Nationwide makes big change for some accounts this week as rates announced | Personal Finance | Finance

Nationwide has implemented a significant adjustment for account holders and unveiled a series of fresh rates. The high street lender confirmed it was this week modifying interest rates on its new Fixed Rate ISAs.

All previous rates have been withdrawn from sale. Richard Stocker, Head of Savings, said: “We’re pleased to launch new higher rates across our ISA and Bond range with both short- and longer-term options. All ISAs and rates are available in branch by phone or online, as we know customers value choice in how they bank, which is why we’ve extended our Branch Promise. Customers can also make use of our in‐app budgeting tool to help them manage their money.”

The building society upped its rates days before the end of the tax year in a bid to entice savers hunting around for the best deals to make the most of their tax-free allowances before 5 April.

It is now topping the three and five-year cash ISA charts, offering 4.5% on both. Its one-year ISA has a rate of 4.35%, which is higher than most of its high street competitors. HSBC is offering 4.5%, but this is only available to current account holders.

New Nationwide ISA rates:

• 1 Year Fixed Rate Cash ISA – 4.35% AER/Tax-free (fixed)
• 2 Year Fixed Rate Cash ISA – 4.40% AER/Tax-free (fixed)
• 3 Year Fixed Rate Cash ISA – 4.50% AER/Tax-free (fixed)
• 5 Year Fixed Rate Cash ISA – 4.50% AER/Tax-free (fixed)
• 1 Year Fixed Rate Online Bond – 4.00% AER/Gross a year (fixed)
• 2 Year Fixed Rate Online Bond – 4.00% AER/ Gross a year (fixed)
• 3 Year Fixed Rate Online Bond – 4.00% AER/ Gross a year (fixed)
• 1 Year Fixed Rate Branch Bond – 4.00% AER/ Gross a year (fixed)
• 2 Year Fixed Rate Branch Bond – 4.00% AER/ Gross a year (fixed)
• 3 Year Fixed Rate Branch Bond – 4.00% AER/ Gross a year (fixed)

It’s the same story for Nationwide’s two-year 4.4% cash ISA. While it’s much higher than its main competition, Furness Building has beaten it slightly with a rate of 4.5%.

Anna Bowes, savings expert at The Private Office, said the new rates were “very competitive”.

“It’s great to see a high street provider in the best buy tables as we know savers prefer to choose a brand they are familiar with. It’s therefore good news when they also have the best, or at least very competitive rates,” she said.

A substantial alteration to ISAs is approaching. From the April 2027 tax year, the current £20,000 allowance will effectively be reduced, so that only £12,000 will be available for deposits into any type of ISA.

The remaining £8,000 will have to be used for investment-based ISAs.

In other developments, Nationwide has recently launched access guides for over 500 of its branches, with guides for all 605 branches to be published by summer. Head of Customer Accessibility Kathryn Townsend highlighted the update in a Facebook post, explaining that Nationwide partnered with accessibility experts AccessAble to create the guides. In the announcement, Nationwide said: “Around one in four people in the UK live with an access need. That’s why we’re working with AccessAble to launch detailed visual access guides for all 605 of our branches – giving clear information about disabled access before you visit.”

Available through Nationwide’s branch locator, the guides highlight features including step-free entry, hearing loops, lowered counters, and British Sign Language (BSL) interpreters. Nationwide has additionally pledged to maintain all 605 branches operational until at least 2030.

Dr Gregory Burke, Founder and Executive Chair, AccessAble, said: “Clear, detailed accessibility information should be regarded as a basic consumer right, giving disabled people the confidence to plan and supporting dignity and independence – an approach we have developed over 25 years in collaboration with more than 1,500 groups of disabled people.