What are the Nationwide Easy Access Savings Accounts Rates? Our Instant Access savings guide.

Tom

4 min read

An instant access account, also known as an easy access account, is a standard savings product created to help save whilst providing easy access to your funds.

If you’re considering options for a savings account that offers flexibility, an instant access account may be the ideal choice for you.

In this guide, we’ll explore the current interest rates being offered by all Nationwide easy access accounts, the advantages and disadvantages of an instant access account, and all the tips you need to find the right one for your financial needs.

What are the current Nationwide instant access savings rates?

Nationwide currently offers four instant access savings accounts. Here are the current Nationwide instant access accounts interest rates:

- Nationwide Flex Regular Saver: 6.50% AER/gross a year (variable) for 12 months. Deposit up to £200 a month. If 4 or more withdrawals are made, the interest rate reduces to 2.15% AER/gross a year (variable) for the rest of the term. This account is only available for Nationwide current account holders.

- Nationwide Flex Instant Saver: 3.25% AER/gross (variable) for 12 months. Unlimited withdrawals. This account is only available for Nationwide current account holders.

- Nationwide Instant Access Saver: 2.25% AER/gross (variable) for balances up to £9,999.99. 2.30% AER/gross (variable) for balances between £10,000 and £49,999.99. 2.35% AER/gross (variable) for balances of £50,000+. You can make unlimited withdrawals with this account.

- Nationwide FlexOne Saver: 5.00% AER/gross (variable). This instant access account is available for FlexOne account holders aged between 11 to 17. You can make unlimited withdrawals.

Source: https://www.nationwide.co.uk/savings/compare-savings-accounts-and-isas/. Current Nationwide instant access savings rates are accurate as of 30/07/24.

Comparing and finding the best access account rates

When searching for easy access account interest rates, it’s essential to find one that suits your financial goals.

Here are some tips for comparing different instant access accounts:

1) Compare accounts from different providers: Look beyond traditional high street banks and consider looking at interest rates offered by online banks, apps and building societies. These alternatives often offer competitive rates for their own instant access accounts.

2) Consider introductory, bonus and boosted rates: Some instant access accounts may offer increased rates. Whilst these rates could be higher, it's important to consider the duration of the boosted rate and how competitive the account is after that period.

3) Understand account details: Easy access accounts can sometimes come with penalties with the amount of times you withdraw from it. Review the account details as well as the terms and conditions of the account so you’re fully aware of how it works.

Tips for choosing the right Instant Access Account

Before settling on an easy access savings account to help grow your savings, consider a few important factors:

Penalty Restrictions: Some accounts may reduce the interest rate based on how often you withdraw funds for example. Always review the terms and conditions so you understand any potential penalties associated with the account.

Interest Rate: Interest rates can vary widely depending on the type of instant access account and financial provider. Check for bonus or introductory rates, and assess whether the standard interest rate remains competitive without any usage restrictions or penalties.

How you manage the account: Think about your preferred method of managing your easy access account. Some accounts offer online or app management, whilst others may involve you visiting a bank branch.

Access to the account: Whilst instant access accounts allow you to make unlimited withdrawals, some accounts may penalise you for the amount you make. Be aware of any access limitations and ensure they align with your needs.

Pros and Cons of an Instant Access Account

An instant access savings account is a popular option for those aiming to build their savings. However, like any savings account, it has its own set of advantages and disadvantages.

Instant access account pros:

Easy Setup: Opening an instant access account is typically simple and straightforward. Many instant access savings accounts require only a minimal initial deposit, often as low as £1, and involve minimal administrative work to complete the setup.

Immediate Deposits and Withdrawals: The primary advantage of an easy access account is the ability to access your money almost instantly without prior notice. However, be cautious of accounts that may reduce your interest rate based on the frequency of withdrawals.

No Long-term Commitment: Unlike some other savings accounts, an instant access account usually doesn't tie you into keeping your funds deposited for a specific period. You can typically access your money without notice.

Instant access account cons:

Lower Interest Rates: Compared to certain accounts like fixed notice savings accounts, easy access accounts may offer lower interest rates. Fixed notice accounts often provide higher rates but require you to keep your funds deposited for a predetermined period.

Variable Interest Rates: The interest rate on an easy access account can change with little notice. This variability means the rate can fluctuate, potentially impacting your earnings.