Savings accounts and ISAs

Instant access savings accounts offer easy access and allow you to withdraw funds anytime without reducing your interest rate.

Instant access savings accounts often come with variable interest rates and may have a lower interest rate than limited access and fixed term savings accounts.

These savings accounts might suit you if you want to always be able to access your money, just in case.

More about instant access savings accounts

Limited access savings accounts allow you to make a certain number of withdrawals without reducing your interest rate.

For example, with a triple access savings account, you can take money out up to 3 times a year while keeping your interest rate the same.

These accounts will often give you a better interest rate than instant access savings.

More about limited access savings accounts

Fixed rate savings accounts are for those who want to deposit a lump sum for a certain length of time and get a fixed interest rate.

The interest rate is fixed for the term of the account and is often higher than that of instant and limited access savings accounts.

With some fixed rate accounts, if you withdraw money before the end of the term, you will have to close the account and pay an early access charge. With others, you cannot withdraw money until the end of the term.

More about fixed rate savings accounts

Only your deposits count

Your annual ISA allowance is shared between all your ISAs, across all providers. This means you can pay in up to £20,000 across your ISAs this tax year, whether they are with Nationwide or another provider.

The interest you earn does not contribute to your allowance. For example, if you have earned £50 of interest this tax year, you do not now only have £19,950 left of your £20,000 allowance.

Also, if you follow the correct transfer process to transfer a non-Nationwide ISA to us, only the money you have paid into your ISAs this tax year will count towards your annual ISA allowance. Money saved in previous tax years and the transfer itself will not also count.

More about ISA transfers

Some of our cash ISAs are flexible

This means you can replace any money you take out during a tax year without it counting towards your allowance, as long as you pay it back in during the same tax year.

So if you pay £50 into your Nationwide ISA, then take out £10 and pay in another £10, we will only count this as £50 towards your £20,000 ISA allowance.

You can have a portfolio ISA with Nationwide

If you open more than one cash ISA with us, you will have a portfolio cash ISA. For example, you could start the tax year by opening a fixed rate ISA with us, then later that tax year open a limited access ISA with us. You can pay into both of these ISAs separately, but your allowance will be shared between them in one, single cash ISA.

Smart Junior ISAs and CTF Maturity ISAs are not included in the portfolio.

You have a Personal Savings Allowance

When you save, you may have to pay tax on the interest you earn on your savings.

As a saver, you have a Personal Savings Allowance. This is the most you can earn in interest on your savings before you're taxed.

How much your allowance is depends on the rate of income tax you pay. For example, basic rate taxpayers can earn up to £1,000 in tax-free interest each year.

ISAs are tax-free

With a cash ISA, all the interest you earn is tax-free.

More about the Personal Savings Allowance

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.