Nationwide Building Society will reduce interest rates across multiple savings products from October 1, following the Bank of England’s quarter-point base rate decrease in August.
Interest rates on various savings accounts will fall by 0.20-0.25 per cent, affecting most of the building society’s product range.
While most savers will see interest rates fall, younger customers and those who save regularly will be shielded from the cuts.
Accounts aimed at children, along with monthly saver products, will continue to offer their current rates to encourage consistent saving habits.
Tom Riley, Nationwide’s director of group retail products, said: “We always work hard to try to limit the impact of any cuts to bank rate on our existing savings customers.
“We’ve made a conscious decision to leave the rates unchanged on our FlexOne Saver and Flex Regular Saver accounts, to support regular savers and young people starting their savings journey.”
Here is a full list of Nationwide savings rate changes coming into effect from October 1:
Youth accounts and regular savers:
FlexOne Saver and FlexOne Regular Saver accounts for young people continue to offer 5.00 per cent interest.
The Flex Regular Saver will retain its 6.50 per cent rate for customers.
Nationwide is slashing rates from October
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GETTY/NATIONWIDEHelp to Buy ISAs and general savings accounts:
Help to Buy ISAs decrease from 2.70 per cent to 2.50 per cent.
The Continue to Save account drops from 2.00 per cent to 1.75 per cent.
Children’s accounts:
Child Trust Funds, Smart Junior ISAs and related maturity accounts fall from 3.30 per cent to 3.05 per cent.
Future Saver and Children’s Future Saver accounts face identical reductions.
FlexOne Saver and FlexOne Regular Saver accounts for young people continue to offer 5.00 per cent interest
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NATIONWIDE/GETTYInstant access and limited access accounts:
Smart Limited Access accounts decrease from 2.75 per cent to 2.50 per cent.
Smart Instant Access and Smart Saver products drop from 1.85 per cent to 1.60 per cent.
Triple Access accounts:
The 1 Year Triple Access Online Saver and ISA variants reduce from 3.75 per cent to 3.50 per cent.
Standard Triple Access Saver and ISA accounts fall from 1.80 per cent to 1.55 per cent.
Reward accounts:
Reward Single Access ISAs and similar single access products decrease from 3.25 per cent to 3.05 per cent.
Limited Access Savers, including online versions and e-Savings Plus accounts, drop from 1.75 per cent to 1.50 per cent.
Flex Saver and Flex ISA accounts:
Flex Instant Saver accounts across issues two, three and four reduce from 2.75 per cent to 2.50 per cent.
Reward Saver and Reward ISA rates decrease from 3.20 per cent to 3.00 per cent.
Nationwide has announced adjustments to savings rates in response to the Bank of England Bank Rate decrease of 0.25%
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PATiered accounts by balance:
Flex Saver and Flex ISA accounts have tiered rates.
Amounts up to £9,999.99 fall from 1.50 per cent to 1.25 per cent.
Balances between £10,000 and £49,999.99 drop from 1.60 per cent to 1.35 per cent.
Deposits of £50,000 or more reduce from 1.70 per cent to 1.45 per cent.
Standard Instant Access accounts follow similar tiered reductions.
The Instant Access Saver Issue 10 specifically decreases from 1.70 per cent to 1.45 per cent.
Mr Riley added: “Although we’ve made reductions to a number of savings accounts, our range continues to pay more than the market average, giving savers every reason to put their money with Nationwide.”