People can use the extra interest to raise bills, which could help families stay in control.
Other savings account interest rate hikes by the Nationwide Building Society include:
- Nationwide’s Flex Regular Saver for current members and Start to Save 2 increased from 0.50% to 3.00% AER for new and existing members.
- The ISA Purchase Assistance Rate will now pay 1.75% AER, an increase of 0.40%
- Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts increased 0.35% to 1.60% gross/AER.
- Rates on Flex Instant Saver will increase from 0.50% to 1.00% AER
- The Flex Saver and Flex ISA increased up to 0.55% to 0.65%, 0.70% or 0.7%.
Tom Riley, Director of Banking and Savings at the Nationwide Building Society, said: “We understand that it is not easy for people to save at this time with the rising cost of living, but having cash set aside that you can use for unexpected expenses can provide real peace of mind.
“As a mutual, we are always keen to support savers and pay the best rates we can afford on a sustainable basis, which is why we are raising rates on all variable rate accounts, especially credit and debit accounts. regular, loyalty and children’s savings as well as our popular Triple Access accounts.
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