Major bank to make big change to 47 accounts in weeks impacting thousands – do you need to act?
BANK CHANGE Major bank to make big change to 47 accounts in weeks impacting thousands – do you need to act?
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A MAJOR building society will make a big change to 47 savings accounts in weeks.
Nationwide is slashing the rates on several of its savings accounts.
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Nationwide is lowering interest on some of its saving accounts
Credit: PA
The moves comes after rate-setters on the BoE's Monetary Policy Committee cut the base rate from 4.5% to 4.25%.
This was the fourth interest rate cut since 2020.
The base rate is used by lenders to determine the interest rates offered to customers on savings and borrowing costs.
A base rate cut can mean that mortgage rates are lowered, which is good news for homeowners.
But it can mean that savers lose out as the interest they earn on savings will drop.
As the base rate falls some lenders, including Nationwide, have chosen to lower the interest rates on some savings accounts.
That includes its Triple Access Saver account which will see interest lowered from 1.95% AER to 1.80% come July 1.
AER, or Annual Equivalent Rate, is used to show you what you could earn from a savings account over a year.
Its Cash Child Trust Fund will also have its interest lowered.
The rate will be lowered from 3.55% AER to 3.30% next month.
NatWest to close 53 bank branches in fresh blow to UK high street – see if your local is affected
Meanwhile, the interest on its Help To Buy ISA will be lowered from 2.90% to 2.70%
You can take a look at the full list of account changes below
Branch Limited Access Previous rate: 1.90% AER/gross (variable) New rate: 1.75% AER/gross (variable)
Limited Access Online Saver Previous rate: 1.90% AER/gross (variable) New rate: 1.75% AER/gross (variable)
Limited Access Saver Previous rate: 1.90% AER/gross (variable) New rate: 1.75% AER/gross (variable)
Branch Reward Single Access ISA Previous rate: 3.35% AER/tax-free (variable) New rate: 3.25% AER/tax-free (variable)
Branch Single Access ISA Previous rate: 3.35% AER/tax-free (variable) New rate: 3.25% AER/tax-free (variable)
Reward Single Access ISA Previous rate: 3.35% AER/tax-free (variable) New rate: 3.25% AER/tax-free (variable)
Branch Single Access Previous rate: 3.35% AER/gross (variable) New rate: 3.25% AER/gross (variable)
Single Access Saver Previous rate: 3.35% AER/gross (variable) New rate: 3.25% AER/gross (variable)
Triple Access Online ISA Previous rate: 1.80% AER/tax-free (variable) New rate: 1.60% AER/tax-free (variable)
Branch Triple Access ISA Previous rate: 1.95% AER/tax-free (variable) New rate: 1.80% AER/tax-free (variable)
Triple Access ISA Previous rate: 1.95% AER/tax-free (variable) New rate: 1.80% AER/tax-free (variable)
Branch Easy Access ISA Previous rate: 1.55% AER/tax-free (variable) New rate: 1.30% AER/tax-free (variable)
Easy Access ISA Previous rate: 1.55% AER/tax-free (variable) New rate: 1.30% AER/tax-free (variable)
Easy Access ISA 2 Previous rate: 1.55% AER/tax-free (variable) New rate: 1.30% AER/tax-free (variable)
e-ISA Previous rate: 1.55% AER/tax-free (variable) New rate: 1.30% AER/tax-free (variable)
Fixed Term ISA Maturity Previous rate: 1.55% AER/tax-free (variable) New rate: 1.30% AER/tax-free (variable)
Fixed Term Cash ISA Maturity Previous rate: 1.55% AER/tax-free (variable) New rate: 1.30% AER/tax-free (variable)
Inheritance ISA Previous rate: 1.55% AER/tax-free (variable) New rate: 1.30% AER/tax-free (variable)
