Nationwide Building Society lifted the interest rate across Fixed Rate and Triple Access products this month. The One-year Triple Access account was highlighted as one of MoneyFacts.co.uk’s “Best” easy-access saving accounts on the market at the moment. The account can be opened with just £1 and people can save up to £5million in it.

If a person deposits £1,000 into the account, with the current interest rate, they will earn interest of £21 over the course of a year.

Nationwide states that it calculates the interest daily and it is then paid into a person’s account yearly on each anniversary of the account opening.

If the account is closed early, Nationwide will pay the interest accumulated into another Nationwide account or into an account by another provider.

The account however must be in the same name as the Tripel Access account.

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People can manage their account online on Nationwide’s internet banking or their banking app.

The Tripel Access account does allow people to withdraw their money so it isn’t entirely locked away for the year.

For this account, people can access their cash up to three times within the year without the interest rate being affected.

If a person withdraws for a fourth time, then the interest rate will drop to 0.30 percent.

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This savings product is available exclusively to current account members who open or already hold any of the Society’s current accounts.

These include the FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexOne or FlexBasic accounts.

When announcing the increases, Tom Riley, the director of Banking and Savings at Nationwide Building Society stated that the savings accounts offered by the building society were going to continue to “evolve” for its customers.

He said: “The increases we’re making to the rates on the latest issue of our Triple Access accounts mean those who already have those accounts will benefit without needing to do anything.

“We also understand there are plenty of savers who are happy to lock their money away for a period of time, which is why we will be offering highly competitive rates on our Fixed Rate Online Bonds.”