Nationwide explains rules as your deposits may be moved into a different account

Nationwide Building Society has spoken out regarding a change to its interest rates that will affect certain customers. The announcement came after an enquiry from a customer about their savings account. The customer enquired via social media: "When a fixed rate bond has matured and if it is left to turn into an instant access maturity bond account, can I then just add money to it and treat it like a normal savings account?" Nationwide provides a Fixed Rate Online Bond where savers can benefit from a fixed interest rate throughout the account term. Customers can presently select from a 1, 2, 3 or 5-year fixed term. The interest rate for the bonds stands at 4 per cent and is the same whichever account term you go for. When your account matures, the funds are transferred into an instant access account. Guidance on the Nationwide website states: "At the end of the term, we will move your money to an instant access savings account. We will let you know before this happens and what your interest rate will be." Responding to the customer's query, Nationwide confirmed that the instant access account could be used in the same way as a standard savings account. The building society explained: "Yes, that is correct. If your money is in an instant access account, you can add and withdraw money as you like." It is certainly worth noting the date when your account matures, as it could result in a considerable reduction in the interest rate applied to your savings. At the time of writing, Nationwide's Instant Access Saver offers just 1.1 per cent on deposits up to £10,000. This would represent a 3.9 percentage point fall in your rate should savings held in an online bond be transferred across to this account. You can get slightly higher rates for deposits above £10,000 in the instant access saver, though the maximum rate on offer is only 1.2%. This is well short of the top-paying savings accounts currently available on the market. Nationwide current account holders can also opt for the Flex Instant Saver, which pays 2.3 per cent variable. The account runs for a one-year term, with interest paid out at the end of the period. Millions of Nationwide customers are set to receive a welcome cash boost directly into their accounts. The savings giant is launching another round of its Fairer Share payment, with a £100 payment going out to more than four million members. This bonus payment scheme sees Nationwide share out its profits among its members. The full eligibility criteria can be found on the Nationwide website .