Interest rate increases on Nationwide's Champion ISA
The interest rate on the Champion ISA offered by Nationwide Building Society is now 2.76 per cent gross p.a./AER variable for balances more than £1,000.
A key feature of the product is that its core rate is the average offered by the top five paying branch-based cash ISAs from a basket of eight competitors on the high street.
This means when there is movement in interest rates of the competitors' branch-based cash ISAs, Champion ISA's interest rate will be adjusted accordingly on the first day of the following month.
According to the Society the product offers long-term good value as even without the fixed bonus, it is competitive because other providers' introductory bonuses are included when calculating the core interest rate.
Balances of £1,000 and more then see a fixed bonus added on top for a specified period to help savers in the current low interest rate environment.
The rates on Nationwide's other cash ISAs remain the same.
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