Nationwide is boosting interest rates on most of its variable savings accounts starting December 1, following the Bank of England's decision to raise the base rate to 4%. The changes include increases of up to 0.25 percentage points, with some accounts now offering 3.55%. Among the affected accounts are the 1 Year Triple Access Saver and 1 Year Triple Access ISA, both rising from 3.30% to 3.55%. Other accounts, such as the Reward Single Access ISA and Children's Future Saver, will also see rate hikes.
The announcement comes as more than one million people have switched current accounts this year, with a 55% jump in completed moves in the third quarter compared to 2025. Nationwide was a major beneficiary in the second quarter, gaining 23,636 accounts. Pella Frost, Nationwide's director of Everyday Banking, emphasized the importance of supporting savers and encouraged customers to explore their savings options.
Virgin Money, part of the Nationwide group, is also increasing rates on its off-sale variable savings accounts by up to 0.25 percentage points from December 1. The M Plus Saver rate will rise from 1.75% to 2% on balances up to £25,000, and from 1.25% to 1.50% on higher balances.
Experts note that the surge in account switching reflects consumers' efforts to maximize their money amid household budget pressures. Abigail Foster of Compare the Market highlighted the importance of ensuring money works as hard as possible, while John Dentry of Pay.UK pointed to the competitiveness of the banking market.