Country’s biggest building society – Nationwide – fails to pass on last month’s increase in base rate to savers with instant access accounts
The country’s biggest building society – Nationwide – has failed to pass on last month’s increase in the base rate to savers with instant access accounts.
Nationwide announced changes to the interest on its savings accounts last week with the new rates due to kick in from Tuesday.
Staying put: Rates on Nationwide’s Instant Access Saver and Instant Isa Saver accounts will stick at between 0.01 and 0.05 per cent – depending on the balance
It said rates on regular savings, children’s and loyalty accounts would at least match the 0.15 percentage point increase in the base rate, but it did not reveal what was in store for those who prefer easy access to their savings without penalty – precisely zero.
It means rates on its Instant Access Saver and Instant Isa Saver accounts will stick at between 0.01 and 0.05 per cent – depending on the balance.
A customer with savings of £20,000 will continue to receive a measly £6 of annual interest.
Anna Bowes, co-founder of Savings Champion, says: ‘Those who need easy access have been given nothing.’ The Mail on Sunday has called for banks and building societies to pass on the full benefit of the base rate increase to savers, but only a handful have done so.
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