Nationwide Building Society increases interest rates across savings accounts

World News

Nationwide customers can benefit from increases of up to 0.80 percent on the building society’s on and off-sale variable rate savings accounts as well as increased rates on their fixed-rate bonds and fixed-rate ISAs.

Many banks and building societies have been upping their rates as the Bank of England has consistently increased the base rate over the past year and a half.

The interest rate increases also form part of Nationwide’s ongoing commitment to paying the best rates it can sustainably afford while considering the long-term interests of its wider membership.

Their on and off-sale variable rate savings accounts will be effective from July 14, 2023, and their fixed rate bonds and fixed rate ISAs from today – July 5, 2023.

Key variable savings changes:

All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by up to 0.80 percent to either 2.15 percent, 2.20 percent or 2.25 percent depending on the amount saved.

Nationwide is increasing rates on its children’s accounts by up to 0.75 percent.

For example, Child Trust Fund and Junior ISA will pay four percent and Future Saver will now pay four percent.

To encourage those who can save at the current time to start or maintain a savings habit, the rate on the Society’s Start to Save 2 account will increase for new and existing members by 0.25 percent to 5.50 percent.

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Existing customers saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.20 percent to 3.50 percent.

On the limited access range, previous and current issues of the Society’s Triple Access Online ISA and Triple Access Online Saver will see increases of 0.20 percent, with these products now paying 3.50 percent.

A full list of the products and rate changes can be found on the Nationwide website.

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Fixed-rate changes

Nationwide will launch a new Fixed Rate Online Bond, Fixed Rate Branch Bond and Fixed Rate ISA from today. The new rates are:

· One-Year Fixed Rate Online Bond – 5.10 percent AER

· One Year Fixed Rate Branch Bond – 5.10 percent AER

· One Year Fixed Rate ISA – 5.10 percent AER/tax-free

The rates are available for balances of £1 or more and offer the ability for savers to open the Online Bond via the website, Internet Bank and Banking app, while the Fixed Rate Branch Bond can only be opened in branch.

The Society’s Fixed Rate ISAs accept transfers in and can be opened via the website, Internet Bank, Banking app or in branch.

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