28 Apr 2023
Nationwide increases savings rates
Nationwide Building Society is today announcing increases across all of its on and off-sale variable rate savings accounts. The changes, effective from 1 May 2023, will see the Society increasing rates by up to 0.35 per cent.
Over recent months, the Society’s average deposit1 rate has been at least 55 per cent higher than the market average2. 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:
- To encourage those who can save at the current time to start or maintain a savings habit, the rate on the Society’s Start to Save 2 account will increase for new and existing members by 0.25% to 5.25%.
- Existing members saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.20% to 3.20%.
- 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 0.20%, with these products now paying 3.20%.
- All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by 0.25% to either 1.25%, 1.35% or 1.50% AER, depending on the amount saved4.
- Nationwide is increasing rates on its children’s accounts by up to 0.25%. For example, Child Trust Fund, Junior ISA and Future Saver5 will all now pay 3.25%.
- A full list of the products and rate changes can be found below (see Notes to Editor).
Tom Riley, Director of Retail Products 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, including our popular Loyalty and Triple Access accounts.”
-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 1.25% 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 1.25%.
4 Instant access rates: 1.25% on balances of up to £9,999.99, 1.35% on balances of £10,000 to £49,999.99 and 1.50% on balances of £50,000 plus.
5 The interest rate reduces if more than one withdrawal is made in a 12-month period, and returns to the higher rate on the next account anniversary.
|
Product Type
|
Account
|
Previous Rate
|
New Rate
|
Change
|
|
Regular Savings
|
Start to Save 2
|
5.00%
|
5.25%
|
0.25%
|
|
Help to Buy
|
3.00%
|
3.25%
|
0.25%
|
|
Start to Save
|
3.00%
|
3.25%
|
0.25%
|
|
Flex Regular Saver
|
4.00%
|
4.25%
|
0.25%
|
|
Continue to Save
|
1.75%
|
2.00%
|
0.25%
|
|
Children’s
|
Child Trust Fund
|
3.00%
|
3.25%
|
0.25%
|
|
Junior ISA
|
3.00%
|
3.25%
|
0.25%
|
|
Flex Future Saver
|
3.00%
|
3.25%
|
0.25%
|
|
Flex One Regular Saver
|
3.00%
|
3.25%
|
0.25%
|
|
Smart Limited Access
|
2.50%
|
2.75%
|
0.25%
|
|
Future Saver
|
2.50%
|
2.75%
|
0.25%
|
|
Smart Saver
|
1.75%
|
2.00%
|
0.25%
|
|
Smart / Smart 2
|
1.75%
|
2.00%
|
0.25%
|
|
Loyalty
|
Loyalty Saver
|
3.00%
|
3.20%
|
0.20%
|
|
Loyalty ISA
|
3.00%
|
3.20%
|
0.20%
|
|
Loyalty Single Access ISA
|
3.00%
|
3.20%
|
0.20%
|
|
Limited Access
|
1 Year Triple Access Online Saver – Issues 14-15
|
3.00%
|
3.20%
|
0.20%
|
|
1 Year Triple Access Online ISA – Issues 13-14
|
3.00%
|
3.20%
|
0.20%
|
|
Single Access Saver
|
2.50%
|
2.75%
|
0.25%
|
|
Single Access ISA 3
|
2.50%
|
2.75%
|
0.25%
|
|
Limited Access Saver
|
1.40%
|
1.75%
|
0.35%
|
|
eSavings Plus
|
1.40%
|
1.75%
|
0.35%
|
|
Triple Access Saver
|
1.50%
|
1.75%
|
0.25%
|
|
Triple Access Saver 2
|
1.50%
|
1.75%
|
0.25%
|
|
Instant Access
|
Flex Instant Saver 1
|
2.25%
|
2.50%
|
0.25%
|
|
Flex Instant Saver 2
|
2.25%
|
2.50%
|
0.25%
|
|
Flex ISA and Flex Saver
|
1.30%-1.50%
|
1.50%-1.70%
|
0.20%
|
|
Instant Access Saver – Issue 10
|
1.30%
|
1.55%
|
0.25%
|
|
Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, Cashbuilder)
|
1.00%-1.25%
|
1.25%-1.50%
|
0.25%
|
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 1.25% while the revert rate on Flex Regular Saver will increase to 1.70%. The revert rate on applicable children’s products will be increased to 1.75%.
