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Nationwide has revealed how many savers stand to benefit as it announced changes to its savings product range on Wednesday.

The world's largest building society has launched its latest ISA rates.

Anyone transferring funds into these accounts could pocket additional cash, provided they satisfy certain eligibility criteria.

Currently, Nationwide offers four fixed rate cash ISAs, with rates reaching as high as 4.6%. A recent Finder survey found that the average savings held by UK residents stands at around £19,214.

Should this sum be deposited into a one-year fixed rate cash ISA with Nationwide, which carries a 4.5% interest rate, savers would find themselves £860.58 better off after twelve months.

The three and five-year fixed rate cash ISAs carry a 4.6% interest rate, meaning typical savers could be a substantial £2,762.37 or £4,822.23 wealthier by the end of the term, respectively.

That said, opting for these accounts would mean tying up your money for considerably longer periods.

Nationwide's new fixed and variable savings rates are as follows:

• 1 Year Fixed Rate Cash ISA - 4.50% AER/Tax-free (fixed)
• 2 Year Fixed Rate Cash ISA - 4.55% AER/Tax-free (fixed)
• 3 Year Fixed Rate Cash ISA - 4.60% AER/Tax-free (fixed)
• 5 Year Fixed Rate Cash ISA - 4.60% AER/Tax-free (fixed)
• 1 Year Triple Access ISA - 3.30% AER/Tax-free (variable) (1.05% after 4 or more withdrawals)
• 1 Year Single Access Saver - 3.30% AER/Gross a year (variable) (1.05% after 4 or more withdrawals)

Richard Stocker, head of savings at Nationwide, said: "We're pleased to launch new higher rates across our Fixed rate ISA range with both short- and longer-term options. For those who require more flexibility we also have our Triple Access offering. All ISAs and rates are available in branch, by phone or online, as we know customers value choice in how they bank, which is why we've extended our Branch Promise.

"Customers can also make use of our in app budgeting tool to help them manage their money."