How will my savings be affected by the Bank of England base rate change?

Following the 0.25% increase in the Bank of England base rate on 2 August 2018, we’re increasing interest rates on selected savings accounts (with a variable interest rate).

We’ll pass on the biggest increase to members saving to buy their first home with our Help to Buy: ISA.

The interest rates that are changing will go up on 31 August 2018.

Savings & the base rate - FAQs

Following the 0.25% increase in the Bank of England base rate on 2 August 2018, Nationwide will be increasing a number of savings interest rates from 31 August 2018.

You can find out which saving accounts are affected at nationwide.co.uk/our-new-savings-interest-rates.

You’ll also be able to ask us in branch and, if you’re registered for SavingsWatch, we’ll let you know by email or SMS too.

The changes will be effective from 31 August 2018.

No, we’ll tell you about the savings accounts affected by the changes on our website in branch and, if you are registered, via SavingsWatch.

 

It means the interest rate you receive depends on how much you have in your account. The interest rate changes depending on your balance, which is called tiering. The interest rate for the tier your balance falls in to will apply to all of the money in your account. If you pay in or take out money and this leads to your balance going into another tier, the new interest rate will automatically apply to the money in your account. You’ll be able to see your new interest rate in our Internet Bank and Banking app (if you’re registered) the day after you make the transaction.

SavingsWatch helps you stay in the loop with the latest savings news by:

  • Emailing or texting you (whichever you’d prefer) if we change your savings interest rate up or down.
  • Letting you know by email when we launch a new savings account which offers advantages over our existing products, or make a significant improvement to an existing product.
  • Sending an annual Savings Summary via email once a year, showing your products’ interest rates, along with our range of savings accounts.
 

Registering is easy, either via the Internet Bank (if you’re an internet banking customer) or in branch. You just need to be 16 or over, and hold a savings account with us to subscribe. Find out more at nationwide.co.uk/savingswatch.

Time for a change?

We understand that savings needs change and this could be a good time to see if there’s a different account that might be better suited to your savings goals. We’ve lots of options available and you can view our full range at nationwide.co.uk/savings. Or pop into your local branch for a free savings review.

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