Savings accounts: Claer Barrett outlines where to get good rates
The financial institution confirmed this news earlier this month which will see rates raised by 1.20 percent. Interest rate increases will be implemented on all of Nationwide’s off-sale variable rate savings accounts from Tuesday, November 1, 2022. In light of the building society’s decision, here is a full list of the rate hikes on savings accounts.
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To incentivize young people into saving as soon as possible, Nationwide is increasing the interest rates on its childrens accounts.
These include:
- Child Trust Fund - which will pay 2.50 percent
- Junior ISA - which will pay 2.50 percent
- Future Saver - which will pay 2.50 percent
- Smart Limited Access - which will pay two percent
In order to grow or keep the saving habit of adults, the building society is also raising the rates of its Start to Save accounts by 0.50 percent.
As a result, the Start to Save 2 will be increased to 3.60 percent and Start to Save will go up to 2.25 percent.
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Nationwide Building Society to raise interest rates on accounts next week - full list (Image: GETTY)
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Outside of these accounts, Nationwide has hiked the rate of other savings products to boost returns for savers.
Loyalty savings accounts:
- Loyalty Saver - which will pay two percent
- Loyalty ISA - which will pay two percent
- Loyalty Single Access ISA - which will pay two percent
Triple Access accounts:
- Triple Access Online ISA (11-13) - which will pay two percent
- Triple Access Online Saver (12-14) - which will pay 2.10 percent
Instant access accounts from Nationwide, including Instant Access Saver, Instant ISA Saver and Cashbuilder will rise to either 0.30 percent, 0.40 percent or 0.50 percent AER, depending on the amount saved.
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Currently, bank and building society customers are finding returns on their savings diminished due to rampant inflation.
As it stands, the country’s Consumer Price Index (CPI) rate of inflation is at 10.1 percent and is expected to remain high for the time being.
To mitigate the impact of inflation, the Bank of England has chosen to raise the UK’s base to 2.25 percent.
Many banks and building societies are passing on this interest rise to their customers, including Nationwide.
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How have rates risen? (Image: EXPRESS.CO.UK)
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Tom Riley, the director of Retail Products at Nationwide Building Society, shared why the financial institution is choosing to raise rates at this time.
Mr Riley 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.”
What is an ISA? (Image: EXPRESS.CO.UK)
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According to Mr Riley, the new wave of savings account rate increases will boost returns for all existing customers.
The building society’s representative added: “These latest changes will benefit all different types of savers.
“As a building society, it’s important to us that we encourage children to start saving, helping people develop a savings habit and rewarding our existing members.
“We’ve also increased the rates on previous issues of our Triple Access Online products so members who already have one of the accounts will have their rate automatically increased to the new improved rate.”
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