Nationwide Building Society announced a wide range of interest rate increases to savings products earlier this month.
Many of the financial institution’s savings products saw their rates soar by up to 0.75 percent in August.
Furthermore, more savings interest rate rises are due to be implemented later this week at the beginning of September.
This wave of interest rate changes comes following the Bank of England’s decision to raise the base rate once again.
As it stands, the UK’s base rate is sitting at 5.25 percent and financial institutions, such as Nationwide, are hiking rates to keep their accounts competitive.
The following key variable savings changes were implemented by the building society from August 16, 2023.
Nationwide’s Triple Access Online Saver, which is part of the limited access range, was awarded a 0.75 percent rate rise.
Once this interest increase was implemented, the savings account now pays customers 4.25 percent.
Furthermore, current account customers with Nationwide’s Flex Instant Saver 2 product saw a rate rise of 0.25 percent rate to 3.25 percent.
Here is a list of the key variable savings rate rises that will be introduced by Nationwide from September 1, 2023:
- Triple Access Online ISA – will now pay 4.25 percent
- Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA – will now pay 3.75 percent
- Instant Access Saver, Instant ISA Saver and Cashbuilder – will now pay either 2.25, 2.30 or 2.35 percent.
Tom Riley, the director of Retail Products at Nationwide Building Society, broke down why the financial institution is helping savers at this moment in time.
He explained: “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.”
Further changes to the Bank of England base rate are expected to take place next month which could see further interest rate hikes from Nationwide.
