The mutual confirmed it will increase variable rates for both on and off sale products – the fifth time this year – in response to the latest Bank of England base rate hike to 5.25%.

Holders of the Triple Access Online Saver account will see an overall increase to 4.25% on their funds. Customers who have a Flex Instant Saver account will get an extra 0.25%, so it will pay a total of 3.25%. These changes will come into effect on 16 August.

Customers who have a Triple Access Online ISA will also benefit from the 0.75% increase which is effective from 1 September.

Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts are to increase by 0.25% next month too.

Meanwhile, the rates on all instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder, will increase by 0.10% to either 2.25%, 2.30% or 2.35% (depending on the amount saved).

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‘Keen to support savers’

Tom Riley, director of retail products at Nationwide, said: “As a mutual, we are always keen to support savers and pay the best rates we can sustainably afford, which is why we are increasing rates on our most popular variable rate accounts.

“As a result of these changes, the vast majority of savers will see an increase in their rate.”

Although the increase in savings rates is good news for Nationwide members, the hikes do not currently push the products into the best buy categories for savings, ISAs or fixed rate bonds.

To see the current best buys across all these, check this week’s best savings and ISA rates.