Nationwide Building Society is set to improve the interest rates on its savings options.

The move has been made following the Bank of England's recent decision to rate the base rate by 0.25 per cent to 4.75 per cent.

In line with this, all Nationwide savings accounts, including e-Savings, Monthly Income 65+, Smart and Cash Child Trust Funds, will see a 0.25 per cent rise in interest rates .

The society claims that its rates will remain 0.35 per cent better than those of its high-street competitors.

In addition, Nationwide has launched a new two year tracker investment bond for long-term members, paying up to 4.75 per cent AER, depending on the amount invested.

The new investment option is variable, with the annual interest rates tracking the Bank of England's base rate, while a monthly interest rate is also available.

Nationwide offers a wide range of financial services to its members in addition to savings and investments, such as online banking, credit cards, mortgages, personal loans, life insurance, car insurance, travel insurance and mortgage insurance.