Nationwide raises interest rates to 5% – but how does that compare to inflation? | Personal finance | Finance

“This market-leading rate will help new and existing members get the most out of their money, which is especially important right now.

“The FlexDirect checking account also has an initial interest-free overdraft to give some peace of mind to those in financial difficulty and free them up to focus on paying off other debts. »

Financial experts still warn that inflation will continue to rise in the UK for the foreseeable future and this will continue to hurt people’s savings.

Paul Titterton, managing director of Digital Solutions at abrdn, said: “A further rise in inflation means increased pressure on already strained household finances, and it is expected to climb even higher to 11 % later this year.

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