With the nation’s savers finding less and less reason to put their hard-earned cash into savings accounts due to high inflation, personal and business bank account providers have been taking steps to remain competitive in the current market.
Nationwide, the UK’s largest mutual, has announced it will be expanding and strengthening its savings products targeted for parents who wish to save for the future of their children. Three new savers will soon be available at Nationwide branches to that effect, industry experts say.
One of the new savings products, a 90 day notice variable rate saver with a 3.05 per cent gross yearly return, is being made available to adult savers who have had a mortgage, current account, or savings account with Nationwide for a minimum of three months and is designed to reward customers for their loyalty. Meanwhile, there is also a version of the account for savers new to Nationwide with similar terms offering a 2.1 per cent rate of return, and an additional offering that can pay anywhere between 3.1 per cent and 3.4 per cent dependent on the amount a saver deposits into the account.
Richard Marriott, Nationwide savings head, remarked that he found it reassuring how fully understanding parents have been when it comes to building up savings pots for their children, especially in the currently rough economic waters in which the country is sailing. Nationwide’s new range of savers was designed to offer children, parents, and even grandparents competitive options that provides both the flexibility and the choice to select the proper product for their needs, added Mr Marriott.