Nationwide raises rates for Fixed Rate Bonds

by Richard Kilner

Story link: Nationwide raises rates for Fixed Rate Bonds

Nationwide Building Society has announced that it is increasing the rates available on a number of its Fixed Rate Bonds and e-Bonds, offering guaranteed interest rates for savers.

The products benefiting from the rate increases include the three year Fixed Rate Bond and e-Bond which offer 4.7% gross p.a./AER fixed for balances exceeding £25,000.

Customers will also be able to take up a two year Fixed Rate Bond and e-Bond paying 4.1% gross p.a./AER for balances over £25,000 and a similar bond for 18 months paying 3.5% for balances over £10,000.

Head of savings Andy Hutchinson has said that the firm is hoping to encourage people who made New Year resolutions to save more and stick to their intended plans.

Hutchinson added that the rate increases came after the Nationwide Saving Index revealed that a quarter of all people are saving no money at all.

Recently, the building society has also changed rates for its loans, offering FlexAccount customers 7.6% APR typical for loans of between £7,500 and £14,999 over afive year period.

Using such a loan to repay credit card bills can help consumers cut costs as interest payments are reduced, saving money.