The rate on Flex Instant Saver (Issue 2), available exclusively for current account members, will also increase to 2.25 percent.

Savers signed up to Nationwide’s SavingsWatch service will be notified of any rate changes impacting them and highlighting any new products the Society launches.

On the news, Tom Riley, director of retail products at Nationwide Building Society, commented: “We remain committed to supporting savers, which is why we have increased rates on all our off-sale savings accounts.

“In recent months, our average deposit rate has been at least 85 percent higher than the market average, demonstrating our mutual difference."

Mr Riley continued: “Helping people develop a savings habit, particularly at this time, is core to the ethos of a building society.

“For this reason, one of our biggest increases was made to our regular savings accounts, which we hope will encourage those that can put money away to do so.”

The full list of updated accounts with respective new rates include:

Regular savers

Start to Save 2: Five percent
Help to Buy: Three percent
Start to Save: Three percent
Flex Regular Saver: Four percent
Continue to Save: 1.75 percent

Children’s accounts

Child Trust Fund: Three percent
Junior ISA: Three percent
Flex One Regular Saver: Three percent
Smart Limited Access: 2.5 percent
Futuer Saver: 2.5 percent
Smart Saver: 1.75 percent
Smart/Smart 2: 1.75 percent

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