Raises interest rates on 27 savings accounts across the country – ‘higher than market average’ | Personal Finance | Finance

The rate on Flex Instant Saver (Issue 2) exclusively available to current account members will also increase to 2.25 per cent.

Savers signed up to Nationwide’s SavingsWatch service will be notified of any rate changes that affect them and highlight new products the society is launching.

Commenting on the news, Nationwide Building Society’s Retail Products Director Tom Riley said: “We are committed to supporting savers, which is why we have increased rates on all our off-sale savings accounts.

“In recent months, our average deposit rate has been at least 85 percent higher than the market average, demonstrating our mutual differentiation.”

Mr Riley continued: “Helping people to develop saving habits, particularly at this time, is a cornerstone of the community-building ethos.

“For this reason, one of our biggest increases has been made to our regular savings accounts, which we hope will encourage those who are able to put money away.”

The full list of updated accounts with associated new fees includes:

Regular savers

2: Start saving five percent
Help to Buy: Three percent
Start saving: Three percent
Flex Regular Saver: Four percent
Continue to save: 1.75 percent

Children’s accounts

Child Trust Fund: Three percent
Junior ISA: Three per cent
Flex One Regular Saver: Three percent
Smart Limited Access: 2.5 percent
Future savings: 2.5 percent
Smart Saver: 1.75 percent
Smart/Smart 2: 1.75 percent

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