Best savings rates: Nationwide ups triple-access deal again

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Nationwide Building Society has boosted the rate on its one-year triple access savings account from 1.4 per cent to 1.5 per cent.

It’s the second time this month that Britain’s biggest mutual has upped the interest rate on the same deal and a 1.05 percentage point rise on what it was paying to savers in February.

The ‘easy-access’ savings deal is only beaten by three other providers, Al Rayan Bank (1.6 per cent), Shawbrook Bank (1.52 per cent) and Virgin Money (1.56 per cent).

Someone stashing £10,000 in the account would secure a return of £150 in interest after one year – although Nationwide can change the rate.

Savers who opened the account with the previous rate of 1.4 per cent will automatically be moved up to 1.5 per cent. 

However, those who were opened the account before then, under a previous issue, will continue earning a far lower rate.

Therefore, those savers will need to withdraw their funds from the old issue and open the new issue in order to benefit.

The account also does have some restrictions that all savers need to be aware of.

First, the account allows three withdrawals during the 12-month term and any subsequent withdrawals will revert the interest rate to 0.15 per cent for the remainder of the period.

Second, after 12 months, the account automatically switches to one of Nationwide’s instant access accounts which currently pay no more than 0.2 per cent, meaning savers would be wise to switch once the first year is up.  

On top of its triple access deal, Nationwide has also upped its cash Isa version of the account – for those looking to avoid paying tax on the interest they earn.

However, this is a new issue and therefore all savers who currently hold this deal with a lower rate will need to move their cash in order to benefit. 

Nationwide’s one year triple access Isa deal now pays 1.35 per cent. This is once again only beaten by three providers – Cynergy Bank and Shawbrook Bank are paying 1.4 per cent, whilst Newcastle Building Society is the current market leader paying 1.5 per cent.

How does Nationwide’s Triple Access deal compare? 

Easy-access savers can do slightly better by opting for Al Rayan Bank’s 1.6 per cent deal or Shawbrook Bank 1.52 per cent deal.

Virgin Money is also paying 1.56 per cent on its linked savings accounts – albeit only on balances up to £25,000.

One other route that enables savers to leapfrog this deal is to use the savings platform, Raisin UK.

It is currently offering a promotional offer exclusively via This is Money that would make it home to the most lucrative deal.

It offers savers the chance to boost their savings by £25 when they open and fund an account on its marketplace with a minimum of £10,000.  

Its best easy-access deal offered via Hoist Savings pays 1.5 per cent.* Deposit £10,000 via the link and receive the £25 bonus and you effectively earn 1.75 per cent for the first year.

All of Raisin’s partner banks are fully regulated in the UK and in the event that Raisin ceases trading, your deposits, would be protected by the FSCS up to £85,000 per person, per banking group, or up to a similar amount through the equivalent European deposit guarantee scheme.