Nationwide cuts interest on savings

Nationwide cuts interest on savings

Nationwide Building Society has announced interest rate cuts on the majority of its current accounts.

Nationwide said the change follows the Bank of England’s base rate cut last month.

The building society assured savers that none of the cuts will be more than 0.5%, and that some of the cuts will be less.

On average, Nationwide savers will now be paid an average of 0.41% less interest.

The new rates are effective from 1 February 2009.

Matthew Carter, Nationwide’s divisional director of savings, said: “We, like all providers, have had to review our position and manage our portfolio of accounts in relation to current market conditions.”

He added: “We’re pleased to be able to go some way to protecting savers from the most recent cut to the Base Rate.”

To demonstrate its commitment to savers, Nationwide are continuing to offer some savings accounts with interest rate guarantees.

A new Tracker Bond has also been launched today. It pays interest of between 2.05% and 2.30% above the base rate over a one year term.

Recent research by moneysupermarket.com found that Nationwide is the UK’s most trusted savings account provider.

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