Nationwide clarifies rules around one of its accounts, which can be subject to an interest rate cut.
A customer reached out over social media to ask a question about the mutual's Triple Access Saver.
The one-year account pays 3.5 per cent interest, but this falls to 1.05 per cent if you make four or more withdrawals.
They asked: "If you make a 4th withdrawal from a Triple Access Saver resulting in a drop in interest rate, is that drop from today onwards or valid for the full term (retrospective)?"
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Nationwide responded to explain: "The interest drop would be from when you made the withdrawal until the account anniversary."
Interest is calculated daily and paid into your account on the anniversary of when you opened the account.
Should you choose to close your account early, the interest you have earned will be paid into another Nationwide current or savings account in your name, or into a current account with another UK provider in your name.
Martin Lewis on key Nationwide date:
There's a key date for Nationwide customers keen to bag £100 in the Fairer Share bonus, says Martin Lewis.
March 31 2025, is the exact final day customers must have their accounts open and in active use to qualify, from previous years' data.
Recommended reading:
Nationwide update when customers will receive bonus payments
Nationwide £100 Fairer Share bonus payments start today
So, anyone thinking of swapping banks might want to wait until after this cut-off to still be eligible.
It's one of several hoops Money Saving Expert founder highlighted that customers will need to jump through to bag the free £100.
The scheme has paid out £100 for the last two years to customers who met the qualifying criteria in the first three months of the year.
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