Published On: Fri, Sep 10th, 2021

Nationwide offers ‘motivating’ 1% interest rate and chance for Britons to win £100 | Personal Finance | Finance

With the Start to Save account, individuals will be able to put away between £50 and £100. For this reason, Nationwide states the account will work for those who want to start a savings habit, or alternatively, individuals who are keen to get back into the swing of saving.

But one of the key benefits of this account is is interest rate. The Start to Save account offers a 1.00 percent interest rate AER/gross. This is available for a total period of 24 months. However, the interest rate is variable, so individuals should keep an eye on whether the building society will change it.

The provider states it may not tell individuals if an interest rate is increased, but they will be informed within 30 days. If an interest rate is decreased and a person has £100 or more in their account, they will be informed personally at least 14 days before the rate is reduced. 

With a variable interest rate, Nationwide could change the interest either up or down. This could occur, for example, if there are changes to the Bank of England base rate, or if the provider’s running costs change. 

READ MORE: Boris Johnson urged to replace furlough with new unemployment benefit

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