What’s this account?
This is a new account recently launched by Nationwide bank, with some key features including:
- A short-term 12 month term
- Up to 3 withdrawals possible throughout the year
- 1.2% AER interest rate
- Ability to manage money online exclusively
- Interest is paid at the end of the term
When opening this account, you need to transfer funds into it within 28 days of opening and you can hold up to £5 million pounds in the account.
Why choose this account?
This account is a great pick for someone who is happy to have a short-term bank account. It’s similar to a fixed term savings account, with the added benefit of being able to access your money during the term (for a limit of three times). It’s a happy medium between instant access and fixed-term savers.
This will suit you if…
- You want to lock your money away for a year but know you might need to access it a few times
- You want to manage your finances online
It won’t suit you if…
- You know you’ll want to access your cash more than three times each year
- You need (and value) a face-to-face experience of a bricks and mortar bank.
What if I need to access my cash more than three times?
If you make more than three withdrawals from this account over the course of the year, you will be able to do this – but, the interest rate on your account will notably drop.
If you withdraw money more than three times, your interest rate will go down to 0.10% AER.
Can I get an account?
In order to get an account, you need to meet the following criteria:
- The account needs to be for you
- You need to be aged 16+
- A resident of the UK
- Have a valid email address
- Have the ability to open and manage the account online
What happens at the end of the term?
At the end of the one-year term, Nationwide will transfer your account to another account within the bank which has a lower interest rate automatically, but you will be contacted to make further decisions about what you want to do from there.
More Info on Nationwide 1 Year Triple Access Saver Account »