Nationwide 1 Year Triple Access Saver

throughtheblue

I'm looking at the 1 year triple access saver, which allows 3 withdrawals in that time without effecting the interest rate. I want to accrue interest on saved money, but may need access to it at some point and have questions as to how the interest would be calculated. 

As an example, if I had 20k saved in the account, and I needed access to most of that money after 6 months, could I withdraw £19990, leaving £10 in the account, and once the year is finished would I receive any interest on the £19990 that was in there for 6 months? Or is it the total averaged over a year?

ZeroSum

Normally interest is calculated daily & accrued accordingly.

However, there's instant access accounts on the market that pay a better rate than nationwide without any restrictions 

Malchester

As ZeroSum says there are accounts around that pay a higher interest rate and give totally unrestricted access. I use ZOPA paying 1.5% instant access. Max account balance is £50,000. Nationwide are notorious for low rates.

throughtheblue

Malchester said:

As ZeroSum says there are accounts around that pay a higher interest rate and give totally unrestricted access. I use ZOPA paying 1.5% instant access. Max account balance is £50,000. Nationwide are notorious for low rates.

Thanks - will have a look. 
How are interest rates calculated upon withdrawals? Is it the AER divided by the days the withdrawn sum was in the account for?

Daliah

Interest is always calculated on the balance at the end of a day. Each day, your money earns 1/365th of the interest rate.Interest is paid monthly or annually, as specified in the T&Cs, and upon account closure. Some accounts, mainly fixed term ISAs, might have penalties for early withdrawals.

Olinda99

Now paying 1.5%

Section62

Olinda99 said:

Now paying 1.5%

Still limited to three withdrawals during the 12-month term or the rate plummets to 0.15%.

Castle

Olinda99 said:

Now paying 1.5%

That's on the new Issue 15; the old Issue 14, (which only came out in June), is only paying 1.0%.

Olinda99

I hate it when they do this sort of thing

soulsaver

Castle said:

Olinda99 said:

Now paying 1.5%

That's on the new Issue 15; the old Issue 14, (which only came out in June), is only paying 1.0%.

The 'old' issue 15 was paying 1.4 - this is 'automatically applied' to that, the current issue.

2010

soulsaver said:

Castle said:

Olinda99 said:

Now paying 1.5%

That's on the new Issue 15; the old Issue 14, (which only came out in June), is only paying 1.0%.

The 'old' issue 15 was paying 1.4 - this is 'automatically applied' to that, the current issue.

I can`t see the point of them keep bringing out new issues.
The way rates are likely to keep changing they should just keep increasing issue 15.
If I have to keep closing each issue to take out a new higher rate issue, the money will be going elsewhere.
NW rates have been so bad, I`ve gave them a miss until issue 15 paying 1.5%.
Any chopping and changing and it`ll be goodbye NW.