Nationwide customers who have certain bank accounts will be getting bonus payments, boosting their income. The value of the payments will depend on how much money they have in savings accounts and their interest rate.
Customers will earn extra cash through interest earned on their savings. A range of accounts are available for customers. One of the best in terms of potential return is the One-Year Fixed Rate Cash ISA.
This account comes with a 4.1% interest rate and allows customers to lock away a lump sum for 12 months and then get the bonus at the end of the term. Someone with £5,000 to lock away will earn an extra £205 in a year’s time.
READ MORE: Benefit to be scrapped and DWP says ‘no more payments will be made’
Get our best money saving tips and hacks by signing up to our newsletter
A saver with £10,000 to put away would stand to bag an extra £410. The more households have to put away, the more they will make in interest a year down the line.
Nationwide has 17 million customers and a rage of savings accounts. It may be worthwhile savers checking out the best options which could help them make money more quickly.
Finance experts are advising savers to look around for the best offers on the market so they can make as much extra cash as possible, Millions of people stick with the same accounts with poor interest rates for years despite better options being available and setting up a new account being an easy process.
Nationwide says of its One-Year Fixed Rate Cash ISA: “Earn tax-free interest on a lump sum. Lock it away for one year, know your interest rate won’t change. A withdrawal in the term closes the account and an early access charge applies.”