Nationwide will minimize rates of interest on 36 financial savings accounts subsequent month: Here’s the total record
- Building society said it was responding to Bank of England base rate cut
The interest rates on dozens of Nationwide Building Society savings accounts will be cut next month.
The building society giant announced it would be cutting the rates on 36 of its savings accounts from 10 February.
Nationwide said the move to cut savings rates was in response to the Bank of England cutting the base rate.
In December, the Bank of England decided to cut the base rate to 3.75 per cent from 4 per cent.
As a result Nationwide customers will see rates fall across regular savings accounts, children’s accounts, limited-access and easy-access accounts, with reductions ranging from 0.1 per cent to 0.25 per cent.
The worst-hit savers are those with help to buy Isas, child trust funds and junior Isas, all of which will see rates cut by 0.25 per cent.
Rates down: Nationwide has reduced the interest on some of its savings accounts following the cut in the Bank of England’s base rate in December
Rate cuts will also be applied to triple access easy-access accounts, single access accounts and limited access savings and Isas.
Flex Instant saver accounts and reward saver accounts will also have rates reduced.
Nationwide said that most savings rate cuts are smaller than the full Bank of England cut of 0.25 per cent .
Tom Riley, Nationwide’s director of group retail products, said: ‘Although we’ve made reductions to a number of savings accounts, our range continues to pay more than the market average, giving savers every reason to put their money with Nationwide.’
Some Nationwide savings accounts will be spared from having their rates slashed. These include the Flex Regular Saver, FlexOne Saver, Start to Save products, Smart Instant Access & SmartSaver and Smart Limited Access.
| Product type | Account | Previous headline rate | New headline rate | Change |
|---|---|---|---|---|
| Regular savings | Help to Buy Isa | 2.5% | 2.25% | -0.25% |
| Continue to Save | 1.75% | 1.5% | -0.25% | |
| Children’s | Child Trust Fund / Smart Junior ISA/ CTF Maturity ISA / Smart Junior ISA Maturity | 3.05% | 2.8% | -0.25% |
| Limited Access | 1 Year Triple Access Online Saver / ISA | 3.5% | 3.3% | -0.2% |
| Branch Triple Access/ Triple Access Saver / ISA | 1.55% | 1.3% | -0.25% | |
| Reward Single Access ISA / Single Access ISA / Single Access Saver/ Branch Single Access/ Branch Single Access ISA | 3.05% | 2.8% | -0.25% | |
| Branch Limited Access/ Limited Access Saver, Limited Access Online Saver, e-Savings Plus | 1.5% | 1.25% | -0.25% | |
| Instant Access | Flex Instant Saver – Issues 2, 3, 4, 5, 6 | 2.5% | 2.3% | -0.2% |
| Branch Reward Saver/ Branch Reward ISA/ Reward Saver / Reward ISA | 3.00% | 2.75% | -0.25% | |
| Branch Flex Saver/ Branch Flex ISA/ Flex Saver / Flex ISA | 1.25%- 1.45% | 1.15%- 1.25% | -0.2% | |
| Branch Easy Access/ Instant Access | 1.10%- 1.35% | 1.10%- 1.20% | -0.15% | |
| Branch Instant Access Maturity/ Instant Access Saver – Issue 10 & 15 | 1.45% | 1.25% | -0.2% |
Amid the cuts, Nationwide said it will increase the rate on its five-year fixed-rate bond and Isa to 4 per cent for customers willing to lock away their savings for longer.
If you have a Nationwide savings account, you should check your account details carefully to see if you have one of the 36 savings accounts affected by the cuts.
If you do, you should look for a better savings deal as loyalty often does not pay when it comes to your savings rate.
You can see the best savings rates on the market using This is Money’s independent best-buy savings rate tables.
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