The mutual has increased the rate from 1% to 1.4% AER/gross (variable) for 12 months on balances of £1+. It applies to new applicants from today so it won’t be applied to existing customers with the account.

However, if you’re an existing customer, you can close your account and open the new issue paying the higher rate.

The product, which sits in the easy access savings tables, allows up to three withdrawals within the 12-month term. Subsequent withdrawals will see the interest rate drop to 0.10%.

While it’s good news for new applicants, the rate isn’t market-leading.

The top easy access account is offered from Virgin Money, with its M Plus and Club M Saver paying 1.56% AER (variable) on balances up to £25,000.

Nationwide has also announced a number of increases to rates on other savings products. These include:

• 1 Year Fixed Rate ISA – 1.4% AER/tax-free (fixed)
• 1 Year Fixed Rate Bond/Online Bond – 1.4% AER/gross per annum (fixed)
• 2 Year Fixed Rate ISA – 1.7% AER/tax-free (fixed)
• 2 Year Fixed Rate Bond/Online Bond – 1.7% AER/gross per annum (fixed)

Further, existing members saving in its Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.25% to 1.25% gross/AER from 1 August 2022.

Tom Riley, director of banking and savings at Nationwide Building Society, said: “Many savers like to place at least some of their savings in an instant access account to give them piece of mind that they can access the funds should they need to.

“The new issue of our Triple Access Saver account pays one of the highest rates on the market and will appeal to those looking to save with a brand they know and trust. We always look to offer a wide range of accounts to suit the different needs of our members, which is why we have also increased rates for those who don’t need immediate access and want to save in a fixed rate bond or ISA.”

Nationwide added that customers can sign up to its SavingsWatch service where it will email them about new accounts offering a better rate of interest. The service also texts and emails customers when rates change.