Nationwide Building Society has announced increases to interest rates across several savings accounts, including Fixed Rate and Triple Access products. The move follows the Bank of England's decision to raise the base rate to 2.25 percent in an effort to curb inflation.
The building society has raised rates on its new one, two, and three-year Fixed Rate Online Bonds, as well as the latest issues of its One Year Triple Access Online Saver and One Year Triple Access Online ISA. The new Fixed Rate Online Bonds offer rates of up to 4.75 percent.
Existing and new customers will benefit from the increases. The One Year Triple Access Online Saver now pays 2.10 percent AER/gross per annum (variable) for 12 months, while the One Year Triple Access Online ISA offers 2.00 percent gross/tax-free per annum (variable) for the same period. Both accounts allow three withdrawals during the term, with further withdrawals reducing the rate to 0.30 percent.
Additionally, Nationwide has doubled the interest rate on its Flex Instant Saver account to 2.00 percent AER for 12 months. This product is available exclusively to current account holders, including those with FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexOne, or FlexBasic accounts.
Tom Riley, director of Banking and Savings at Nationwide, said: “Our savings range continues to evolve to the needs of our members both today and tomorrow. The increases we’re making to the rates on the latest issue of our Triple Access accounts mean those who already have those accounts will benefit without needing to do anything.”
