Nationwide raises savings rates after Bank of England base rate hike

Summarised from 2 outlets · Updated 9 Nov, 09:49 · Archive

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

Nationwide is increasing interest rates on the vast majority of its variable savings accounts from December 1. The building society will increase rates by up to 0.25 percentage points, with some accounts now paying 3.55%. This 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.

Among the specific changes, Nationwide'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 had 'carefully reviewed' its range and was '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 affecting their accounts on December 1.

Nationwide raises savings rates after Bank of England base rate hike — Image: Cambs Times

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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%.Cambs Times · 9 Nov, 09:02
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%.Ely Standard · 9 Nov, 09:02

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

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