Nationwide Building Society has increased selected savings rates by up to 0.40%. One of the deals to benefit from a rate rise was its one-year fixed ISA, which has improved its position in the Moneyfacts charts as a result.
1 Year Fixed Rate ISA now pays 1.65% yearly (1.60% monthly), allowing it to sit just below the current market-leader of its sector.
This account can be opened and operated in branch and online with an initial investment of just £1.
Although no further additions are permitted, it is possible to transfer in existing cash and stocks & shares ISAs. Early access is permitted upon closure of the account (which must be done in branch) and the loss of 90 days' interest. This penalty will also apply to transfers away.
The rate boost to this ISA has propelled it up the charts to sit closely behind its sector's market-leader, something that is sure to catch the eye of savers. What makes it a great all-round product, however, is the option of monthly interest and the ability to access funds early, albeit upon closure of the account and an interest penalty.
Moneyfacts rating: Excellent
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