Nationwide Building Society has announced a wave of interest rate increases across its savings accounts.
The building society confirmed the launch of new issues of its Fixed Rate Online Bonds, Fixed Rate Branch Bonds and Fixed Rate ISAs.
Over the past year, banks and building societies have raised interest rates following the Bank of England’s decision to hike the base rate.
Central banks have hiked rates in an attempt to rein in inflation which has been diminishing returns for savers.
This latest launch is the latest attempt by Nationwide to help savers boost their savings.
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Here is a full list of the interest rate rises being implemented across Nationwide’s range of savings products:
- 1 Year Fixed Rate Online Bond – 5.40% AER
- 1 Year Fixed Rate Branch Bond – 5.40% AER
- 1 Year Fixed Rate ISA – 5.40% AER/tax-free
- 2 Year Fixed Rate Online Bond – 5.25% AER
- 2 Year Fixed Rate Branch Bond – 5.25% AER
- 2 Year Fixed Rate ISA – 5.25% AER/tax-free
- 3 Year Fixed Rate Online Bond – 5.00% AER
- 3 Year Fixed Rate Branch Bond – 5.00% AER
- 5 Year Fixed Rate Online Bond – 4.75% AER
- 5 Year Fixed Rate Branch Bond – 4.75% AER
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Last year, Tom Riley, the director of Retail Products at Nationwide Building Society, shared why the financial institution is opting to raise rates during a challenging economic time.
He explained: “We continue to keep our savings rates under regular review in this fast-changing market and we remain committed to supporting savers with the best rates we can sustainably afford.
“As a result, we’ve made a number of rate increases this year to both our off-sale and on-sale savings ranges.
“In fact, in recent months, our average deposit rate has been at least 70 percent higher than the market average.”
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The latest savings interest rates are available for balances of £1 or more and customers are able to open the Online Bonds via the website,
Savers can also open accounts using their Internet Bank and Banking app while Fixed Rate Branch Bonds can be opened by visiting a Nationwide branch.
The building society’s Fixed Rate ISAs accept transfers and can be opened via the website, Internet Bank, Banking app or in branch.
It should be noted that all previous Fixed Rate Online Bonds, Branch Bonds and ISAs were withdrawn from sale at the close of business on October 16.
An earlier version of this article listed previous interest rate increases from Nationwide Building Society which were out-of-date. We are happy to correct the record.
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