Nationwide sterling savings rates increased

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Nationwide sterling savings rates increased

Wed 29th Nov 2006

Nationwide International has announced new interest rates for customers with variable rate sterling savings accounts.

The offshore subsidiary of Nationwide Building Society said that from Friday December 1st 2006, all Nationwide sterling savings account holders would receive an increase of 0.25 per cent.

This follows the Bank of England's decision to raise the base rate by 0.25 per cent to five per cent last month in response to rising inflation.

Carl Gandy, managing director of Nationwide International, said: "I'm delighted to pass on a full 0.25 per cent increase following the recent quarter per cent rise in the Bank of England's base rate.

"This leaves us well placed to continue providing highly competitive rates, particularly with regard to our easy access base rate tracker account."

He added: "With the backing of the world's biggest building society we provide the security offshore investors require for their savings."

Other customers with savings accounts at Nationwide will also have higher savings rates from Friday, as all variable rate accounts have had their interest changed.

Commenting on the changes, Nationwide executive director Stuart Bernau said the society "is committed to providing long-term good value to savers through accounts which are simple, straightforward and easy to understand".

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