Nationwide gets more interesting

Nationwide announces it is to raise savings and mortgage rates in line with the Base Rate rise.

14:41 14 June 2004

Nationwide Building Society has announced it is to raise savings and mortgage rates in line with the Base Rate rise.

From July 1st savers will enjoy at least a 0.20 per cent increase, with many saver accounts increasing by 0.25 per cent.

The building society's base mortgage rate, is also increasing by 0.25 per cent - leaving it around 0.75 per cent lower than the standard variable rates of most other major high street lenders.

Nationwide's move follows last Thursday's decision by the Bank of England's Monetary Policy Committee to increase the Base Rate by 0.25 per cent.

Nationwide proudly maintains that it pays savers 0.40 per cent more than the market average and over time has consistently paid better savings rates than its main high street competitors.

All of Nationwide's new mortgages offer a range of flexible features, such as the ability to overpay, underpay or take a payment holiday if required. Additionally, Nationwide calculates interest on a daily basis on all products and does not charge a Mortgage Indemnity Guarantee or fees for high percentage borrowing.