Nationwide increases savings rates

Nationwide Building Society has announced increases across a range of variable rate savings accounts. The changes, effective from 1 April 2023, will see the Society increasing rates by up to 0.50 per cent.

Over recent months, the Society’s average deposit1 rate has been at least 70 per cent higher than the market average2. These latest rate increases are part of the Society’s ongoing commitment to paying the best rates it can sustainably afford, while considering the long-term interests of the membership as a whole. Nationwide regularly reviews its rates on savings accounts to ensure it continues to offer the best rates it can to members.

Key savings changes:

• Existing members saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.50% to 3.00%.
• On the limited access range, previous and current issues of the Society’s Triple Access Online ISA3 (Issues 12-14) and Triple Access Online Saver3 (Issues 13-15) will see increases of 0.50%, with these products now paying 3.00%.
• Rates on Limited Access Saver and eSavings Plus3 will increase by 0.15% to 1.40%.
• All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by up to 0.35% to either 1.00%, 1.10% or 1.25% AER, depending on the amount saved

Tom Riley, Director of Retail Products at Nationwide Building Society, said: “We remain committed to supporting savers, which is why we have increased rates on our popular loyalty, triple access, and instant access savings accounts where most balances are held. As a mutual it’s important we balance paying the best rates we can sustainably afford while also investing in wider products and services, such as branches and digital, that benefit our membership as a whole.”