What options do I have now that my 8 percent Nationwide regular saver has matured?

For savers, Nationwide's well-liked 8 percent account has reached maturity

Are you better off switching to a competitor or remaining with the building society?

In September 2023, Nationwide introduced an 8 percent regular saver account. It was one of the highest-paying savings accounts on the market at the time, and a big step up from the 4.5 percent interest that the account previously paid.

Due to its immense popularity, the largest building society in the UK offered the regular savings account for sale for nearly five months. The rate was lowered nationwide to 6 percent on February 8 of last year.

The 8 percent interest rate offered by the 12-month account was a big lure for many savers. Customers are now unsure of their options as it has matured.

Markets anticipate additional interest rate reductions this year, as the Bank of England base rate has dropped to 4 points 5 percent from 5 points 25 percent a year ago. Naturally, savings rates have fallen. The best rate for easy access is currently 4point 75 percent.

Moneyfacts reports that the average rate on a one-year fix in the savings market fell from 5point 42 percent on October 1, 2023, to 4point 31 percent on October 1, 2024. As of February 26, 2025, the percentage is 4 points 17 percent.

It is likely that savers will be unsure of what to do in this new environment. Should they open another regular saver account, and if so, what is the current best rate? What about leaving the money with Nationwide? If the building society restarts the program this year, staying with them could qualify you for Nationwide's Fairer Share 100 bonus.

Or maybe you ought to move to the top-rated one-year fixed-rate account available?

Additionally, are there any available cash bonuses that might be helpful now that interest rates are declining?

All of this is examined in order to determine what should be done by Nationwide customers whose 8% regular saver has run out.

Which regular saver accounts are the best at the moment?

It may surprise you to hear that a standard savings account still offers 8% interest. But there's a catch. The term lasts for just six months.

It is Principality Building Society that provides the account in question. When the account matures, savers will receive the 8% fixed interest rate, which they can contribute up to £200 per month (up to 1,200 during the fixed period). The six-month period is during which withdrawals are not permitted.

This might be a good choice if you don't want to commit to a one-year payment plan. However, note that when the account does mature, in say August if you open it today, savings rates could have fallen again. Thus, when the account matures, you might have to settle for a lower rate wherever you choose to park your money.

It should be noted that withdrawals are permitted by certain regular savers. A 12-month account with withdrawal possibilities might be a better option if you believe you might need access, but you will have to settle for a rate that is less than 8%.

Seven percent is the next-highest interest rate on a standard savings account. The Co-operative Bank and First Direct both provide this rate. Both accounts are active for a full year.

You can pay between £25 and £300 per month with First Direct. No withdrawals are permitted, and you must have a current account with the bank.

You can make monthly contributions ranging from zero to £250 with the Co-op regular saver. Again, its exclusively for current account customers. You can take as many withdrawals as you like, which sets it apart from the majority of other standard savings accounts. The interest rate is subject to change over the course of the year, which is a trade-off.

Your decision between First Direct and Co-op may depend on your preference for a fixed interest rate, your desire for withdrawals, and your desire to increase your monthly savings.

Is a regular saver still available at Nationwide?

It does, indeed. Regular savers nationwide now pay 6.5 percent. The requirements are the same as those for the 8%: you must have an active account with the building society, you can save up to £200 per month, and there is no minimum deposit required.

The account can be withdrawn up to three times. The rate, which was 2 points 15 percent, will decrease to 1 point 75 percent on your fourth withdrawal.

The best 12-month regular savings accounts offer interest rates of 7%, which is just a little bit higher than the 6.5 percent interest rate. You might want to stay with Nationwide if you want the quickest and easiest account opening process because you are familiar with it, you know you are eligible, and it's simple to open through the app or online banking.

Knowing that you can take out a small amount of money without it impacting the interest rate is also a plus.

"This rate is still very competitive in the market if customers are satisfied with the service they have had," says Rachel Springall, a finance expert at Moneyfactscompare . co . uk, in an interview with BFIA.

Although the First Direct 7% account might seem alluring, she continues, "customers must open and fund a First Direct 1st Account (current account)." It is important to note that while many current accounts are associated with regular savers, not all of them need consistent funding.

The Nationwide regular saver has the drawback of having a variable rate, just like the Co-op account. At any time, Nationwide may decide to lower the 6 percent rate, particularly if the Bank of England base rate is lowered once more.

How the interest compares in Nationwide v. First Direct.

Instead of settling for Nationwide's 6.5 percent offer, you might be considering moving to First Direct to take advantage of its 7 percent regular saver.

In order to compare the interest rates if you saved £200 per month for a year, we asked Moneyfactscompare . co . uk to do the math. The total amount you would have at the end of the 12 months with First Direct would be 2,492.98.

You would have 2,486.20 with Nationwide. This is only a 6 point 78 difference.

If you want to save more each month (you can save up to 300 with First Direct), and the peace of mind that its a fixed, rather than variable, rate, you may like to move your money to First Direct. However, if you don't care about those things, you might want to stick with Nationwide for less than seven dollars.

How about switching to a different kind of savings account?

Perhaps you don't need to open another Nationwide regular saver now that it's matured, and your money would be better off in a different kind of account.

If you need access to your money, that should be your first consideration. Otherwise, a one-year savings account might be a good option. This might be useful if savings rates decline elsewhere in the market because it ensures you a fixed interest rate for the entire year. Generally speaking, however, you won't have access to your funds.

The top one-year savings accounts have been compiled by us.

Although we have seen three base rate cuts since last August, there are still some good easy-access savings accounts available if you do want to be able to withdraw money.

Even if you open a 4 percent account, the rate may drop soon after because these savings rates are subject to change at any time. This implies that in order to keep your return competitive, you will need to be prepared to move to a new account.

We have compiled a list of the top online savings accounts. Principality Building Society (4.7 percent), Coventry Building Society (4.66 percent), and Monument Bank (4.75 percent) currently have the best rates available.

Depending on how quickly a saver needs access to their money, they can choose the best savings account, says Springall. Some short-term options to think about include notice accounts, easy-access accounts, and fixed bonds with terms shorter than a year. A standard savings account with no set term or a straightforward, easy-access account with complete flexibility are always options for savers who are unsure.

Make the most of your cash ISA if you're worried about paying taxes on your interest. Every adult can contribute up to £20,000 to their ISAs during a given tax year, and the interest is entirely tax-free. You have the option of a fixed-rate cash ISA or an easy-access one.

You might want to think about Premium Bonds if you prefer the prospect of winning prizes with your money instead of receiving a standard rate of interest. Note that although some fortunate customers will win prizes, others will not receive any compensation at all. All prizes are tax-free.

Are there any switching bonuses available to help me save more money?

Customers who move their existing accounts are eligible for a few switching bonuses. After that, you might be eligible to become a regular saver with that building society or bank.

Customers who switch a non-Nationwide bank account with at least two active Direct Debits and then close that account will receive £175 from Nationwide, for instance.

This deal's intriguing feature is that it's available to both new and existing Nationwide customers. If you currently have an account with the Building Society and may have benefited from the 8 percent regular saver, you can transfer it to a competitor's account and receive 175 free dollars.

In addition to receiving a 175 bonus, you could switch to the bank if you're considering First Direct's 7% regular saver. Relocating to the Co-op, which also offers a 7% regular saver, could earn you up to £150.

Make sure you read the fine print, comprehend the requirements for receiving the switching bonus, and know how the current account you are opening operates.