This is despite the Bank of England reducing the base rate twice last month down to 0.1%.
Chief executive Officer, David Marlow, commented: “Our mutual ethos and financial strength means we have the ability to provide our members with some support during this national emergency.”
“At a time when household finances are being squeezed and are facing massive uncertainty, deciding not to pass on interest rate reductions for the next three months is just another way we are looking after our members and demonstrates the building society has always been the best place for their savings.”
This includes its Lifetime ISA product for first-time buyers and retirement savers for which it boasts the market-leading rate of 1.25%*. The other two building societies that offer the Lifetime ISA reduced rates down to 0.35% recently in response to the Bank of England base rate cuts.
In addition, the society is extending support for the wider community by tripling the amount it had pledged to donate to charitable causes in the first half of 2020, increasing it to £100,000.
In direct response to the Coronavirus outbreak, the building society is giving a £30,000 share of that fund to Trussell Trust supported foodbanks operating in communities across its heartland. With an average food package for three days costing around £10, The Nottingham’s donations will cover the cost of around 3,000 food parcels for families most in need.
Another cause that will benefit from the fund is The SilverLine. Part of AgeUK, the telephone befriending scheme sees volunteers supporting the elderly in a number of ways from shopping and dropping off supplies to running errands. The service, which is part of Age UK, has seen a 50% increase in calls in recent weeks.
The society’s long-standing charity partners Framework and Young Enterprise will also benefit with support to continue their work in their respective fields of tackling homelessness and driving employability and financial education skills in schools.
David Marlow added: “The Nottingham has a long and proud history of doing the right thing and in times like these, this is more important than ever.
“As a mutual organisation we are committed to supporting our communities and, although we realise these are uncertain times, we know we will get through this together, looking after each other and supporting those that need it most.”
All The Nottingham’s building society branches remain open on reduced hours.
