Nationwide Building Society boosts savings rates for second time this month

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Customers can access the same rates whether they choose to save online or in branch

Nationwide is boosting returns for savers with a fresh round of improved deals launched today.

It is the second time this month that the mutual has raised rates on these savings products.

The building society has rolled out new one- and two-year Fixed Rate Bonds and Cash ISAs, with rates set at 4.50 per cent and 4.55 per cent respectively.

The move comes just weeks after Nationwide also trimmed its mortgage rates, creating a notable period of activity on both sides of the balance sheet for the UK's largest building society.

Savers looking to lock away their money for a fixed term can now choose between one-year products paying 4.50 per cent and two-year options offering 4.55 per cent.

The one-year and two-year Fixed Rate Cash ISAs offer 4.50 per cent and 4.55 per cent AER tax-free.

The same rates apply across the Fixed Rate Bond range, whether customers opt for branch or online accounts.

Richard Stocker, Nationwide's Head of Savings, said: "We're pleased to be increasing rates on our one and two-year Fixed Rate Bonds and Fixed Rate Cash ISAs for the second time this month.

"These products are ideal for those looking to put money away for a shorter period while benefiting from the certainty of a guaranteed return.

"Customers can access the same rates whether they choose to save online or in branch, reflecting our commitment to choice and our Branch Promise, backed by the UK's largest branch network."

Mr Stocker's emphasis on equal pricing across channels reflects the building society's pledge to maintain its extensive high street presence.

Earlier this month, Nationwide also made significant changes on the borrowing side. On 18 August, the building society announced reductions of up to 0.15 percentage points across its fixed mortgage range.

The cuts applied to two, three and five-year fixed rate products for first-time buyers, home movers and those remortgaging. Both new and existing customers stood to benefit from the lower pricing.

The reductions brought Nationwide's cheapest fixed mortgage rate down to 4.48 per cent. That deal is available to both new and existing customers who are moving home.

The building society said the changes built on earlier cuts made at the start of August, continuing a pattern of downward movement in its mortgage pricing throughout the month.

For first-time buyers, the reductions reached up to 0.10 percentage points on products up to 95 per cent loan-to-value.

A five-year fix at 90 per cent LTV with a £999 fee dropped to 4.82 per cent, while a two-year deal at 95 per cent LTV with no fee fell to 5.34 per cent.

First-time buyers also receive £500 cashback on completion. An additional £500 is available through Nationwide's Green Reward scheme for those purchasing energy-efficient homes.

For remortgage customers, cuts of up to 0.15 percentage points brought a three-year fix at 60 per cent LTV with no fee down to 4.94 per cent.

Carlo Pileggi, Nationwide's Head of Mortgage Products, said: "These latest changes bring our lowest mortgage rate back below 4.5 per cent for new and existing borrowers moving home, whilst also maintaining our support for first-time buyers with smaller deposits and those remortgaging."

Mr Pileggi added that the reductions followed earlier cuts introduced at the beginning of August.