Nationwide and Virgin Money raise savings rates by up to 0.25 points from 1 December
Children's accounts, Help to Buy ISAs and instant access savers are among those getting a rise after the Bank Rate increase, and Santander's Bank Rate-linked savings go up a day later.
Most Nationwide variable-rate savings accounts will pay up to 0.25 percentage points more interest from 1 December. The increase follows Thursday's rise in Bank Rate from 3.75% to 4%.
Virgin Money, which Nationwide owns, is also raising its variable savings rates by up to 0.25 points on the same day. Santander says its savings accounts that are linked to Bank Rate will rise from 2 December.
Nationwide accounts on sale now
- 1 Year Triple Access Saver and ISA: 3.30% now, 3.55% from 1 December
- Children's Future Saver: 2.80% now, 3.05% from 1 December
- Flex Instant Saver: 2.30% now, 2.50% from 1 December
- Instant Access Saver 17: 1.10% to 1.20% now, 1.20% to 1.35% from 1 December
The new instant access rates are tiered: 1.20% on balances up to £9,999.99, 1.25% from £10,000 to £49,999.99 and 1.35% above £50,000. The same tiers apply to older instant access products such as the Easy Cash ISA, Cashbuilder and Direct Saver.
Accounts no longer on sale
Several closed Nationwide accounts go up by the full 0.25 points. Future Saver, Child Trust Fund and Junior ISA accounts move from 2.80% to 3.05%, as do the Reward Single Access ISA and Single Access Saver. Reward Saver and Reward ISA rise from 2.75% to 3.00%, and the Help to Buy ISA goes from 2.25% to 2.50%.
At Virgin Money, the M Plus Saver, which is still on sale, rises from 1.75% to 2.00% on balances up to £25,000 and from 1.25% to 1.50% above that. Its Help to Buy ISA moves from between 1.25% and 1.50% to between 1.50% and 1.75%, and JumpStart goes up from 1.75% to 1.85%. Virgin Money's instant access accounts, including Easy Access Saver and ISA, Flexi Cash ISA and Instant Savings, go from 1.10% to 1.20%.
Members signed up to Nationwide's SavingsWatch alerts will be sent details of the changes that affect them on 1 December.
Mortgage rates
Borrowers will pay more. Nationwide's Standard Mortgage Rate goes up to 6.74% from 1 December, and its tracker mortgages rise by 0.25 points on the same day. Virgin Money's standard variable rate and trackers are also increasing by 0.25 points.
