Nationwide to pay out up to £900 to millions of customers

Richard Guttridge
·2-min read
Savers can make money through Nationwide savings accounts
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Nationwide is enticing savers with the promise of substantial returns for those who opt for one of its premier savings accounts. The building society's one-year Fixed Rate Cash ISA offers customers the opportunity to deposit a lump sum and let it accrue interest over a 12-month period.

Customers who invest £10,000 into the account with a 4.5% interest rate can expect to see an additional £450 by the end of the year. Those able to deposit the maximum limit of £20,000 stand to gain £900 in interest.

This particular account is aimed at savers who have extra funds available and are certain they won't require access to this money. Early withdrawal from the account results in closure and incurs a penalty charge.

Savings accounts such as these present a straightforward method for families to earn additional income. Financial specialists consistently recommend that people compare different savings options to secure the best interest rates, thereby maximising their financial growth, reports Birmingham Live.

Nationwide has commented: "Our Fixed Rate Cash ISA is designed for savers looking to lock their money away for a fixed term. Your interest rate won't change during your fixed term."

They added: "Withdrawing money before your term ends closes the account and an early access charge will apply. Certain savings accounts suit certain types of savers. Find out more about who we designed this account for."

"Designed for: savers willing to lock away their money for a fixed term; savers with a lump sum to deposit; savers looking for an interest rate that won't change. A cash ISA generally allows UK residents aged 18 or over to save up to their annual ISA allowance tax-free each tax year. The allowance is £20,000 for 2024/25."

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