In a significant move that could impact millions, Nationwide has announced it will be making a major change in the coming weeks.
The banking chain is reducing interest rates on nearly 90 savings accounts starting from February 1. This decision follows the Bank of England’s Base Rate cut by 0.25 per cent in November, prompting action from the building society.
Customers can expect to see rate reductions between 0.10 per cent and 0.25 per cent across various savings accounts. Despite these changes, Nationwide insists their savings products will continue to offer competitive rates.
READ MORE: Finance expert shares five things they won’t be buying in 2025 to save money
READ MORE: Martin Lewis’ Money Saving Expert shares 1p-an-hour items to keep people warm
“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,” explained Tom Riley, Nationwide’s Director of Retail Products. He further stated: “Following these changes, our savings range will remain competitive.”
Riley also highlighted Nationwide’s commitment to its members, saying: “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.”
It’s important to note that not all Nationwide savings accounts will face rate cuts. Fixed-term accounts, for example, will maintain their current rates until the end of their agreed term, reports Lancs Live.
Conversely, a significant number of easy-access accounts are being impacted. These accounts permit customers to withdraw money at their discretion without incurring any withdrawal fees.
See the comprehensive list of affected accounts below:
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%
Limited Access
- Limited Access Saver/ Limited Access Online Saver – 0.20%
- Triple Access Saver/ Triple Access ISA – 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%
Regular Savings
- Continue to Save – 0.20%
- Help to BUY ISA – 0.25%