Nationwide issues savings warning to millions of British savers | Personal Finance | Finance
Nationwide has recently issued updates to its customers on the latest rates for its fixed-rate bond schemes, providing a potential opportunity to earn hundreds of pounds. In essence, these are saving schemes where money is deposited and locked away for a specific term, in this case, one year.
As long as households are comfortable with setting aside their money for that duration without needing to access it, these types of investments could prove beneficial.
The building society confirmed a tempting one-year fixed rate of 4.5%, which can rapidly boost savers’ finances. To illustrate this point, an individual who invests £5,000 would accrue £225 in yearly returns, and someone who saves £10,000 would earn £450.
Moreover, earnings will increase proportionately based on the amount saved, reports Birmingham Live.
The new rates are:
Once the specified term elapses, savers will be able to withdraw their funds. Nationwide stated: “Nationwide Building Society is launching new issues of its Fixed Rate Online Bonds and Fixed Rate Branch Bonds paying increased rates.”
They continued: “The rates are available for balances of £1 or more and savers can open the online bonds via the website, internet bank and banking app while fixed rate branch bonds can be opened in branch.”
“All previous fixed rate online bonds and branch bonds, plus the member exclusive bond were withdrawn from sale at close of business on July 18, 2024.”
