Nationwide savings accounts
Nationwide is the UK’s largest mutual, offering a wide range of financial products, and with a number of building societies under its belt. It has added the Portman, Cheshire, Dunfermline and Derbyshire building societies since 2007.
Nationwide savings guide
If you want to save money but can’t afford to tie up your savings into 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 a 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.
What Nationwide savings accounts are there?
Nationwide's range of savings products includes these accounts:
Flex Regular Saver
Well above-average returns (at time of writing)
Limited access savings account, with reduced rate after four withdrawals
Required to be Nationwide current account holder
Instant Access Saver
Tiered interest rates, depending on your balance
Unlimited withdrawals
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
Nationwide also offers a selection of bonds and ISAs, some of which are exclusive to existing customers.
The first £85,000 (as of 30 January, 2017) of any savings held with Nationwide is protected by the Financial Services Compensation Scheme (FSCS). If you also have savings with any other of its brands, only the first £85,000 held across all your accounts will be covered.
Nationwide savings promises
As part of Nationwide Building Society’s ethos, 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.
