Customers of major high street bank can ‘claim £900’ for free on savings account – but there’s a catch
NATIONWIDE Building Society customers could earn themselves an extra £900 if they sign up to one the banks popular savings account.
Brits who sign up to a one year fixed rate cash ISA with a 4.5 per cent interest rate could receive a windfall amount in their account.
However the catch is that the customer must deposit £20,000, the ISA allowance, in to their account to expect a return of £900.
Customers who choose to invest £10,000 into the ISA over the space of a year should expect a return of £450.
A Nationwide spokesperson said: “Our Fixed Rate Cash ISA is designed for savers looking to lock their money away for a fixed term.
“Your interest rate won’t change during your fixed term.
“Withdrawing money before your term ends closes the account and an early access charge will apply.”
The Nationwide spokesperson added: “Certain savings accounts suit certain types of savers. Find out more about who we designed this account for.
“Designed for savers willing to lock away their money for a fixed term; savers with a lump sum to deposit; savers looking for an interest rate that won’t change.
“A cash ISA generally allows UK residents aged 18 or over to save up to their annual ISA allowance tax-free each tax year.”
Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “It is crucial savers keep on top of the changing market and make the switch to ensure they are not getting a raw deal, especially as we have seen some of the top rate deals drop below 5 per cent.
“It would not be too surprising to see more providers adjusting their rates in reaction.”
Meanwhile another bank has offered customers a chance to win £500 each month with a new savings account.
Coventry Building Society has launched the “Sunny Day Saver”, a regular savings account with an interest rate of 6.25 per cent.
A regular savings account lets you put aside money up to a set amount each month for a certain period, which is usually a year.
All savers who pay in at least £10 a month into this account will also be entered into a prize draw to win one of 20 cash prizes worth up to £500 each month.
There are 220 prizes up for grabs in total and all winnings will be paid directly into the customer’s savings account.
Each month there is one £500 prize, five worth £200 and 14 £50 winnings.
Savers can squirrel away up to £150 a month into this account for a year but there is no obligation to pay in every time.