Nationwide BS increases variable savings rates

Its easy access savings and ISA offers are among the changes from the high street lender.

Nationwide BS increased its rates on a variety of its variable savings accounts today. This includes changes to its Flex Instant Saver 2, 1 Year Triple Access Online ISA 14 and the 1 Year Triple Access Online Saver 15.

The Flex Instant Saver 2 is only available to existing Nationwide BS members.

It also announced a set of increases to several other savings rates, including its off-sale accounts, but this will only take place on 1 December.

“We remain committed to supporting savers, which is why we have increased rates on all our off-sale savings accounts,” said Tom Riley, Director of Retail Products at Nationwide BS.

Below we’ve highlighted some of these changes.

The 1-Year Triple Access Online Saver 15 is an easy access account which increased its rate from 2.10% AER to 2.50% AER.

While interest is compounded and paid on anniversary, you’ll need to keep track of your withdrawals. This is because four or more withdrawals will see your rate drop to 0.75% AER.

To open and manage your account, you’ll need to apply online or via the mobile app.

To apply online, click here.

Despite Nationwide BS’s increase, this easy access offer is still bettered by other providers. HSBC’s Online Bonus Saver holds the market-leading rate at 3.00% AER, but this is only paid if you follow a certain set of guidelines.

These are explained in more detail in our latest savings roundup.

Like the 1-Year Triple Access Online Saver 15, the 1-Year Triple Access Online ISA 14 increased its rate to 2.50% AER.  

This account is an easy access ISA, which also drops its rate to 0.75% AER if four or more withdrawals are made.

Again, to open and manage your account, you’ll need to apply online or via the mobile app.

To apply online, click here.

The current market-leading rate for easy access ISAs is set by Virgin Money at 3.00% AER, which is explained in more detail in our ISA roundup.

The current market-leading rate for easy access ISAs is set by Virgin Money at 3.00% AER, which is explained in more detail in our ISA roundup.

The Start to Save Issue 2 is a regular savings account which will increase its rate to 5.00% AER on 1 December.

While the rate may seem attractive, it is important to remember how this account operates. Regular savings accounts typically limit your maximum deposit, meaning it can take time to build up your balance to take full advantage of this rate.

For more information on how a regular savings account works, read our guide.

The Start to Save Issue 2’s term is set at two years, and you’ll only be allowed to make a maximum deposit of £50 per month. This means you can save a maximum of £1,200 into your account.

If you were to save the maximum into your account, the most interest you’ll be able to earn will be £63.

Compared to other regular savings deals, NatWest and Royal Bank of Scotland still offer the best rate of 5.12% AER. However, this is only paid on certain balances which are explained in more detail on our charts.