Just this week, Nationwide came third in Moneyfacts Personal Finance Provider of the Year category for 2022.

Debbie Crosbie, Chief Executive of Nationwide Building Society said she hoped the changes would encourage people to save.

She said: We’ve worked hard to give existing savers even more reason to put money away at this time, and now we’re launching Member Online Bond and increasing rates on all off-sale accounts to help further.

“However, we recognise that there are also people who have not been saving.

“Our Start to Save account encourages a regular savings habit amongst people who are able to put a small amount away each month.”