23 Aug 2022
Nationwide increases savings rates
Nationwide Building Society is today announcing rate increases on all of its variable rate savings accounts, including increasing the rate on the Society’s competitive Triple Access Online Saver and Triple Access Online ISA for new and existing members.
Triple Access change
On 23 August, Nationwide Building Society is increasing the rate on its on-sale 1 Year Triple Access Online Saver to a competitive1 1.75% AER/gross per annum (variable) for 12 months.
The Society is also increasing the rate on its on-sale 1 Year Triple Access Online ISA to a competitive2 1.50% gross/tax-free per annum (variable) for 12 months.
Both accounts allow three withdrawals during the 12-month term. Subsequent withdrawals will revert the interest rate to 0.25% for the remainder of the period. After 12 months, the accounts automatically switch to one of Nationwide’s instant access accounts3.
Savings changes
The changes, effective from 1 September 2022, will see the Society increasing rates by up to 0.55 per cent.
Nationwide has continued to offer competitive interest rates on deposits and in recent months, the Society’s average deposit4 rate has been more than a third higher than the market average5. Over the last six years it has rewarded members with around £3.1 billion in additional value and it remains committed 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 support those saving regularly, Nationwide’s Flex Regular Saver for current account members and Start to Save 2, will increase by 0.50% to 3.00% AER for new and existing members.
- Nationwide is encouraging an early savings habit by increasing rates on children’s accounts by 0.50%. These include Future Saver (to 2.00% gross/AER6), Junior ISA (to 2.00% gross/AER), Child Trust Fund (to 2.00% gross/AER) and Smart Limited Access (to 1.50% gross/AER).
- To support those saving for a house deposit, Help to Buy ISA will now pay 1.75% AER, up by 0.40%.
- Members saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.35% to 1.60% gross/AER.
- Rates on Flex Instant Saver will increase by 0.50% to 1.00% AER while Flex Saver and Flex ISA will rise by up to 0.55% to either 0.65%, 0.70% or 0.75% AER7 depending on the amount saved.
- Instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder will rise by up to 0.15% to either 0.25%, 0.30% or 0.35% AER8 depending on the amount saved.
- A full list of the products and rate changes can be found below (see Notes to Editor).
Savers signed up to Nationwide’s SavingsWatch will be notified of any rate changes impacting them and highlighting any new products that the Society launches.
Tom Riley, Director of Banking and Savings at Nationwide Building Society said: “We appreciate it isn’t easy for people to save at the moment with the rising cost of living, but having money set aside that you can use for unexpected expenses can provide real peace of mind. 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 all variable rate accounts, particularly regular savers, loyalty and children’s accounts as well as our popular Triple Access accounts. These changes are the latest increases that the Society has made to its savings accounts over the last few months.”
Nationwide continues to keep its savings rates under review, ensuring they remain competitive and relevant.
- Ends -
Notes to editors
1 Source - Easy Access Accounts Best Buys | Find the best rate. Keep the best rate (savingschampion.co.uk)
2 Source - Variable Rate Cash ISAs Best Buys | Find the best rate. Keep the best rate (savingschampion.co.uk)
3 1 Year Triple Access Online Saver/ISA can be opened and managed online via the website, Internet Bank and Mobile Banking App and have a minimum operating balance of £1.
