Nationwide's MySave Online Plus is a consistently popular option for savers needing easy access to their cash.
Together with Santander's eSaver, the MySave has been one of the top easy access accounts for what seems like an age.
However, it all depends on what you're looking for from your savings account. So let's look a little closer at the ins and outs of this offering from Britain's biggest building society, to determine whether this account is right for you.
Until very recently the Nationwide BS MySave Online Plus was top of the best buys table with a rate of 3.12%. However, when the rate was cut to 3.02% it slipped into third behind Santander and Skipton BS.
Santander eSaver (Issue 4)
Rate includes variable bonus (currently 2.60%) for 12 months
Rate includes 1.55% bonus for 12 months
Rate includes 1.48% bonus for 12 months
Open with £1
Open with £1,000
1 "free" withdrawal per year. Subsequent withdrawals reduce interest rate to 0.10% in the month withdrawal made.
Nationwide compares less favourably on rate, and on access. The MySave Online Plus will allow you to access your money – but only once a year without penalty. If you make more than one withdrawal in any 12 month period, the rate reduces to 0.10% for the month the withdrawal is made (before returning to normal the next month).
In terms of rate, maybe the difference isn't as big as you might think. While Santander would pay nearly £93 in interest on a savings pot of £3,000 over a year, Nationwide would pay just over £89 – so only about £4 difference.
Most of the best-paying easy access savings accounts have an introductory bonus. If you opt for one of these accounts you'd be well advised to keep a close eye on your interest rate when the bonus ends, and be prepared to move again.
If interest rates remain the same, the rates paid on the top 3 accounts will plummet to the following after 12 months (once the introductory bonuses end):
If you're prepared to manage your savings over the internet, you'll probably be able to secure a better interest rate. None of the top 3 easy access accounts from Santander, Skipton and Nationwide can be managed in branch. In fact Nationwide and Skipton only allow you to manage your account online, with Santander offering internet and telephone management.
If you're not happy with not being able to manage your savings in branch, check our savings best buys for other alternatives – although you should be prepared to compromise on rate.
The best easy access account that allows you to manage your savings in branch is the Manchester BS Platinum Instant Issue 1 which pays 2.91% AER.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at anytime.