Nationwide Building Society is today announcing increases on some of its most popular on and off-sale variable rate savings accounts as well as increasing the revert to rate on the FlexDirect current account. The changes are effective from 1 July 2023.
Nationwide says that it continues to pay more than the market average and these latest rate increases are part of the Society’s ongoing commitment to paying the best rates it can sustainably afford, while considering the long-term interests of the membership as a whole.
Key savings changes:
Existing customers saving in Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.10% to 3.30%.
On the limited access range, previous and current issues of the Society’s Triple Access Online ISA3 and Triple Access Online Saver3 will see increases of 0.10%, with these products now paying 3.30%.
All instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by up to 0.10% on selected tiers up to £49,999 to either 1.35% or 1.40% AER, depending on the amount saved4.
Changes to FlexDirect
FlexDirect continues to offer a market-leading5 introductory in-credit interest of 5.00% AER6 on balances up to £1,500 for the first 12 months. From 1 July, the revert rate, the rate payable after 12 months when the introductory offer ends, will increase from 0.25% AER to 1.00% AER.
Tom Riley, Director of Retail Products at Nationwide Building Society, 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 some of our most popular variable rate accounts. At the same time we are also increasing the enduring credit interest rate on FlexDirect, which will benefit those who maintain an in-credit balance.”
