Nationwide has also launched new fixed rate bonds and fixed rate ISAs with higher interest rates than previously available.

However, the rates on offer from Nationwide are well below those offered by several smaller savings institutions.

The new Nationwide rates

All instant access accounts, including Nationwide’s Instant Access Saver, Instant ISA Saver and Cashbuilder, will rise by up to 0.80% to either 2.15%, 2.20% or 2.25% depending on the amount saved.

Nationwide is also increasing rates on its children’s accounts by up to 0.75%. For example, its Child Trust Fund, Junior ISA and Future Saver now all pay 4%.

The society’s Start to Save account will increase for new and existing members by 0.25% to 5.50%, while existing customers with the Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.20% to 3.50%.

On the limited access range, previous and current issues of the Society’s Triple Access Online ISA and Triple Access Online Saver will see increases of 0.20%, with these products now paying 3.50%.

Fixed rate changes

Nationwide has launched a new Fixed Rate Online Bond, Fixed Rate Branch Bond and Fixed Rate ISA from today. These all pay 5.10% AER.

The society’s Fixed Rate ISAs accept transfers in and can be opened via the website, internet bank, banking app or in branch.

The best paying savings rates

While it’s good news for Nationwide customers that savings rates are going up, more interest can be found elsewhere.

The best instant access account is currently from Family Building Society which pays 4.35%. Coventry and Principality building societies both pay 4.30%.

Savers can now 6% or more interest on fixed rate bonds. The best buy one-year bond is 6.10% from FirstSave, followed by an expected profit rate of 6.01% with Al Rayan Bank. FirstSave also offers the best two-year fixed rate bond with a rate of 6.15%.