18 Nov 2022

Nationwide further increases savings rates for existing members by up to 1.50%

Nationwide Building Society is today announcing further rate increases on all of its off-sale variable rate savings accounts. The changes, effective from 1 December 2022, will see the Society increasing rates by up to 1.50 per cent.

Over recent months, the Society’s average deposit1 rate has been at least 70 per cent higher than the market average2.

These are the latest rate increases Nationwide has made to its off-sale accounts this year as part of its ongoing commitment to paying the best rates it can sustainably afford, while taking into account the long-term interests of the membership as a whole.

Key Savings changes: 

  • To encourage those that can save at the current time to start or maintain a savings habit, the rates on the Society’s Start to Save 2 account will increase for new and existing members by 1.50% to 5.00%.
  • Those saving regularly in Flex Regular Saver will see rates increase by 0.50% to 4.00%.
  • To support those saving for a house deposit, Nationwide’s Help to Buy ISA will now pay 3.00% AER, up by 0.75%.
  • To continue encouraging children to get into a savings habit, Nationwide is increasing rates on its children’s accounts by up to 0.50%. For example, Child Trust Fund, Junior ISA and Future Saver3 all now pay 3.00%, while Smart Limited Access will have a rate of 2.50%.
  • Members saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.50% to 2.50%.
  • On the limited access range, previous issues of the Society’s Triple Access Online ISA (11-13) and Triple Access Online Saver (12-14) will see increases of between 0.40%-0.50%, with these products now paying 2.50%.
  • All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by between 0.40%-0.45% to either 0.75%, 0.80% or 0.90% AER, depending on the amount saved4.
  • A full list of the products and rate changes can be found below (see Notes to Editor). 

Changes to on-sale products:

From 18 November, the Society will also increase the rates on the current issues of its 1-Year Triple Access Online Saver5 and 1-Year Triple Access Online ISA5 to 2.50% while the rate on Flex Instant Saver (Issue 2), available exclusively for current account members, will increase to 2.25%. The rate on Start to Save 2 will also increase to 5.00% from 1 December.

Savers signed up to Nationwide’s SavingsWatch service will be notified of any rate changes impacting them and highlighting any new products the Society launches.

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 all our off-sale savings accounts. In recent months, our average deposit rate has been at least 70 per cent higher than the market average, demonstrating our mutual difference.

“Helping people develop a savings habit, particularly at this time, is core to the ethos of a building society. For this reason, one of our biggest increases was made to our regular savings accounts, which we hope will encourage those that can put money away to do so.”

- Ends - 

Notes to editors

1 Covers savings and current accounts. 

2 Market average deposit rate based upon data from the Bank of England, adjusted to exclude Nationwide balances.

3 New Future Saver rate of 3.00% applies to accounts where the parent has a current account with the Society. Future Saver accounts where the parent doesn’t have a current account will now receive a rate of 2.50%.  

4 Instant access rates: 0.75% on balances of up to £9,999.99, 0.80% on balances of £10,000 to £49,999.99 and 0.90% on balances of £50,000 plus.

5 Both accounts allow three withdrawals during the 12-month term. Subsequent withdrawals will revert the interest rate to 0.75% for the remainder of the period.

Product Type 

Account 

Previous Rate 

New Rate 

Change 

Regular Savings

Start to Save 2

3.50%

5.00%

1.50%
 

Help to Buy

2.25%

3.00%

0.75%
 

Start to Save

2.25%

3.00%

0.75%
 

Flex Regular Saver

3.50%

4.00%

0.50%
 

Continue to Save

1.25%

1.75%

0.50%

Children’s

Child Trust Fund

2.50%

3.00%

0.50%
 

Junior ISA

2.50%

3.00%

0.50%
 

Flex Future Saver

2.50%

3.00%

0.50%
 

Flex One Regular Saver

2.50%

3.00%

0.50%
 

Smart Limited Access

2.00%

2.50%

0.50%
 

Future Saver

2.00%

2.50%

0.50%
 

Smart Saver

1.25%

1.75%

0.50%
 

Smart / Smart 2

1.25%

1.75%

0.50%

Loyalty

Loyalty Saver

2.00%

2.50%

0.50%
 

Loyalty ISA

2.00%

2.50%

0.50%
 

Loyalty Single Access ISA

2.00%

2.50%

0.50%

Limited Access

1 Year Triple Access Online Saver – Issues 5,9 and 11-14

2.10%

2.50%

0.40%
 

1 Year Triple Access Online ISA – Issues 10-13

2.00%

2.50%

0.50%
 

Single Access Saver

2.00%

2.50%

0.50%
 

Single Access ISA 3

2.00%

2.50%

0.50%
 

Limited Access Saver

0.75%

1.25%

0.50%
 

eSavings Plus

0.75%

1.25%

0.50%
 

Triple Access Branch 1

1.00%

1.50%

0.50%
 

Triple Access Branch 2

1.00%

1.50%

0.50%

Instant Access

Flex ISA and Flex Saver

1.00%-1.20% 

1.30%-1.50% 

0.30%
 

Instant Access Saver – Issue 10

1.00%

1.30%

0.30%
 

Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, Cashbuilder)

0.30%-0.50% 

0.75%-0.90% 

0.40%-0.45%4 

NB: Some of the above accounts will have a number of different issues and the rate changes noted above apply to all. 

On applicable limited access accounts, the revert rate for when the withdrawal limit has been exceeded will increase to 0.75% while the revert rate on Flex Regular Saver will increase to 1.50%. The revert rate on applicable children’s products will be increased to 1.00%.