Nationwide Building Society raises interest rates for savers

Nationwide has raised interest rates this summer Nationwide Building Society announced a wave of interest rate increases last month across its range of savings products. Savers have benefited over the last year from multiple rate hikes from high street banks and building societies. This comes following the Bank of England’s decision to raise the base rate 13 times in a row in an attempt to mitigate the impact of inflation. Despite this, the Consumer Price Index (CPI) rate for June 2023 remains high at 7.9 percent and more intervention from the central bank is expected this week. Here is a full list of the changes to interest rates Nationwide customers have been able to enjoy this summer: Savers have benefited from the Bank of England base rate hikes Variable savings changes Instant access accounts, including the Instant Access Saver, Instant ISA Saver and Cashbuilder, were awarded a rate rise of up to 0.80 percent. Savings rates for these accounts jumped to either 2.15 percent, 2.20 percent or 2.25 percent depending on the amount saved. Rates on children’s accounts went up by 0.75 percent, including the Child Trust Fund, Junior ISA and Future Saver which pay four percent. Nationwide’s Start 2 Save account saw its interest rate for both new and existing customers raised to 3.50 percent. Britons are looking for the best savings deals to beat inflation SUBSCRIBE Invalid email We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Existing customers with the building society who save using either the Loyalty Saver, Loyalty ISA or Loyalty Single Access ISA account saw rates rise by 0.20 percent to 3.50 percent. Similarly, previous and current issues of Nationwide’s Triple Access Online ISA and Triple Access Online Saver were awarded a rate increase to 3.5 percent. The majority of these savings interest rate hikes were implemented from July 14, 2023. Further details on the changes to savings products can be found by visiting Nationwide Building Society’s website. Trending