One Year:
- Fixed Rate Online Bond: 4.25% AER
- Fixed Rate Branch Bond: 4.25% AER
- Fixed Rate ISA: 4.25% AER/tax-free
Two Year:
- Fixed Rate Online Bond: 4% AER
- Fixed Rate Branch Bond: 4% AER
- Fixed Rate ISA: 4% AER/tax-free
These rates are lower than the previous issues launched in late December, which offered up to 4.50% AER for one-year products and 4.20% AER for two-year products.
The changes come amid a period where banks and building societies increased savings interest rates over the past year and a half, likely influenced by the Bank of England’s base rate hike to 5.25%. The decision to lower rates on the new issues may be connected to various economic factors or shifts in the financial landscape.
Customers can open Online Bonds through Nationwide’s website, Internet Bank, and Banking app. Branch Bonds can be opened by visiting one of Nationwide’s branches. Fixed Rate ISAs from Nationwide accept transfers and can be opened through the website, Internet Bank, Banking app, or in-branch.
It’s crucial for savers to be aware of these changes and consider how they may impact their financial decisions and savings plans.