Nationwide raises savings rates by up to 0.25 percentage points

Summarised from 4 outlets · 7 reports · Updated 6 Nov, 09:39 · Archive

Nationwide is increasing interest rates on most of its variable savings accounts from December 1 following the Bank of England's base rate rise.

Nationwide is raising interest rates on the vast majority of its variable savings accounts by up to 0.25 percentage points from December 1. The move follows the Bank of England's decision to raise the base rate from 3.75% to 4% for the first time in more than three years.

Some of Nationwide's accounts will now pay 3.55%, including the 1 Year Triple Access Saver and 1 Year Triple Access ISA, up from 3.30%. The Reward Single Access ISA will increase from 2.80% to 3.05%, whilst Reward Saver and Reward ISA rates will rise from 2.75% to 3%. Rates on some instant-access accounts will also increase by up to 0.15 percentage points. Children's accounts including the Child Trust Fund, Junior ISA and Future Saver will pay 3.05%, with the Smart Limited Access account rising to 2.75%.

Virgin Money will also increase rates by up to 0.25 per cent on its variable rate savings accounts from December 1. Nationwide members signed up to its SavingsWatch service will be notified of changes affecting their accounts on that date.

Pella Frost, Nationwide's director of Everyday Banking, said the building society was 'supporting our savers' by increasing rates on the vast majority of its variable rate savings accounts 'following the Bank Rate change'. Nationwide regularly reviews its rates, taking account of the wider market and the value it offers.

The rate increases come as figures show more than one million people have switched current accounts so far this year, with completed moves jumping by 55% in the third quarter. Nationwide was among the biggest winners for customer switches in the second quarter, recording a net gain of 23,636 accounts.

How it is being reported

• Nationwide makes major change after Bank of England decisionNationwide is raising interest rates following a recent increase in the Bank of England bank rate.Gazette & Herald · 6 Nov, 09:21
• Nationwide makes major change after Bank of England decisionNationwide is raising interest rates following a recent increase in the Bank of England bank rate.Swindon Advertiser · 6 Nov, 09:21
• Nationwide makes major change after Bank of England decisionNationwide is raising interest rates following a recent increase in the Bank of England bank rate.Wiltshire Times · 6 Nov, 09:21
• Nationwide savers set for a welcome boost from December – how much will you get?Nationwide is raising rates on most variable savings accounts, with some paying 3.55%. It comes as bank switching jumps 55%.This Is Wiltshire · 6 Nov, 07:59
• Nationwide savers set for a welcome boost from December – how much will you get?Nationwide is raising rates on most variable savings accounts, with some paying 3.55%. It comes as bank switching jumps 55%.Swindon Advertiser · 6 Nov, 07:59
• Nationwide savers set for a welcome boost from December – how much will you get?Nationwide is raising rates on most variable savings accounts, with some paying 3.55%. It comes as bank switching jumps 55%.Gazette & Herald · 6 Nov, 07:59
• Nationwide savers set for a welcome boost from December – how much will you get?Nationwide is raising rates on most variable savings accounts, with some paying 3.55%. It comes as bank switching jumps 55%.Wiltshire Times · 6 Nov, 07:59

In this story: Nationwide · Bank of England · Virgin Money · Pella Frost

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log