Are the nationwide fixed savings account boost rates good?

Interest rates on a number of fixed-term savings accounts have been raised by Nationwide to as high as 47%

For your money, are they a good fit?

Customers can now earn up to 4.7 percent on their cash savings thanks to Nationwide's increase in interest rates on its fixed term savings accounts and ISAs.

You can get the higher rates if you put your money away to grow for a predetermined period of time without being able to withdraw it.

Interest earned on the ISA products will be tax-free for the duration of the term.

"We are pleased to launch new higher rates on our fixed rate cash ISAs and bonds, while continuing to ensure customers can access the same rates whether they open their account online or in branch," stated Richard Stocker, head of savings at Nationwide.

Watch the entire video here: "With the largest branch network in the UK, supported by our Branch Promise, we're dedicated to making sure customers who prefer in-person service aren't disadvantaged. Our dedication to providing savers with choice, value, and support is reflected in the fact that many of our branch-accessible products are among the highest-paying offered by a major high street provider."

Although they are not the highest on the market, the accounts are among the most appealing among major high street savings providers due to the improved interest rates.

What rates have been updated?

Depending on how long you want to keep your money safe, Nationwide's new fixed-term ISAs have interest rates between 4.4 and 4.7 percent.

You can't access the account whenever you want without incurring penalties because it is locked for a set period of time.

Depending on the length of your ISA, you will have to pay an early access fee equal to between 60 and 300 days' interest if you take any withdrawals from the account. Your ISA will be closed as well.

You can take money out of the account without incurring a penalty for 14 days after opening it.

To open one of these accounts, you have to be a resident of the United Kingdom and be at least eighteen years old. Any interest you receive on money kept in an ISA is completely tax-free.

The new fixed-rate ISAs and their interest rates are displayed in the table below.

To navigate horizontally, swipe. Source: Moneyfactscompare . co . uk, August 14. calculations using a lump sum investment of £25,000.

Considering other benefits provided by the building society, such as the ability to visit bank branches, Nationwide customers might be content to forgo a marginally lower interest rate.

Contrary to the current trend of branch closures, Nationwide has committed to not closing any more locations until at least the beginning of 2030.

Since 2023, Nationwide has also provided millions of qualified customers with an annual 100 Fairer Share bonus.

According to Moneyfacts' finance expert Rachel Springall, "savers who would prefer to place their cash in a fixed account over the longer term, with a provider that offers an in-branch service, will find them competitively priced against other high street brands, even tho they might not be market-leading rates overall."

"Nationwide's current account range is well worth considering due to the variety of cost-saving add-ons, and its in-branch face-to-face support is ideal for those who may have accessibility issues." It's crucial to shop around when looking for the best savings accounts and to keep any nest egg as tax-efficient as possible, like by using an ISA."

Study Up on the Nationwide Building Society.