4 Covers savings and current accounts.
5 Market average deposit rate based upon data from the Bank of England, adjusted to exclude Nationwide balances
6 New Future Saver rate of 2.00% 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 1.50%
7 Flex Saver and Flex ISA rates: 0.65% on balances of up to £9,999.99, 0.70% on balances of £10,000 to £49,999.99 and 0.75% on balances of £50,000 plus
8 Instant access rates: 0.25% on balances of up to £9,999.99, 0.30% on balances of £10,000 to £49,999.99 and 0.35% on balances of £50,000 plus
|
Product Type
|
Account
|
Previous Rate
|
New Rate
|
Change
|
|
Gross/AER
|
Gross/AER
|
|
Instant Access
|
Flex Saver and Flex ISA
|
0.16%-0.20%
|
0.65%-0.75%
|
Up to 0.55%
|
|
Children's
|
Child Trust Fund
|
1.50%
|
2.00%
|
0.50%
|
|
Children's
|
FlexOne Regular Saver
|
1.50%
|
2.00%
|
0.50%
|
|
Children's
|
Future Saver (C/A)
|
1.50%
|
2.00%
|
0.50%
|
|
Children's
|
Smart Junior ISA
|
1.50%
|
2.00%
|
0.50%
|
|
Children's
|
Future Saver (no C/A)
|
1.00%
|
1.50%
|
0.50%
|
|
Children's
|
Smart Limited Access
|
1.00%
|
1.50%
|
0.50%
|
|
Children's
|
Smart
|
0.50%
|
1.00%
|
0.50%
|
|
Children’s
|
Smart 2
|
0.50%
|
1.00%
|
0.50%
|
|
Children's
|
Smart Saver
|
0.50%
|
1.00%
|
0.50%
|
|
Children’s
|
Child Trust Fund Maturity
|
0.50%
|
1.00%
|
0.50%
|
|
Children’s
|
Smart Junior ISA Maturity
|
0.50%
|
1.00%
|
0.50%
|
|
Instant Access
|
Flex Instant Saver
|
0.50%
|
1.00%
|
0.50%
|
|
Limited Access
|
Triple Access Online Saver issue 12
|
0.50%
|
1.00%
|
0.50%
|
|
Limited Access
|
Triple Access Online ISA issue 11
|
0.30%
|
0.80%
|
0.50%
|
|
Limited Access
|
Triple Access Online ISA issue 12
|
0.85%
|
1.35%
|
0.50%
|
|
Limited Access
|
Triple Access Online Saver issue 13
|
0.85%
|
1.35%
|
0.50%
|
|
Limited Access
|
Triple Access Online Saver issue 14
|
1.00%
|
1.50%
|
0.50%
|
|
Limited Access
|
Triple Access Saver
|
0.25%
|
0.75%
|
0.50%
|
|
Limited Access
|
Triple Access ISA
|
0.25%
|
0.75%
|
0.50%
|
|
Regular Savings
|
Start to Save 2
|
2.50%
|
3.00%
|
0.50%
|
|
Regular Savings
|
Flex Regular Saver
|
2.50%
|
3.00%
|
0.50%
|
|
Instant Access
|
Continue to Save
|
0.55%
|
1.00%
|
0.45%
|
|
Regular Savings
|
Help to Buy ISA
|
1.35%
|
1.75%
|
0.40%
|
|
Regular Savings
|
Start to Save
|
1.35%
|
1.75%
|
0.40%
|
|
Limited Access
|
Single Access ISA 3
|
1.25%
|
1.60%
|
0.35%
|
|
Limited Access
|
Single Access Saver
|
1.25%
|
1.60%
|
0.35%
|
|
Loyalty
|
Loyalty ISA
|
1.25%
|
1.60%
|
0.35%
|
|
Loyalty
|
Loyalty Saver
|
1.25%
|
1.60%
|
0.35%
|
|
Loyalty
|
Loyalty Single Access ISA
|
1.25%
|
1.60%
|
0.35%
|
|
Limited Access
|
Triple Access Online ISA issue 13
|
1.00%
|
1.35%
|
0.35%
|
|
Limited Access
|
eSavings Plus
|
0.25%
|
0.50%
|
0.25%
|
|
Limited Access
|
Limited Access Saver
|
0.25%
|
0.50%
|
0.25%
|
|
Limited Access
|
Triple Access Saver issue 2
|
0.55%
|
0.75%
|
0.20%
|
|
Limited Access
|
Triple Access ISA issue 2
|
0.55%
|
0.75%
|
0.20%
|
|
Instant Access
|
Instant access savings accounts/ISA, including Instant Access Saver, Cashbuilder and Instant Access ISA
|
0.16%-0.20%
|
0.25%-0.35%
|
Up to 0.15%
|
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 from 0.10% to 0.25% while on Flex Regular Saver it will increase from 0.50% to 1.00%. While on children’s accounts, Future Saver and Smart Limited Access, the revert rate for when the withdrawal limit has been exceeded will increase from 0.30% to 0.50%.
