Nationwide Building Society recently announced that it will be increasing rates on several of its select savings account products.
News of the rate increases spell good news for savers currently shopping for savings products such as fixed-rate bonds and other associated offers.
The personal and business bank account provider recently revealed that rates on a select number of both its ISA and fixed-rate bond packages wil be going up by as much as 0.5 per cent. Industry experts say that the increased rates are in order to make savings products more popular in the post worldwide recession economic landscape.
The new interest rates will apply to several of the financial services provider’s offerings. Just a few examples of the affected products include Nationwide’s e-Bond, it’s one-year fixed rate bond, the financier’s Tracker Bond, and also its Fixed Rate ISA, which will all see their rates raised to 2.75 per cent gross annual equivalent/per annum rate. The rates for all the aforementioned products previously stood at 2.5 per cent per annum.
Nationwide’s savings and investments divisional director Robin Bailey lauded the new packages for their increased attractiveness to consumers. Bailey added that the nature of the financial instruments makes them ideal for not only taxpayers but for non-taxpayers as well. Bailey added that the across-the-board increases to the building society’s rates would be welcome news for any savers that are looking for a “guaranteed” return on their investment.
In related news, a research survey conducted recently by financier Halifax discovered that the popularity of ISAs has been steady. Revealing that the popularity is steady throughout nearly all areas of Britain, the survey states that people who have concerns regarding growing their hard-earned money have been relying on the financial instrument to their advantage.