Nationwide announces increases in savings rates

Nationwide Building Society has announced that from Friday 1 June 2007 all savers with variable rate accounts will see an increase in their savings rates. The vast majority will receive an increase of 0.25%, with some accounts seeing Base Rate-beating increases of up to 0.50%.

Key increases to the Society’s most popular accounts include:

Monthly Income 60+ will increase by 0.30% to 5.46% Gross p.a./5.60% AER

CashBuilder Card accounts will increase by 0.50% paying up to 3.30% Gross p.a./AER

Cash Child Trust Fund will increase by 0.45% to 6.00% AER/7.00% AER*
(*including a 1.00% conditional bonus if £240 or more is paid in to the account each year)

e-Savings will increase by 0.25% to 5.55% Gross p.a./AER

Regular Savings will increase by 0.25% paying up to 6.50% Gross p.a./AER

Loyalty Tracker Bond will increase by 0.25% paying up to 5.50% Gross p.a./AER

Smart, the children’s account, will increase by 0.25% to 5.70% Gross p.a./5.78% AER

Matthew Carter, divisional director, mortgages and savings, said: “Nationwide is committed to providing long-term good value to savers through accounts which are simple, straightforward and easy to understand. Our savers continue to benefit from some of the best rates available on the high street, by post and through the internet. We are pleased to be able to pass on the full base rate increase of 0.25% to the vast majority of our savings customers. We have been able to prioritise the needs of pensioners, children and everyday savers by increasing Monthly Income 60 +, Cash Child Trust Fund and CashBuilder Card accounts by significantly more.”