Nationwide raises savings rates after Bank of England rate rise

Summarised from 2 outlets · Updated 8 Nov, 15:06 · Archive

Nationwide is increasing interest rates on most variable savings accounts from December 1 following the Bank of England's rate rise to 4%.

Nationwide is increasing interest rates on the vast majority of its variable savings accounts from December 1, following the Bank of England's decision to raise the base rate to 4%. Rates will increase by up to 0.25 percentage points, with some accounts now paying 3.55%.

Among the specific changes, the building society's 1 Year Triple Access Saver and 1 Year Triple Access ISA will both pay 3.55%, up from 3.30%. Members with a Reward Single Access ISA will see their rate increase from 2.80% to 3.05%, while 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.

Pella Frost, Nationwide's director of Everyday Banking, said the building society was 'carefully reviewing' its range and 'increasing rates on the vast majority of our variable rate savings accounts following the Bank Rate change'. Nationwide members signed up to its SavingsWatch service will be notified of changes on December 1. The rate rises come as figures show more than one million people have switched current accounts so far this year, with completed switches jumping 55% in the third quarter.

Nationwide raises savings rates after Bank of England rate rise — Image: Colchester Gazette

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How it is being reported

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%.Colchester Gazette · 8 Nov, 14:38
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%.Echo (Basildon) · 8 Nov, 08:10

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

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