Nationwide savings accounts
Nationwide is the UK’s largest building society, offering a wide range of financial products to its customers.
The Nationwide Building Society is one of the most recognisable financial institutions in the UK. It tries to embrace digital advancements alongside its extensive branch network, offering a suite of financial services from savings and mortgages to investments and insurance.
As a mutual, Nationwide is owned by its members, not shareholders and has been operating for more than a century.
What Nationwide savings accounts are there?
Nationwide's range of savings products includes these accounts:
Instant Access Saver
Tiered interest rates, depending on your balance
Unlimited withdrawals
Flex Regular Saver
Save up to £200 a month for 12 months
Limited access savings account, with reduced rate after four withdrawals
Required to be Nationwide current account holder
FlexOne Saver
Instant-access children's savings account with good interest rate
You must hold a FlexOne current account
Unlimited withdrawals permitted
Aimed at 11-17 year olds
1 Year Fixed Rate Cash ISA
Tax-free interest on a lump sum deposit
Fixed interest rate
Money locked away for 12 months
Early withdrawal closes account and early access charge applies
1 Year Triple Access Online Saver
Variable interest rate
Make up to three withdrawals without losing interest
Also available as 1 Year Triple Access Online ISA
1 Year Fixed Rate Online Bond
Fixed interest rate
Lock your money away for 12 months with no access
A ‘open in branch’ version is also available
Is my money safe with Nationwide?
Yes. The first £85,000 of any savings held with Nationwide is protected by the Financial Services Compensation Scheme (FSCS). Nationwide has taken over Virgin Money, but it is still being run as a separate brand and has its own banking licence and FSCS protection.
What are Nationwide’s savings promises?
As part of Nationwide Building Society’s ethos, it abides by a series of what it calls ‘savings promises’.
These include a promise to pay interest as soon as they receive a cash ISA transfer application, as well as a pledge that its fixed rate ISA rates will match or beat its equivalent bond rates.
It also offers a ‘Rate Guarantee’, so that when you take another Fixed Rate Bond or Fixed Rate ISA – if the rate changes between the date you are notified of your options and your existing product maturity date, you’ll get the better rate as long as you get back to Nationwide by your maturity date.
What is Nationwide’s SavingsWatch?
Customers can sign up for Nationwide’s SavingsWatch service, which sends them a text or email if the rate on their savings account changes. This helps customers always know what rate they are getting. The service also emails them when a new account is launched, which may offer a higher rate of interest.
What is Nationwide’s Fairer Share?
In recent years, Nationwide members have benefited from a share of its profits through the Nationwide Fairer Share Payment.
The £100 payment has previously been made to members who have met the eligibility criteria with a qualifying current account plus either qualifying savings or a qualifying mortgage.
Nationwide’s Board will decide on a Fairer Share payment for 2025 at the end of its financial year and it will depend on its financial performance.
The decision will be announced as part of Nationwide’s full year results in May, where the eligibility criteria for this year will also be agreed.
What should I consider before choosing a savings account?
If you want to save money but can’t afford to tie up your savings in a long-term savings account, then an easy access savings account is probably best for you.
With an easy access savings account there are no penalties for accessing your money which you can do at any time. You can also top up your balance as and when you want to.
If you want to save for the longer term, you may want to consider a fixed rate bond. Fixed rate bonds generally offer higher interest rates than easy access accounts but your money is tied up for the duration of the bond.
You should try to use up your tax-free savings allowance first though with a cash ISA. Again, you can choose between fixed or easy access variable rate accounts.
Make sure that you weigh up the advantages and disadvantages of the different Nationwide savings accounts – and compare them to the wider savings market – before you make a decision about where to save.
Compare savings accounts with MoneySuperMarket
If you’re looking for the best savings account for you, then MoneySuperMarket is here to help.
Whether it’s an easy access account or a five-year fixed rate bond or anything in between, we’ve scoured the market to compare the different products from leading providers and present them in an easy-to-understand format that highlights the key features.
When you’ve made your decision, all you have to do is click through to apply.
