From 1 May 2022, Nationwide Building Society will be increasing rates on its instant and limited access savings accounts by up to 0.25%.
Nationwide continues to keep all its savings rates under review to ensure, as a mutual, it continues to balance support for savers with offering value to borrowers.
Savings changes:
Rates on a number of Nationwide’s limited access accounts, including Single Access ISA, e-Savings Plus and Limited Access Saver will be increased by up to 0.25%, while the rate on the Society’s loyalty accounts (Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA) will increase from 0.40% AER to 0.50% AER.
At the same time, the Society will be increasing the rates on all its instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, by 0.10% to either 0.11%, 0.13% or 0.15% AER depending on the amount saved in the account.
Nationwide’s Flex Regular Saver will remain on sale for current account members paying a highly competitive 2.50% AER.
Savers signed up to Nationwide’s SavingsWatch will be notified of any rate changes that impact them via their preferred communication – such as text or email. The service also highlights any new products that the Society launches in which they may be interested.
Nationwide continues to pay more than the market average to savers. In fact, in recent months, the Society’s average deposit1 rate has been more than 50 per cent higher than the market average2. However, we have to ensure that the rates we offer are sustainable for the long-term interests of the membership as a whole.
Tom Riley, Director of Banking & Savings at Nationwide Building Society, said: “As a mutual, we have to ensure that we balance the value we provide our savers with that which we offer to our borrowers and wider membership. We regularly review the rates on our savings accounts to ensure that we continue to offer the best rates that we can.
“Despite recent rate changes across the wider savings market, we have continually paid more than the market average. These changes also follow on from the rate increases we made in February to our children’s, regular savings and loyalty accounts. Our focus remains on providing a range of competitive savings products to our members, which is why we are keeping our Flex Regular Saver on sale for our current account members.”
Mortgage changes:
Following the increase in the Bank of England Bank Rate on 17 March, mortgage members who are on the Society’s Base Mortgage Rate (BMR)3 and Standard Mortgage Rate (SMR)3 products will see a rise of 0.25%. The new rates of 2.75% (BMR) and 4.24% (SMR) will come into effect on 1 June.
A summary of the products and rate changes can be found below in Notes to Editor.
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