{"id":101648,"date":"2025-01-15T17:14:02","date_gmt":"2025-01-15T17:14:02","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=101648"},"modified":"2025-01-15T17:14:05","modified_gmt":"2025-01-15T17:14:05","slug":"nationwide-boosts-interest-rates-accounts","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/nationwide-boosts-interest-rates-accounts\/","title":{"rendered":"Nationwide Boosts Interest Rates on Key Accounts \u2013 Are You Eligible?"},"content":{"rendered":"\n<p><strong>Nationwide <\/strong>has announced significant changes to its savings account interest rates, effective February, creating a clear divide between savers who will see boosted returns and those facing reductions. Some account types, like the Branch Single Access Account, will enjoy a notable rate increase, offering higher returns for those with a <strong>\u00a35,000 balance<\/strong>. However, other accounts, such as the Easy-Access Accounts, will experience a decrease in interest rates, potentially prompting savers to look for better alternatives. The Flex Regular Saver account will remain unchanged, continuing to offer a competitive 6.5% rate for monthly savers. These changes highlight the need for savers to stay informed and explore their options to ensure they\u2019re getting the best returns.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Winners: A Boost for Branch Single Access Account Holders<\/h2>\n\n\n\n<p>For holders of the <strong>Branch Single Access account<\/strong>, there is good news. <a href=\"https:\/\/en.econostrum.info\/uk\/nationwide-issues-urgent-savings-warning\/\" target=\"_blank\" rel=\"noreferrer noopener\">Nationwide<\/a> is increasing the interest rate on this account from <strong>2.8% to 3.55%<\/strong>, offering a tangible improvement in returns.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A customer with <strong>\u00a35,000 saved<\/strong> would see an <strong>additional \u00a337 in annual interest<\/strong> if their balance remains untouched.<\/li>\n\n\n\n<li>This move rewards savers who can commit to leaving their <strong>money<\/strong> in the account, encouraging a more disciplined approach to saving.<\/li>\n<\/ul>\n\n\n\n<p>The popular <strong><a href=\"https:\/\/www.nationwide.co.uk\/savings\/flex-regular-saver\/\" target=\"_blank\" rel=\"noreferrer noopener\">Flex Regular Saver<\/a> account<\/strong>, which boasts an impressive <strong>6.5% rate<\/strong>, will remain unchanged. However, it comes with a cap, allowing customers to deposit only up to <strong>\u00a3200 per month<\/strong> for a year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cuts to Easy-Access and Cash ISA Rates<\/h2>\n\n\n\n<p>Nationwide\u2019s interest rate adjustments are not all in savers&#8217; favour. Rates on <strong>89 variable rate easy-access savings<\/strong> and <strong>cash ISA accounts<\/strong> will be reduced by <strong>0.10% to 0.16%<\/strong>, impacting those who value flexibility over fixed-term options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key details:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>55 non-ISA savings accounts<\/strong> are included in the reductions.<\/li>\n\n\n\n<li><strong>Easy-access products<\/strong> are the primary targets, meaning savers relying on immediate access to their funds may see diminished returns.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Nationwide Stands by Savers Amid Rate Cuts<\/strong><\/h2>\n\n\n\n<p>Despite implementing <strong>rate cuts<\/strong>, Nationwide has defended its approach, emphasizing its efforts to protect the interests of its members. The building society has highlighted its commitment to maintaining competitive savings options and ensuring its most popular accounts remain attractive to savers while limiting the impact of rate adjustments on its broader customer base.<\/p>\n\n\n\n<p><strong>Tom Riley<\/strong>, the building society\u2019s director of retail products, explained the measures taken to prioritize savers:<br>&#8220;We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver.&#8221;<\/p>\n\n\n\n<p><strong>Riley <\/strong>also pointed to Nationwide\u2019s broader financial contributions to its members:<br>&#8220;Following these changes, our savings range will remain competitive. We returned a record \u00a3950 million in member financial benefit in the first half of this year and will continue to give savers every reason to put their money with Nationwide.&#8221;<\/p>\n\n\n\n<h3 class=\"gb-headline gb-headline-605b43f2 gb-headline-text\">Upcoming Changes to Savings Account Rates (Effective February)<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Account Type<\/strong><\/th><th><strong>Current Rate<\/strong><\/th><th><strong>New Rate (from February)<\/strong><\/th><th><strong>Effect on Savers<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Branch Single Access Account<\/td><td><strong>2.8%<\/strong><\/td><td><strong>3.55%<\/strong><\/td><td>Increased returns; +\u00a337\/year for \u00a35,000 balance.<\/td><\/tr><tr><td>Flex Regular Saver<\/td><td><strong>6.5%<\/strong><\/td><td><strong>6.5%<\/strong><\/td><td>Unchanged; competitive rate for monthly savers.<\/td><\/tr><tr><td>Easy-Access Accounts<\/td><td>Various<\/td><td>-0.10% to -0.16%<\/td><td>Reduced returns; may prompt savers to explore alternatives.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Strategies for Savers in a Changing Financial Landscape<\/h2>\n\n\n\n<p>These changes highlight a crucial point: savers must remain <strong>agile<\/strong>. The financial landscape is shifting, and complacency is no longer an option.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What can savers do?<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Assess your accounts<\/strong>: Check if your current savings products still offer competitive rates.<\/li>\n\n\n\n<li><strong>Shop around<\/strong>: Compare rates across providers to find the best deals.<\/li>\n\n\n\n<li><strong>Consider diversification<\/strong>: Explore fixed-term accounts or alternative <strong>investments<\/strong> for higher returns.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Nationwide has revealed plans to reward its savers with a special bonus payment this February, offering an extra boost to its members amid significant changes to interest rates across various savings accounts. While some accounts will see increased rates, others face reductions, making it crucial for savers to understand how these updates and the bonus payment could impact their financial plans.<\/p>\n","protected":false},"author":6,"featured_media":101653,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-101648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-welfare","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/101648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/comments?post=101648"}],"version-history":[{"count":6,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/101648\/revisions"}],"predecessor-version":[{"id":101683,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/101648\/revisions\/101683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media\/101653"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media?parent=101648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/categories?post=101648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/tags?post=101648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}