Nationwide is increasing interest rates on the vast majority of its variable savings accounts after the Bank of England raised borrowing costs – giving savers a potential boost from next month.
The building society will increase rates by up to 0.25 percentage points from December 1, with some accounts now paying 3.55%.
The move follows Thursday's Bank of England decision to raise the base rate from 3.75% to 4% for the first time in more than three years.
It comes as new figures show more than one million people have switched current accounts so far this year, with completed moves jumping by 55% in the third quarter compared with the same period in 2025.
Nationwide was also among the biggest winners for customer switches in the second quarter, recording a net gain of 23,636 accounts.
Nationwide savings rates set to rise
Nationwide said it was increasing rates across most of its variable-rate savings accounts from December 1.
Among the changes, its 1 Year Triple Access Saver and 1 Year Triple Access ISA will both pay 3.55%, up from 3.30%.
Members with a Reward Single Access ISA will see their rate increase from 2.80% to 3.05%, while Reward Saver and Reward ISA rates will rise from 2.75% to 3%.
Other changes include:
- Flex Instant Saver: rising from 2.30% to 2.50%.
- Children's Future Saver: increasing from 2.80% to 3.05%.
- Junior ISA and Child Trust Fund: rising from 2.80% to 3.05%.
- Smart Limited Access: increasing from 2.50% to 2.75%.
- Help to Buy ISA: rising from 2.25% to 2.50%.
- Triple Access Saver and Triple Access ISA: increasing from 1.30% to 1.55%.
- Limited Access Saver and e-Savings Plus: rising from 1.25% to 1.50%.
Rates on some instant-access accounts will also increase by up to 0.15 percentage points.
Nationwide members signed up to its SavingsWatch service will be notified of changes affecting their accounts on December 1.
Pella Frost, Nationwide's director of Everyday Banking, said: “Supporting our savers is important to us, which is why we have carefully reviewed our range and are increasing rates on the vast majority of our variable rate savings accounts following the Bank Rate change.
“We regularly review our rates, taking account of the wider market and the value we offer. These changes follow recent increases to our fixed rate products and the launch of our market-leading Member Exclusive Bond.
“We’d encourage customers to speak to us about our full range of savings products, whether in branch, online or over the phone, so that we can help them find the right account for their needs.”
Virgin Money, which is part of the Nationwide group, is also increasing rates on its off-sale variable savings accounts by up to 0.25 percentage points from December 1.
Its M Plus Saver rate will rise from 1.75% to 2% on balances up to £25,000, while the rate on balances above that amount will increase from 1.25% to 1.50%.
More than one million people have switched bank accounts
The savings announcement comes as figures from the Current Account Switch Service (Cass) reveal that 411,384 current account switches were completed between July and September 2026.
That was up 55% on the 265,083 recorded during the same quarter last year, and the highest quarterly total since the final three months of 2023.
September was the busiest month, with 152,299 switches completed.
The latest figures take the total number of completed switches in 2026 to 1,019,912.
Nationwide was among the biggest beneficiaries in the second quarter, recording a net gain of 23,636 customers switching to it.
It was followed by Barclays, with a net gain of 21,169, NatWest with 20,287 and Monzo with 17,544.
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Other providers saw more customers leave than join. Halifax recorded a net loss of 20,728 switches, while TSB lost 17,008 and Santander lost 14,124.
The figures are based on information voluntarily provided by banks and building societies and cover switches made through Cass, rather than every account move.
Fred Powell, head of current accounts at Nationwide, highlighted the society's “fairer share” payments to members, its promise to keep branches open until at least the start of 2030 and services including dementia clinics.
Why are more people switching bank accounts?
Abigail Foster, a personal finance expert at Compare the Market, said: “With over one million switches completed so far in 2026, it’s encouraging to see so many people exploring their options.
“With continued pressure on household budgets, ensuring that your money is working as hard as possible is essential.
“Switching accounts could potentially provide better interest rates, lower fees, and enhanced benefits.”
John Dentry, product manager at Pay.UK, which owns and operates Cass, said: “The huge range of providers underscores the competitiveness of the market.”
The Current Account Switch Service is designed to make moving banks or building societies easier. Payments going into and out of an old account are automatically transferred to the new one, and a guarantee is in place to protect customers if something goes wrong with the switch.
Customers can also move their current account outside the scheme if they prefer.
Small businesses with a turnover of up to £6.5million, small charities with an annual income below £6.5million and small trusts with net assets below £6.5million can also use the service.
Smaller banks are also trying to tempt customers to switch by offering perks and rewards on their current accounts.
Zopa, for example, has revamped its Biscuit current account to let customers choose the benefits that best suit their spending habits.
The free account pays 1% AER variable interest on all balances and offers fee-free card spending abroad, while customers can select one additional benefit: 2.75% AER variable interest on their balance, 3% cashback on up to £150 of eating-out spending each month, or 3% cashback on up to £150 of Direct Debit payments each month.
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Which banks are gaining and losing customers?
The latest available figures for net completed switches between April and June show how providers fared among customers using Cass.
- Nationwide Building Society: +23,636
- Barclays: +21,169
- NatWest: +20,287
- Monzo: +17,544
- Bank of Scotland: +2,200
- RBS: +1,520
- Ulster Bank: +1,013
- Triodos Bank: +127
- AIB Group UK: -291
- Bank of Ireland: -295
- HSBC: -1,489
- Co-operative Bank: -3,482
- Starling Bank: -4,039
- Virgin Money: -4,502
- Lloyds Bank: -7,175
- Chase: -10,772
- Santander: -14,124
- TSB: -17,008
- Halifax: -20,728
The figures show net gains or losses through the switching service only and do not include customers who moved accounts outside Cass.
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