Tom Riley, the director of Retail Products at Nationwide Building Society, shared why the financial institution is choosing to raise rates at this time.

Mr Riley explained: “We continue to keep our savings rates under regular review in this fast-changing market and we remain committed to supporting savers with the best rates we can sustainably afford.

“As a result, we’ve made a number of rate increases this year to both our off-sale and on-sale savings ranges.

“In fact, in recent months, our average deposit rate has been at least 70 percent higher than the market average.”

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