Nationwide is offering a 1% interest rate account & chance to win £100 – act now

Martin Lewis offers advice on savings and interest rates

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Nationwide is one of Britain’s most popular building societies, and its Start to Save account could entice a wide range of Britons. The account, the provider has explained, offers individuals the chance to “get motivated and stay motivated” about their savings goals. As such it could be good opportunity for those who haven’t started a savings habit before, or who are looking to put money away once again after a break. 

The interest rate currently being offered on this account stands at 1.00 percent, providing an attractive option for savers in the current market, with the length of the account set at 24 months.

Nationwide works out the interest rate on this account on a daily basis.

It then pays the interest into a person’s account yearly on each anniversary of the account opening.

At present, the interest rate is variable, however, Nationwide has said it will tell savers if this changes – either up or down – with sufficient notice.

Another one of the key benefits of a Start to Save account is the chance to win £100 in the building society’s prize draws.

To be entered, Britons will need to increase their account balance by at least £50 – but by no more than £100 – in each of the three calendar months which lead up to the month of a prize draw.

The next prize draw with Nationwide which new savers would be eligible for takes place on October 21, 2021.

The prize fund for each draw is equal to one percent of the total increases in balances of all the qualifying accounts which are placed in for the draw.

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Those who win will be informed by email or post and will receive their £100 prize into their Start to Save account within 30 days.

However, for this account, there are also eligibility rules it is worth bearing in mind.

To open a Start to Save, individuals must be 16 or over and a resident of England, Scotland or Wales.

They must also be registered for Nationwide’s online bank and have a valid email address.

In addition, a saver must have another account in their name which accepts faster payments, and that they can use to receive transfers out of this account.

Britons can only have one Start to Save account in their name at any time, according to the provider’s rules.

They will not be able to open the account in trust for the benefit of another individual.

The account can be opened and managed in a number of ways in order to create ease for savers.

Individuals will be able to open this account online, or using the internet bank or mobile banking app.

They must pay money into the account within 28 days or face the account being closed. 

The maximum deposit amount when opening this account is £100.

The account is an online one, meaning it can be managed either via the internet bank or through the mobile banking app.

Savers will not, therefore, be able to pay in or take out money from this account by cash or cheque.

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