Nationwide customers poised to wake up to free £900 bonus payment within weeks

Nationwide is paying savers a handy bonus within weeks - if they have a specific account. Last March, Nationwide Building Society opened its One Year Fixed Rate ISA and 2 Year Fixed Rate ISA - launched at an AER of 4.50% and 4.20% respectively.

It allows customers to save up to £20,000 every financial year - and will soon reach maturity. If you put in the maximum £20,000 into the ISA on day one, you will have earned a whopping £900 in interest by the time the account matures, which works out around £75 per month.

The account is designed for savers willing to lock away their money for a fixed term, savers with a lump sum to deposit and savers looking for an interest rate that won't change. It is not designed for savers who want instant access to their money or savers who want to put away money on a regular basis.

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A cash ISA generally allows UK residents aged 18 or over to save up to their annual ISA allowance tax-free each tax year. The allowance is £20,000 for 2024/25. With other savings accounts, you may have to pay tax on the interest you earn, depending on your Personal Savings Allowance. The interest on a cash ISA is tax-free, so all the interest you earn, you keep.

You must be 18 or over. If you are not aged 18 or over, but were aged 16 or 17 before 6 April 2024, you can also open a Fixed Rate Cash ISA if you open it using money you hold in a Fixed Rate ISA or Fixed Term ISA Maturity with Nationwide. This won’t apply if you close your Fixed Rate ISA before the end of its fixed term.

You must not have paid in more than the annual ISA allowance in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA and a Lifetime ISA in this tax year. And you must be a UK resident for tax purposes or, if not, you need to either be a Crown employee serving overseas or be married to, or in a civil partnership with, someone who is.

Any money paid into the account must belong to you. It cannot be held in trust for the benefit of another person.