The account is tailoured for savers who are comfortable with limiting themselves to three withdrawals over a 12 month period without affecting their interest earnings.
It is also well-suited for individuals who prefer to manage their finances entirely online using Nationwide’s internet banking or mobile app.
This account type rewards disciplined saving with a competitive interest rate, while still allowing some degree of flexibility.
However, it may not be ideal for those who require regular access to their funds, and Nationwide said it is not designed for people who want to visit a branch to open or manage their account.
Nationwide wrote on its website: “Online saving – limit your withdrawals, keep a better rate with our limited access savings account.
“Up to 3.75% AER/gross a year (variable) for 12 months. Make up to three withdrawals during the 12-month term of this account. Make more than three and the rate drops to 1.25% AER/gross a year (variable).”
Interest is calculated daily and paid once a year on the anniversary of the account opening. If the account is closed early, any interest accrued will still be paid into a suitable account in the customer’s name.
At the end of the 12 months, Nationwide will automatically move the funds into an instant access savings account that typically offers a lower rate.
Customers will be notified of this change and given alternative options.
