Review of Nationwide Fixed Rate ISA
Nationwide offer a wide range of saving options, including: Fixed and Variable ISAs, the help to buy and the Inheritance ISA so you can be sure to find one that suits your needs. They offer a competitive rate of interest and are currently the second most switched to bank due to their Current Account switch deals and high interest rates. Please see our tables for latest rates and comparison.
Nationwide is a long standing bank. Following numerous mergers, most importantly the merger with Anglia Building Society in 1987 and the Portman Building Society in 2007, Nationwide is the now the world’s largest mutual financial institution, the UK’s second largest mortgage provider, and one of the UK’s largest savings providers.
Nationwide Fixed ISAs
Nationwide offer two fixed rate ISAs, a one year plan and a two year plan. You can easily choose between them depending on your needs and if you’re a Nationwide customer then you will be able to do this online. Otherwise you will need to visit their branch.
- You can open with a minimum of £1
- Check balance and statements via internet banking or online
- Transfers are accepted from Nationwide ISAs and other providers
- You must pay one lump sum on opening
- A transfer from an existing ISA
- No withdrawals and the account will need to be closed in order to access the money early
Why use a Fixed Rate ISA?
Typically, a fixed-rate ISA account will pay more interest. In exchange for a higher rate, banks will ask you to tie up your cash. Generally, the longer you give up access, the higher the return. As it is a guaranteed amount, you know what you will end up with at the end which makes it a lot safer than investing.
ISAs are a good idea whatever your savings goal. With certain types of cash ISAs, you have instant access to your money, which makes it a flexible way to plan your finances.
It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance.
Nationwide is one of the few banks that offer a choice of Fixed Rate of ISA for one year or two year terms. This flexibility is attractive to customers who either cannot tie up their money for more than a year or for those who would like to see their savings grow for a bit longer. A minimum opening fee of £1 is a great option with those people with less to invest but who don't want to miss out based on the higher deposit minimums of some other companies.
With a competitive rate of interest, Nationwide are offering some great options to savers.