Nationwide Building Society increases rates on many accounts

Savers with Nationwide Building Society are to get a boost to their savings from next month as the group ups its rates on all variable rate accounts.

The changes will come into effect on May 1, with existing members to see their rates increase for the Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts, with rates increasing by 0.2 percent to 3.2 percent.

The rate on the Start to Save 2 account will go up for new and existing customers, increasing by 0.25 percent to 5.25 percent.

Customers with a Triple Access Online ISA and Triple Access Online Saver will see their rates increase by 0.2 percent, up to 3.2 percent.

The building society is also increasing the rate on its Instant Access Saver, Instant ISA Save and Cashbuilder, with all going up by 0.25 percent, to 1.25 percent, 1.35 percent or 1.5 percent depending on a person’s balance.

Young savers are also getting a boost as the rates go up 0.25 percent, including the Junior ISA and Child Trust Fund.

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Here is a full list of the new rates:

Regular Savings

• Start 2 Save 2 – 5.25 percent
• Help to Buy – 3.25 percent
• Start to Save 3.25 percent
• Flex Regular Saver – 4.25 percent
• Continue to Save – Two percent.

Children’s Savings

• Child Trust Fund – 3.25 percent
• Junior ISA – 3.25 percent
• Flex Future Saver – 3.25 percent
• Flex One Regular Saver – 3.25 percent
• Smart Limited Access – 2.75 percent
• Future Saver – 2.75 percent
• Smart/Save Two – Two percent.

Loyalty

• Loyalty Saver – 3.2 percent
• Loyalty ISA – 3.2 percent
• Loyalty Single Access ISA – 3.2 percent
• One Year Triple Access Online ISA – 14-15 – 3.2 percent
• One Year Triple Access Online ISA – 13-14 – 3.2 percent.

Limited Access

• Single Access Saver – 2.75 percent
• Single Access ISA 3 – 2.75 percent
• Limited Access Saver – 1.75 percent
• eSavings Plus – 1.75 percent
• Triple Access Saver – 1.75 percent
• Triple Access Saver 2 – 1.75 percent
• Flex Instant Saver 1 – 2.5 percent
• Flex Instant Saver 2 – 2.5 percent
• Flex ISA and Flex Saver – 1.5 – 1.7 percent.

Instant Access

• Instant Access Saver – Issue 10 – 1.55 percent
• Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, Cashbuilder) – 1.25 – 1.5 percent.

Tom Riley, director of Retail Products at Nationwide Building Society, said: “We appreciate it isn’t easy for people to save at the moment with the rising cost of living, but having money set aside that you can use for unexpected expenses can provide real peace of mind.

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 all variable rate accounts, including our popular Loyalty and Triple Access accounts.”

Many banks and building societies have increased their rates over the past year as the base rate set by the Bank of England has continued to increase.

The central bank has continued to increase the base rate in efforts to tackle high levels of inflation, which was at 10.1 percent in the latest figures.

Sarah Coles, head of personal finance at Hargreaves Lansdown, previously told Express.co.uk she is expecting another rates rise in early May.

She encouraged Britons to look at switching if they can a better rate on their savings. She said: “You could wait for rates to peak before doing this, but if your money is in an unrewarding high street account in the interim, you risk missing out on significant interest in the interim.”