Many Nationwide customers could get their hands on £725 for free

Some new and existing Nationwide banking customers could be £725 this time next year simply by moving some money into a new account and keeping it there. The world's largest building society has this week launched new issues of its Fixed Rate Online Bonds, Fixed Rate Branch Bonds and Fixed Rate Cash ISAs.

The accounts can be opened via the Nationwide website, Internet Bank, in branch, or on the app. Savers who put their cash in the one-year cash ISA will get 4.1% interest. With the average amount held in a UK savings account currently standing at £17,365, this would mean a total of £725.50 in interest after twelve months - just for having your money in the account and not making any withdrawals over the year.

Elsewhere the one-year online bond and the one-year branch bond both offer 4% interest, meaning average savers who move their cash to either of these accounts would get £707.48 once the twelve months are up. Nationwide said all previous Fixed Rate Online Bonds, Branch Bonds and ISAs, were withdrawn from sale at close of business on Wednesday, October 23, 2024.

Nationwide describes these accounts as giving people the opportunity to: "Save online. Lock your money away, know your interest rate won't change." Those who opt to save in the cash ISA will receive their interest tax-free.

Terms and conditions apply across all three accounts.