Over recent months, the Society’s average deposit1 rate has been at least 70 per cent higher than the market average2. These are the latest rate increases Nationwide has made to its off-sale accounts this year as part of its ongoing commitment 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 continue encouraging children to get into a savings habit, Nationwide is increasing rates on its children’s accounts by up to 0.50%. For example, Child Trust Fund, Junior ISA and Future Saver3 all now pay 2.50%, while Smart Limited Access will have a rate of 2.00%.
- In an effort to maintain or start the savings habit amongst adults, the rates on the Society’s Start to Save accounts are being increased by 0.50% (to 3.50% for Start to Save 2 and to 2.25% for Start to Save).
- To support those saving for a house deposit, Nationwide’s Help to Buy ISA will now pay 2.25% AER, up by 0.50%.
- Members saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.40% to 2.00% gross/AER.
- On the limited access range, previous issues of the Society’s Triple Access Online ISA (11-13) and Triple Access Online Saver (12-14) will see rate increases of between 0.60% and 1.20%, meaning these products now pay 2.00% (ISA) and 2.10% (Saver).
- All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder will rise by between 0.05% and 0.15% to either 0.30%, 0.40% or 0.50% AER, depending on the amount saved4.
- 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 the Society launches.
Tom Riley, Director of Retail Products at Nationwide Building Society, said: “We continue to keep our savings rates under regular review in this fast-changing market and we remain committed to supporting savers with the best rates we can sustainably afford.
“As a result, we’ve made a number of rate increases this year to both our off-sale and on-sale savings ranges. In fact, in recent months, our average deposit rate has been at least 70 per cent higher than the market average.
“These latest changes will benefit all different types of savers. As a building society, it’s important to us that we encourage children to start saving, helping people develop a savings habit and rewarding our existing members. We’ve also increased the rates on previous issues of our Triple Access Online products so members who already have one of the accounts will have their rate automatically increased to the new improved rate.”
The changes to the off-sale accounts follow closely on from Nationwide’s recent rate increases to its on-sale Fixed Rate products and the current, on-sale issue of the Triple Access Online accounts.
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