Nationwide BS to increase rates on all its variable savings deals

This includes a rise for its Triple Access range.

Nationwide BS is set to increase the rates on all its variable accounts this Monday. While most of its rates will be increased by 0.25 percentage points, some existing customers will receive a maximum boost of 0.35 percentage points.

“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 all variable rate accounts,” said Tom Riley, Director of Retail Products at Nationwide BS.

This means its Triple Access accounts, which includes an easy access offer and an ISA equivalent, will also benefit from the latest round of increases.  

Both accounts currently offer 3.00% AER but after the increase this rise to 3.20% AER.

The Triple Access range also allows three penalty-free withdrawals per 12-month period, and if this is exceeded their rate will drop to 1.25% AER. This revert rate has also increased, having previously stood at 1.00% AER.  

These accounts only offer this rate for the first 12 months from account opening, after which they will revert to an instant access account at a lower rate of interest.

Nationwide BS is also set to increase its Start to Save Issue 2, a regular savings account, by 0.25 percentage points.

Despite this increase to 5.25% AER, the account continues to limit the maximum monthly deposit to £50. It means that over its two year term the most interest that can be earned from this account is £66 – with other regular savings accounts offering better returns.

These can be compared in more detail on our charts.