The building society has published its latest rates for its fixed-rate bonds
Nationwide Building Society has issued an important message to customers who have at least £1 in their account.
The banking giant informed its customers about savings opportunities, including the latest rates for its fixed-rate bond schemes, that could earn them hundreds of pounds.
These schemes allow savers to deposit money which is then locked away and cannot be accessed for the duration of the term, in this case, one year. This is often an effective method for households to generate extra cash by making their money work harder for them, provided they are sure they can set it aside for a certain period and will not need to access it.
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Nationwide has confirmed the one-year fixed rates at 4.5%. This appealing rate would result in rapid accumulation of money for savers, reports Birmingham Live.
For instance, someone with £5,000 to invest would earn £225 in interest per year. Someone with £10,000 would make £450, and the more money someone has to save, the more they will earn in interest.
The new rates are:
That money can then be accessed at the end of the account’s term. Nationwide stated in an update to customers: “Nationwide Building Society is launching new issues of its Fixed Rate Online Bonds and Fixed Rate Branch Bonds paying increased rates.”
“The rates are available for balances of £1 or more and savers can open the online bonds via the website, internet bank and banking app while fixed rate branch bonds can be opened in branch.”
“All previous fixed rate online bonds and branch bonds, plus the member exclusive bond were withdrawn from sale at close of business on July 18, 2024.”
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