Nationwide confirms changes for specific accounts 'from December 1 2026'

Nationwide confirms changes for specific accounts 'from December 1 2026' The building society has responded to changes made this week Nationwide customers are being informed of changes that will kick in at the start of December. The building society has made changes after the Bank of England raised interest rates by 0.25% to 4% on Thursday. In response, Nationwide announced increases of up to 0.25% across its variable rate savings accounts. The changes are effective from December 1, 2026. On the limited access range, Nationwide’s 1 Year Triple Access Saver and 1 Year Triple Access ISA will now pay 3.55% (increased by 0.25%) for both existing and new customers. Members saving in Reward Single Access ISA will see rates increased by 0.25% to 3.05%, while Reward Saver and Reward ISA will see rates increased by 0.25% to 3.00%. Nationwide is also increasing rates on its children’s accounts by 0.25%. For example, Child Trust Fund, Junior ISA and Future Saver will all now pay 3.05%, while Smart Limited Access will have a rate of 2.75%. The rates on Nationwide’s instant access accounts will also rise by up to 0.25%. For example, Flex Instant Saver will rise to 2.50%. 'Welcome response' Riz Malik, Independent Financial Adviser at Southend-on-Sea-based R3 Wealth, said: "Factoring in inflation, these returns are better, but nothing to write home about - especially factoring in tax as well. If you have cash over and above your emergency and immediate needs, look at your wider options if you want the chance of real returns." Tony Redondo, founder of Newquay-based Cosmos Currency Exchange, said: "The banks are quick to pass on rate rises to borrowers and painfully slow to do the same for savers, so Nationwide’s response to this afternoon’s BoE decision is welcome. Passing the full 0.25% rise across its savings range, children’s accounts and ISAs included, is fair play. 'Others should follow' "The 1-Year Triple Access Saver moves to 3.55%, though returns stay modest after inflation and tax, and 2.50% on instant access still leaves room for improvement. Other lenders should follow, now. "Nationwide’s lead puts pressure on rivals not to shortchange customers. Until they act, savers shouldn’t reward loyalty. Compare rates regularly, shelter excess cash in Cash ISAs, balance instant and fixed accounts, and use boosted children’s rates to build tax-free compound growth early." Watch for tax Harvey Dhillon, founder and CEO of Zmartly, added: "These rises are welcome, but savers have to wait for them. The new rates don't start until December 1, and not every account gets the full quarter-point: Flex Instant Saver rises 0.20 percentage points. "Other banks should follow and in full. My advice starts with children's accounts. A Junior ISA or Child Trust Fund is tax-free, but an ordinary children's savings account may not be. "If money a parent gave earns more than £100 of interest in a tax year, all that interest counts as the parent's and is taxed once it takes them over their own savings allowance. At 3.05 per cent, about £3,300 from one parent would pass £100 in a full year, though money from grandparents doesn't count. "For adults, tax on savings interest is already due by law to rise two percentage points in April 2027 and the Budget plans would make it four. If your own interest is over your savings allowance, use this tax year's ISA allowance before it runs out on April 5."