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January 19, 2009    

Nationwide International reduces savings rate

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by David Masters
Nationwide International reduces savings rate

Nationwide International this week reduced the interest rate on its US Dollar accounts.

The offshore subsidiary of Nationwide Building Society cut the interest paid on its US Dollar Tracker Premium account to 0.50% AER, whilst the US Dollar Savings account rate was moved down to 0.25% AER.

Nationwide said the new rates were a response to the US Federal Reserve’s December base rate reduction.

It added that its offshore deposit accounts continue to offer competitive rates, despite the cuts.

The Bank of England also reduced its base rate in December, followed by an additional 0.5% cut earlier this month.

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