Nationwide Building Society has announced a major overhaul to its line of savings accounts ahead of a looming ISA deadline impacting millions of Britons.
The UK's largest building society has launched a new range of ISAs and fixed rate bonds days before April 5, which is the last day someone can take advantage of their full tax-free savings allowance.
Under existing rules, Britons are able to deposit up to £20,000 a year into cash ISAs and stocks and shares, with lifetime ISAs having a £4,000 contribution limit.
However, Chancellor Rachel Reeves has confirmed the tax-free allowance for cash ISAs will be reduced to £12,000 to encourage more people to invest.
Nationwide Building Society has made another major overhaul to its line of savings products
|NATIONWIDE
Here is a full list of the Nationwide Building Society savings accounts on offer from today:
One Year Fixed Rate Cash ISA – 4.35 per cent AER/Tax-free (fixed)
Two Year Fixed Rate Cash ISA – 4.40 per cent AER/Tax-free (fixed)
Three Year Fixed Rate Cash ISA – 4.50 per cent AER/Tax-free (fixed)
Five-Year Fixed Rate Cash ISA – 4.50 per cent AER/Tax-free (fixed)
One Year Fixed Rate Online Bond – four per cent AER/Gross a year (fixed)
Two-Year Fixed Rate Online Bond – four per cent AER/ Gross a year (fixed)
Three-Year Fixed Rate Online Bond – four per cent AER/ Gross a year (fixed)
One Year Fixed Rate Branch Bond – four per cent AER/ Gross a year (fixed)
Two-Year Fixed Rate Branch Bond – four per cent AER/ Gross a year (fixed)
Three-Year Fixed Rate Branch Bond – four per cent AER/ Gross a year (fixed).
LATEST DEVELOPMENTS
Bank of England interest rates over time | Bank of England As well as offering a new range of ISA and bond products, the building society doubled down on its "Branch Promise", which pledges to keep all Nationwide locations open until
Richard Stocker, the head of Savings at Nationwide Building Society, explained: "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."
On the benefits provided by ISAs, Fidelity International's pensions and investment specialist Ed Monk said: "ISAs are one of the most valuable tools available to UK savers, but every year people miss the deadline and lose their allowance.
Britons who choose to invest are likely to reap better returns, Fidelity's
|Source: Refinitiv and Fidelity International, FTSE All-Share total returns 06.04-1999-06.04.2025
“While some investors leave it until the last minute, many risk missing out entirely. Once the deadline passes, that tax-free opportunity is gone for good.
“Our analysis shows the long-term impact of using your allowance consistently, with investors potentially building significant tax-free gains over time. You don’t need to invest the full £20,000 each year to benefit; even smaller amounts, invested regularly, can grow into meaningful tax-free savings over time."
Tomos Russell, portfolio manager at Wealthify, added: "Utilising your ISA allowance early in the new tax year can help maximise your returns, as investing allows your money to grow over the long term, although returns can rise and fall with market conditions.
"By starting early, your money can benefit from compounding. Compounding is essentially a snowball-like effect where you can earn returns not just on your initial investment, but also on the returns you've already made, which might lead to exponential growth over time. Investing or saving early in the tax year, where possible, can sometimes lead to higher returns than waiting till the end of the year."