Nationwide is set to reduce interest rates on 36 different savings accounts next month, affecting millions of customers nationwide. This move comes in the wake of the Bank of England’s recent decision to adjust base rates.
The changes will see interest rates lowered by between 0.10% and 0.25% on a variety of products, including Regular Savings Accounts, Help to Buy ISAs, Continue to Save plans, and Children’s Accounts.
Among the affected accounts are the Child Trust Fund, Smart Junior ISA, CTF Maturity ISA, Smart Junior ISA Maturity, as well as the Branch Future Saver, Future Saver, and Children’s Future Saver accounts. Both Limited Access and Easy Access account rates will also be reduced.
Other affected products include the 1 Year Triple Access Online Saver, Branch Triple Access, Triple Access Saver, and ISAs such as Reward Single Access ISA, Single Access ISA, Single Access Saver, and their branch equivalents.
Additional impacted accounts cover Limited Access Saver, Limited Access Online Saver, e-Savings Plus, and various issues of the Flex Instant Saver accounts (Issues 2 through 6).
Furthermore, rates on the Branch Reward Saver, Branch Reward ISA, Reward Saver, Reward ISA, Branch Flex Saver, Branch Flex ISA, Flex Saver, and Flex ISA will be adjusted.
Lastly, the Branch Easy Access, Instant Access, Branch Instant Access Maturity, and Instant Access Saver (Issues 10 and 15) accounts will also see rate reductions.
Nationwide has confirmed that certain accounts will not be affected by these changes, maintaining their current interest rates.