Nationwide increases interest rate on Champion ISA

Nationwide Building Society announces new interest rates for Champion ISA. As a result of the interest rate movement on some competitors' cash ISAs, the interest rate on Champion ISA is now 2.76% gross p.a./AER variable (including bonus) for balances over £1,000.  This is an increase of 0.06% on the previous rate.  Interest is paid annually.

The key feature of Champion ISA is that its core rate is the average offered by the top five paying branch-based cash ISAs from a basket of eight High Street competitors.  So when there is movement in interest rates of the basket of eight competitors' branch-based cash ISAs, Champion ISA's interest rate will be adjusted accordingly on the first of the following month.

Long term good value

Even without the fixed bonus, Champion ISA is competitive because other providers' introductory bonuses are included when calculating Champion ISA's core interest rate.  A fixed bonus is then added on top for balances of £1,000 and over for a specified period to help savers in the current low interest rate environment.

Nationwide is committed to writing to customers to remind them when their fixed bonus is due to end.

The rates on the rest of Nationwide's cash ISAs (one, three and four-year and 18 month Fixed Rate ISAs, e-ISA, Instant Access ISA and Members' ISA Bond), remain unchanged.