Nationwide banking services down for users across the UK
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The building society has raised interest rates on all of its variable rate savings accounts. Customers will now be able to get 1.75 percent on their One Year Triple Access Online Saver.
Not only are they offering a “competitive” rate on this account, they have also increased the rate on their Triple Access Online ISA.
New and existing members to the financial institution are eligible for these savings accounts and can apply by visiting their local branch or online.
From September 1, customers have been able to enjoy 1.75 percent AER/gross per annum (variable) for 12 months on the One Year Triple Access Online Saver, and 1.50 percent on the building society’s One Year Triple Access Online ISA.
The Online ISA will experience a rate rise of 1.50 percent gross/tax-free per annum (variable) for 12 months.
Britons can make withdrawals during the 12-month term three times before the interest rate drops.
Any further withdrawals will revert the savings account’s interest rate to 0.25 percent for the remainder of the period.
These changes will be effective from September 1, 2022 and will see the financial institution raise rates by up to 0.55 percent.
As the cost of living crisis continues, any extra cash could be vital for families on low incomes.
People can use the added interest towards rising bills which could help families keep on top of things.
Other savings account interest rate rises by Nationwide Building Society include:
- Nationwide’s Flex Regular Saver for current account members and Start to Save 2, has increased by 0.50 percent to 3.00 percent AER for new and existing members.
- The Help to Buy ISA’s rate will now pay 1.75 percent AER, a rise of 0.40 percent
- Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts have increased by 0.35 percent to 1.60 percent gross/AER.
- Rates on Flex Instant Saver will jump by 0.50 percent to 1.00 percent AER
- The Flex Saver and Flex ISA has increased by up to 0.55 percent to either 0.65 percent, 0.70 percent or 0.7 percent
Tom Riley, Director of Banking and Savings 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, particularly regular savers, loyalty and children’s accounts as well as our popular Triple Access accounts.
“These changes are the latest increases that the Society has made to its savings accounts over the last few months.”
These increases from Nationwide come after the Bank of England has raised the UK’s base rate to 1.75 percent to better fight inflation.
As inflation continues to rise – currently sitting at 10.1 percent – the Bank of England raised the base rate to try and battle this loss.
In light of this, banks and financial institutions such as Nationwide Building Society are passing on this interest rate hike to their customers.
Tesco Bank has increased the interest rate on its instant access ISA so that it now offers 1.51 percent interest on savings.
This savings account is rated in the top 10 ISAs currently on offer and could appeal to savers who may need to access their savings but also want to benefit from their ISA allowance.
Savers only need £1 to open an account and it could help them save a large amount of money without having to pay tax.
Better interest rates are available if people can afford to put their money away for longer.
OakNorth Bank has a 12 Month Fixed Rate Cash ISA which pays 2.51 percent gross, but customers need to be confident they won’t need to access the money.
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