05 Jul 2023

Nationwide increases savings rates

Nationwide Building Society is today announcing increases on all its on and off-sale variable rate savings accounts by up to 0.80 per cent – with most increases effective from 14 July 20231.

The Society is also increasing rates on fixed rate bonds and fixed rate ISAs from today – 5 July 2023.

The rate increases form part of Nationwide’s ongoing commitment to paying the best rates it can sustainably afford, while considering the long-term interests of its wider membership.

Key variable savings changes: 

  • All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by up to 0.80% to either 2.15%, 2.20% or 2.25% depending on the amount saved3.
  • Nationwide is increasing rates on its children’s accounts by up to 0.75%. For example, Child Trust Fund and Junior ISA will pay 4.00% and Future Saver4 will now pay 4.00%.
  • 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 5.50%.  
  • Existing customers saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.20% to 3.50%. 
  • On the limited access range, previous and current issues of the Society’s Triple Access Online ISA2 and Triple Access Online Saver2 will see increases of 0.20%, with these products now paying 3.50%.
  • A full list of the products and rate changes can be found below (see Notes to Editor). 

Fixed rate changes

Nationwide will launch a new Fixed Rate Online Bond, Fixed Rate Branch Bond and Fixed Rate ISA on Wednesday 5 July. The new rates are:  

  • 1 Year Fixed Rate Online Bond – 5.10% AER
  • 1 Year Fixed Rate Branch Bond – 5.10% AER
  • 1 Year Fixed Rate ISA – 5.10% AER/tax-free

The rates are available for balances of £1 or more and offer the ability for savers to open the Online Bond via the website, Internet Bank and Banking app, while the Fixed Rate Branch Bond can only be opened in branch. 

The Society’s Fixed Rate ISAs accept transfers in and can be opened via the website, Internet Bank, Banking app or in branch5.  

Notes to editors

1 Changes to limited access products effective from 1 August 2023, all other products will increase on 14 July 2023. 

2 Both accounts allow three withdrawals during the 12-month term. Subsequent withdrawals will revert the interest rate to 2.15% 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 2.15%, except for e-Savings Plus, which will revert to 2.45%. 

3 Instant access rates available on our adult Current Account linked products: 2.30% on balances of up to £9,999.99, 2.35% on balances of £10,000 to £49,999.99 and 2.40% on balances of £50,000 plus.

4 Future Saver where parent has a linked current account will pay 4.00%. Future Saver accounts with out a linked current account pay 3.50%

5 Previous issues of one-year Fixed Rate Online Bond, Fixed Rate Branch Bonds and Fixed Rate ISAs and Fairer Share Bond were withdrawn at close of business on Tuesday 4th July.  

Product Type   

Account   

Previous Rate   

  

New Rate   

  

Change   

Regular Savings  

   

   

   

   

Start to Save 2  

5.25%  

5.50%  

0.25%  

Help to Buy  

3.25%  

3.50%  

0.25%  

Start to Save  

3.25%  

3.50%  

0.25%  

Flex Regular Saver  

4.25%  

4.50%  

0.25%  

Continue to Save  

2.00%  

2.50%  

0.50%

Children’s  

   

   

   

   

   

   

   

Child Trust Fund  

3.25%  

4.00%

0.75%

Junior ISA  

3.25%  

4.00%

0.75%

Flex Future Saver  

3.25%  

4.00%

0.75%

FlexOne Regular Saver  

3.25%  

4.00%

0.75%

Child Trust Fund and Junior ISA Maturity

3.25%  

4.00%

0.75%

Smart Limited Access  

2.75%  

3.50%  

0.75%

Future Saver  

2.75%  

3.50%  

0.75%

Smart Saver  

2.00%  

2.50%

0.50%

Smart / Smart 2  

2.00%  

2.50%

0.50%

Loyalty  

   

   

Loyalty Saver  

3.30%  

3.50% 

0.20%

Loyalty ISA  

3.30%  

3.50% 

0.20%

Loyalty Single Access ISA  

3.30%  

3.50%  

0.20%

Limited Access  

  

  

   

   

   

   

   

1 Year Triple Access Online Saver 

3.30%  

3.50%  

0.20%

1 Year Triple Access Online ISA

3.30%  

3.50%  

0.20%

Single Access Saver  

2.75%  

3.00% 

0.25%

Single Access ISA 3  

2.75%  

3.00% 

0.25%

Limited Access Saver  

1.75%  

2.50%  

0.75%

eSavings Plus  

1.75%  

2.50%  

0.75%

Triple Access Saver  

1.75%  

2.50%  

0.75%

Triple Access Saver 2  

1.75%  

2.50%  

0.75%

Instant Access  

  

   

Flex Instant Saver

2.50% 

3.00% 

0.50%

Flex Instant Saver 2 

2.50% 

3.00% 

0.50%

Flex ISA and Flex Saver  

1.50%-1.70%   

2.30%-2.40%   

Up to 0.80%

Instant Access Saver – Issue 10  

1.55%  

2.30%  

0.75%

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

1.35%-1.50%   

2.15%- 2.25%  

Up to 0.80%

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 2.15% while the revert rate on e-Savings Plus has increased to 2.45%. The revert rate on applicable children’s products will be increased to 2.25%.