21 Jun 2023
Nationwide increase rates
Nationwide Building Society is today announcing increases on some of its most popular on and off-sale variable rate savings accounts as well as increasing the revert to rate on the FlexDirect current account. The changes are effective from 1 July 2023.
We continue to pay more than the market average and 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.
Key savings changes:
- Existing customers saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.10% to 3.30%.
- On the limited access range, previous and current issues of the Society’s Triple Access Online ISA3 and Triple Access Online Saver3 will see increases of 0.10%, with these products now paying 3.30%.
- All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by up to 0.10% on selected tiers up to £49,999 to either 1.35% or 1.40% 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 FlexDirect
FlexDirect continues to offer a market-leading5 introductory in-credit interest of 5.00% AER6 on balances up to £1,500 for the first 12 months. From 1 July, the revert rate, the rate payable after 12 months when the introductory offer ends, will increase from 0.25% AER to 1.00% AER.
Tom Riley, Director of Retail Products at Nationwide Building Society, said: “As a mutual, we are always keen to support savers and pay the best rates we can sustainably afford, which is why we are increasing rates on some of our most popular variable rate accounts. At the same time we are also increasing the enduring credit interest rate on FlexDirect, which will benefit those who maintain an in-credit balance.”
- 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 Both accounts allow three withdrawals during the 12-month term. Subsequent withdrawals will revert the interest rate to 1.35% for the remainder of the period. On all Nationwide’s adult limited access accounts, the revert rate for when the withdrawal limit has been exceeded will increase to 1.35%.
4 Instant access rates: 1.35% on balances of up to £9,999.99, 1.40% on balances of £10,000 to £49,999.99 and 1.50% on balances of £50,000 plus.
5 Source - High Interest Current Accounts (moneyfactscompare.co.uk)
6 The introductory credit interest and overdraft offers on FlexDirect are only available to new customers who haven’t benefitted from the offer before. If the offer has been claimed before any new accounts will receive credit interest at the revert rate, which from 1 July will be 1.00%.
|
Product Type
|
Account
|
Previous Rate
|
New Rate
|
Change
|
|
Children’s
|
CTF and JISA Maturity
|
2.00%
|
3.25%
|
1.25%
|
|
Loyalty
|
Loyalty Saver
|
3.20%
|
3.30%
|
0.10%
|
|
Loyalty ISA
|
3.20%
|
3.30%
|
0.10%
|
|
Loyalty Single Access ISA
|
3.20%
|
3.30%
|
0.10%
|
|
Limited Access
|
1 Year Triple Access Online Saver – Issues 14-15
|
3.20%
|
3.30%
|
0.10%
|
|
1 Year Triple Access Online ISA – Issues 13-14
|
3.20%
|
3.30%
|
0.10%
|
|
Instant Access
|
Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, Cashbuilder)
|
1.25-1.50%
|
1.35%-1.50%
|
Up to 0.10%
|
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 1.35%. While the revert rate on e-Savings Plus has increased to 1.70%.
