Nationwide Not Increasing the Interest Rate of Loyalty Single Access ISA

Written by Karen Bryan

I am astounded that in the wake of the recent 0.25% increase in the Bank of England Base Rate, that there will be no increase in the interest rate paid on my Nationwide Single Access Loyalty ISA. The rate will remain at 1.4%.

Nationwide is supposed to be a mutual, run for the benefit of its members i.e. borrowers and savers.  Nationwide claims to reinvest profit back into the business to improve customer service, develop new products and offer better interest rates to more of its customers.

This just doesn’t seem to be the case for savers such as me.

Nationwide is rarely spotted in best buy tables for savers. You can often earn a higher rate of interest in standard savings products from other provider than in Nationwide’s loyalty saver accounts.

Despite being of the opinion that best course of action is to vote with your feet, i.e. move my Cash ISA from Nationwide to another provider. There seems little point, as I can’t earn a higher rate of interest from any other provider, as none of them have upped the rate of interest paid on the their accessible Cash ISAs.