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Nationwide cuts savers’ rates

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by David Masters
Nationwide cuts savers' rates

Nationwide has announced further cuts to interest rates on its savings accounts.

The building society said rates will be reduced by an average of 0.37%, with some accounts seeing cuts as large as 0.5%.

Forty percent of accounts will see no reduction in rates, the company assured savers, whilst one account will see rates increase.

The top rate on Nationwide’s Regular Savings account will increase to 3.00% gross p.a./AER, with the maximum monthly contribution rising to £1,000 – a benefit to consumers looking to make regular savings whilst needing instant access to their cash.

Andy McQueen, director of savings and mortgages at Nationwide, said the decision to reduce savings rates was made following a review of the Bank of England’s 0.5% base rate cut earlier this month.

The reductions were made “in relation to current market conditions,” McQueen said.

He added: “No interest rate will fall by more than the reduction in the Base Rate and e-Savings Plus will fall by less.”

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News posted: February 27, 2009

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