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Nationwide to boost savings rates for the fifth time this year
Nationwide is to hike rates on a number of savings products again - we look at what you can now earn and how it compares to the rest of the market
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:
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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Join more than 165,000 subscribers and keep yourself informed with the latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.
She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.
