03 Aug 2023

Nationwide increases savings rates

In response to today’s Bank Rate rise, Nationwide Building Society is announcing increases of up to 0.75 per cent across a range of on and off-sale variable rate savings accounts.

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. It marks the fifth time this year that the Society has raised rates for existing members in response to the changes in Bank Rate.

Key variable savings changes (effective from 16 August):

On the limited access range, the Triple Access Online Saver¹ will see an increase of 0.75%, with it now paying 4.25%.
Current account customers saving in the Flex Instant Saver 2 will see the rate increase by 0.25% to 3.25%.

Key variable savings changes (effective from 1 September):

On the limited access range, the Triple Access Online ISA¹ will see an increase of 0.75%, with it now paying 4.25%.
Existing customers saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.25% to 3.75%.
The rates on all instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will increase by 0.10% to either 2.25%, 2.30% or 2.35% (depending on the amount saved)².
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: “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 our most popular variable rate accounts. As a result of these changes, the vast majority of savers will see an increase in their rate.”

- Ends -

Notes to editors

¹ 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.

² Instant access rates available: 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.

Product Type	Account	Previous Rate	New Rate	Change
Loyalty	Loyalty Saver	3.50%	3.75%	0.25%
	Loyalty ISA	3.50%	3.75%	0.25%
	Loyalty Single Access ISA	3.50%	3.75%	0.25%
Limited Access	1 Year Triple Access Online Saver	3.50%	4.25%	0.75%
	1 Year Triple Access Online ISA	3.50%	4.25%	0.75%
	Flex Instant Saver 2	3.00%	3.25%	0.25%
	Instant Access Saver – Issue 10	2.30%	2.40%	0.10%
	Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, Cashbuilder)	2.15%- 2.25%	2.25%- 2.35%	0.10%

NB: Some of the above accounts will have a number of different issues and the rate changes noted above apply to all.