Nationwide to boost savings rates for the fifth time this year

Nationwide Building Society store sign on building exterior, store frontage

(Image credit: Peter Dazeley / Contributor)

published 4 August 2023

Nationwide Building Society is set to hike the interest rates on a number of savings products for the fifth time this year following the latest Bank of England base rate rise, which hit 5.25% this month.

Nationwide will up the rates on both on and off sale products by up to 0.75% from 16 August and 1 September.

Tom Riley, director of retail products at Nationwide, said: “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 our most popular variable rate accounts. As a result of these changes, the vast majority of savers will see an increase in their rate.”

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As well as consistently increasing its rates this year, the bank has also scored points with customers after it launched a cashback scheme earlier this year, giving customers up to 5% back for their grocery shopping for three months to help with the cost of living pressures.

It has also paid out £100 bonus to customers with a current account and a savings account or mortgage product as part of a profit share scheme.

Previously Nationwide has also been a table topper for the best bank switching offers, giving customers a handsome £200 incentive to switch to its current account.

But how do the new savings rates compare? We have all the details.

Nationwide’s new savings rates

Nationwide has boosted the rate on a number of products. This includes:

Swipe to scroll horizontally

Account	Previous rate	New rate	Change
Loyalty Saver	3.5%	3.75%	0.25%
Loyalty ISA	3.5%	3.75%	0.25%
Loyalty Single Access ISA	3.5%	3.75%	0.25%
1 Year Triple Access Online Saver	3.5%	4.25%	0.75%
1 Year Triple Access Online ISA	3.5%	4.25%	0.75%
Flex Instant Saver 2	3%	3.25%	0.25%
Instant Access Saver – Issue 10	2.3%	2.4%	0.1%
Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, Cashbuilder)	2.15% - 2.25%	2.25% - 2.35%	0.1%

The rate you receive on the Instant Access Account will vary depending on your balance.

Earn 2.3% on balances of up to £9,999.99
Earn 2.35% on balances of £10,000 to £49,999.99
Earn 2.4% on balances of £50,000 plus

When will the Nationwide’s new rates start?

The one-year Triple Access Online Saver and the Flex Instant Saver 2 rate changes will come into effect on 16 August.

The new rates on ISA products - the Loyalty Saver plus the Instant Access Saver - will come into effect from 1 September.

How does Nationwide compare to other savings accounts?

According to MoneyFacts, the average one-year fixed ISA is offering 5% since the base rate hiked to 5.25%.

Considering the Nationwide One Year Triple Access ISA gives ease of three penalty-free withdrawals, its rate hike to 4.25% sits in a good place amongst its competitors, especially for a large provider.

Looking at easy-access savings accounts, Shawbrook Bank beats Nationwide’s new rate offering with a top rate of 4.63% interest and unlimited withdrawals.

The Chip Instant Access Account also offers an attractive rate of 4.51% which beats Nationwide, and you can open the saver with just £1.

Nationwide’s One Year Triple Access Online Saver sits closest to these rates, offering 4.25% from 6 August. But it is limited to three withdrawals per year.

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Vaishali graduated in journalism from Leeds University and she has experience working with the likes of Leicester Mercury, Inews and The Week. She also comes from a marketing background, where she has done copywriting and content creation for businesses.

Currently writing about all things personal finance, Vaishali is passionate about finding the best deals around, whether it's the best credit cards or the cheapest personal loans, as well as sharing top money hacks to help people save and better manage their money.