Nationwide Building Society has announced it will reduce interest rates on 36 savings accounts from Tuesday, February 10, following the Bank of England's recent base rate cut. The reductions range between 0.15% and 0.25%, affecting regular savings, children's accounts, limited access accounts, and instant access products.
Among the impacted accounts are the Help to Buy ISA, Continue to Save accounts, Child Trust Funds, Junior ISAs, and Future Saver accounts. Limited access savers will see cuts to Triple Access, Single Access, and Limited Access savings and ISAs, while instant access products such as Flex Instant Saver and Reward Saver accounts are also affected.
Nationwide stated that most reductions are smaller than the full Bank of England cut. Some products remain unchanged, including Flex Regular Saver, FlexOne Saver, and Start to Save accounts. In a positive move, Nationwide increased the rate on its five-year Fixed Rate Bond and ISA to 4%.
The Bank of England reduced the base rate to 3.75% in December, its lowest level since early 2023. Governor Andrew Bailey noted that inflation has continued to fall, but further cuts will be a “closer call”. Savers are urged to check if their accounts are among those affected.
