Nationwide is set to introduce a shakeup that could affect millions of customers next month.
The banking giant confirmed that it will begin cutting interest rates on close to 90 savings accounts on February 1. It comes after the Bank of England cut the Base Rate by 0.25 per cent in November, sparking a response from Nationwide.
Many savings accounts at Nationwide will now see reductions ranging between 0.10 per cent and 0.25 per cent respectively. The building society highlighted that despite the move, rates in their savings offerings will “remain competitive”.
“We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver,” said Tom Riley, Nationwide’s Director of Retail Products. He added: “Following these changes, our savings range will remain competitive.
“We returned a record £950 million in member financial benefit in the first half of this year and we’ll continue to give savers every reason to put their money with Nationwide.”
Nationwide accounts that will see their rates slashed
Not all savings accounts at Nationwide will be affected by the change in February. For example, fixed-term accounts generally have their rates frozen for a set period and thus won’t be subjected to any cuts until at least after the term of the account ends.
On the other hand, a large portion of easy access accounts are being affected. These types of accounts allow customers to take money out whenever they decide without facing any kind of charge on the withdrawal.
See a full list of the accoutns being affected below…
Limited Access
- Limited Access Saver/ Limited Access Online Saver – 0.20%
- Triple Access Saver/ Triple Access ISSA – 0.20%
- e-Savings Plus – 0.20%
- 1 Year Triple Access online ISA (all issues0 – 0.10%
- 1 Year Triple Access Online Saver (all issues) – 0.10%
- Loyalty Single Access ISA – 0.10%
Instant Access
- Loyalty Saver / Loyalty ISA – 0.10%
- Flexclusive ISA/ Flexclusive Saver * – 0.15% – 0.25%
- Instant access savings accounts (eg Instant Access Saver, Instant iSA Saver, CashBuilder)* – 0.15% – 0.25%
- Flex Instant Saver – 0.25%
- Instant Access Saver 10 – 0.15%
Children’s
- Smart limited access – 0.25%
- Future Saver (with main current account) – 0.25%
- Child Trust fund/ Smart Junior ISA – 0.25%
- Smart Saver – 0.25%
- Smart – 0.25%
Regular Savings
- Continue to Save – 0.20%
- Help to BUY ISA – 0.25%