Nationwide Building Society has launched new issues of certain accounts that could see both new and existing customers almost £801 better off on average. The building society announced on Friday that those who move their money into any of these accounts will receive the cash in two years’ time, provided they leave the money untouched for that period.
Currently, Nationwide is offering 4% interest to those who open a Fixed Rate Online Bond, Fixed Rate Branch Bond, or Fixed Rate Cash ISA. According to Raisin, the average amount of savings held by those in the UK is currently £9,633.30, which would result in a total of £800.94 in interest after 24 months.
Nationwide confirmed that these rates are available on balances of £1 or more. Interest earned from the cash ISA will be tax-free, and terms and conditions apply across all three accounts.
The Bonds can be opened via the Nationwide website, Internet Bank, in branch, or on the app, while the ISA can be opened via the Internet Bank, Banking app or in branch. Earlier this week, Nationwide also issued an alert encouraging people to ensure they have adequate travel insurance.
The building society urged holidaymakers to take out a policy before travelling, upgrade existing policies where needed, and declare all medical conditions. This comes as Nationwide revealed that the average cost of a declined travel insurance claim is around £1,200, reports Leicestershire Live.