Nationwide to raise interest rates on savings accounts next week

The financial institution confirmed this news earlier this month which will see rates raised by 1.20 percent. Interest rate increases will be implemented on all of Nationwide’s off-sale variable rate savings accounts from Tuesday, November 1, 2022. In light of the building society’s decision, here is a full list of the rate hikes on savings accounts.To incentivize young people into saving as soon as possible, Nationwide is increasing the interest rates on its childrens accounts.These include:Child Trust Fund – which will pay 2.50 percentJunior ISA – which will pay 2.50 percentFuture Saver – which will pay 2.50 percentSmart Limited Access – which will pay two percentIn order to grow or keep the saving habit of adults, the building society is also raising the rates of its Start to Save accounts by 0.50 percent.As a result, the Start to Save 2 will be increased to 3.60 percent and Start to Save will go up to 2.25 percent.READ MORE: 70 health conditions qualify for extra £156 a week in PIP from DWP Nationwide Building Society to raise interest rates on accounts next week – full list (Image: GETTY)Outside of these accounts, Nationwide has hiked the rate of other savings products to boost returns for savers.Loyalty savings accounts:Loyalty Saver – which will pay two percentLoyalty ISA – which will pay two percentLoyalty Single Access ISA – which will pay two percentTriple Access accounts:Triple Access Online ISA (11-13) – which will pay two percentTriple Access Online Saver (12-14) – which will pay 2.10 percentInstant access accounts from Nationwide, including Instant Access Saver, Instant ISA Saver and Cashbuilder will rise to either 0.30 percent, 0.40 percent or 0.50 percent AER, depending on the amount saved.DON’T MISSState pension sum may be less if you were ‘contracted out’ – check now [WARNING]What the falling pound will mean for YOUR finances [ALERT]Single mum on Universal Credit shares her top tips for saving money [INSIGHT]450,000 people may be placed on energy prepayment meters [ALERT]Currently, bank and building society customers are finding returns on their savings diminished due to rampant inflation.As it stands, the country’s Consumer Price Index (CPI) rate of inflation is at 10.1 percent and is expected to remain high for the time being.To mitigate the impact of inflation, the Bank of England has chosen to raise the UK’s base to 2.25 percent.Many banks and building societies are passing on this interest rise to their customers, including Nationwide.READ MORE: Paramedic shares how she dishes up tasty meals costing 68p per portion How have rates risen? (Image: EXPRESS.CO.UK) What is an ISA? (Image: EXPRESS.CO.UK)According to Mr Riley, the new wave of savings account rate increases will boost returns for all existing customers.The building society’s representative added: ‘These latest changes will benefit all different types of savers.’As a building society, it’s important to us that we encourage children to start saving, helping people develop a savings habit and rewarding our existing members.’We’ve also increased the rates on previous issues of our Triple Access Online products so members who already have one of the accounts will have their rate automatically increased to the new improved rate.’