Nationwide has announced increased interest rates for its fixed-term savings accounts and ISAs, allowing customers to achieve up to 4.7% on their cash savings. These higher rates apply to funds committed for a fixed duration, during which withdrawals are not permitted.
For ISA products, any interest accrued over the term will be tax-free. Richard Stocker, Nationwide’s head of savings, stated the building society is pleased to launch these new higher rates, ensuring customers receive the same rates whether they open an account online or in a branch.
The new fixed-term ISA rates vary between 4.4% and 4.7%, depending on the chosen lock-in period. Non-ISA fixed-term accounts offer slightly lower rates. While these new rates are considered attractive among major high street providers, they do not represent the highest available in the broader market.
For instance, the top 4.7% rate on the five-year fixed-rate ISA is slightly below the market-leading rate of 4.85% offered by Leek Building Society and Vida Savings. Nationwide customers may value the option of in-branch service, as the building society has pledged not to close any more branches until at least the start of 2030.