Nationwide has increased rates on four fixed rate Cash ISA accounts (Image: Getty)
Nationwide has increased rates on its Cash ISA accounts to offer savers over 4% interest. The UK’s biggest building society hiked interest on four fixed rate ISAs and launched a new one year single access saver account on Friday (March 6). Nationwide also announced a new, one year single access ISA.
Richard Stocker, Head of Savings, said: “We’re pleased to be increasing rates across our ISAs and our instant access savings product, giving members even more long‑term value and meaningful benefits. Combined with our ‘Branch Promise’, we’re proud to be bringing even more value to the high street, further demonstrating our commitment to offering positive, competitive rates for our members.”
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Nationwide said its new one year single access ISA and one year single access saver accounts offered members “a competitive return” at 4% each.
The lender increased rates on its one, two and three year fixed rate ISAs to 4.05% while boosting the rate on its five year fixed rate ISA to 4.25%.
It also announced the withdrawal of its existing one year triple access ISA and one year triple access saver, which offered 3.3%.
Jordan Reid, Chartered Financial Planner at Serenity Financial Planning, said Nationwide’s offer came with a catch.
He said: “Nationwide’s move is a classic ‘give and take’ that reflects a tightening savings market.
“By bumping rates to 4% and above, they are clearly making a play for market leadership and rewarding member loyalty.”
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Mr Reid cautioned: “However, the shift from ‘triple access’ to ‘single access’ is a significant pivot, as they are essentially offering a higher price in exchange for locking your money away more strictly.”
He added that for savers who are confident they won’t need to touch their cash, these are some of the most competitive rates seen on the high street this year.
But he said for those using their ISA as an emergency fund, that “single access catch” was a high price to pay.
Rob Mansfield, Independent Financial Advisor at Rootes Wealth Management, said the rates were “decent”.
He added: “These are decent rates for cash and welcome competition in the market, but if you’re looking at tying your money up for five years, you could do well to also consider investments, as they could be a better hedge against inflation.”
The current ISA allowance is £20,000 for this tax year. It refreshes on April 6 for the 2026/27 tax year.
From April 2027, those aged under 65 will have a smaller, £12,000 cash limit. The full allowance of £20,000 is still allowed if they invest.