Branch Reward Saver Previous rate: 3.30% AER/gross (variable) New rate: 3.20% AER/gross (variable)
Reward Saver Previous rate: 3.30% AER/gross (variable) New rate: 3.20% AER/gross (variable)
Help to Buy: ISA Previous rate: 2.90% AER/tax-free (variable) New rate: 2.70% AER/tax-free (variable)
e-Savings Plus Previous rate: 1.90% AER/gross (variable) New rate: 1.75% AER/gross (variable)
Branch Smart Limited Adult Previous rate: 2.85% AER/gross (variable) New rate: 2.75% AER/gross (variable)
Branch Smart Limited Child Previous rate: 2.85% AER/gross (variable) New rate: 2.75% AER/gross (variable)
Smart Limited Access Adult Previous rate: 2.85% AER/gross (variable) New rate: 2.75% AER/gross (variable)
Smart Limited Access Child Previous rate: 2.85% AER/gross (variable) New rate: 2.75% AER/gross (variable)
Future Saver Previous rate: 3.55% AER/gross (variable) New rate: 3.30% AER/gross (variable)
Children's Future Saver Issue 1 Previous rate: 3.55% AER/gross (variable) New rate: 3.30% AER/gross (variable)
Branch Future Saver Previous rate: 3.55% AER/gross (variable) New rate: 3.30% AER/gross (variable)
Cash Child Trust Fund Previous rate: 3.55% AER/gross (variable) New rate: 3.30% AER/gross (variable)
Child Trust Fund Maturity ISA Previous rate: 3.55% AER/gross (variable) New rate: 3.30% AER/gross (variable)
Junior ISA Maturity Previous rate: 3.55% AER/gross (variable) New rate: 3.30% AER/gross (variable)
Smart Junior ISA Previous rate: 3.55% AER/gross (variable) New rate: 3.30% AER/gross (variable)
Branch Flex Saver Previous rate: 1.65% AER/gross (variable) New rate: 1.50% AER/gross (variable)
Flex Online Saver Issues 1 and 2 Previous rate: 1.65% AER/gross (variable) New rate: 1.50% AER/gross (variable)
Flexclusive Saver Previous rate: 1.65% AER/gross (variable) New rate: 1.50% AER/gross (variable)
Flex Saver Previous rate: 1.65% AER/gross (variable) New rate: 1.50% AER/gross (variable)
Corporate Savings Previous rate: 1.56% AER/1.55% gross (variable) New rate: 1.30% AER/1.30% gross (variable)
Branch Flex ISA Previous rate: 1.60% AER/tax-free (variable) New rate: 1.50% AER/tax-free (variable)
Flex ISA Previous rate: 1.60% AER/tax-free (variable) New rate: 1.50% AER/tax-free (variable)
Instant Access Saver Issue 10 Previous rate: 1.85% AER/gross (variable) New rate: 1.70% AER/gross (variable)
Single Access ISA Previous rate: 3.35% AER/tax-free (variable) New rate: 3.25% AER/tax-free (variable)
1 Year Triple Access Online ISA Previous rate: 4.00% AER/tax-free (variable) New rate: 3.75% AER/tax-free (variable)
1 Year Triple Access Online ISA Issues 16 and 17 Previous rate: 4.00% AER/tax-free (variable) New rate: 3.75% AER/tax-free (variable)
1 Year Triple Access Online ISA Issue 18 Previous rate: 4.00% AER/tax-free (variable) New rate: 3.75% AER/tax-free (variable)
1 Year Triple Access Online Saver Issues 3, 5, 9, 12, 15, 16, 17 Previous rate: 4.00% AER/gross (variable) New rate: 3.75% AER/gross (variable)
1 Year Triple Access Online Saver Issue 18 Previous rate: 4.00% AER/gross (variable) New rate: 3.75% AER/gross (variable)
If you are not happy with the change, it is always worth looking at other providers to see if you can get a better deal.
Websites such as MoneyFacts share the best offers on the market for savings and other types of bank accounts.
OTHER BANKING CHANGES
Nationwide is not the only bank lowering the interest on some of its deals.
Leeds Building Society is slashing the rates on 58 of its savings accounts.
That includes its Five Access Saver which will have its interest rates lowered from 3.77% AER to 3.55% come June 27.
Meanwhile, Vault customers will see interest rates on their account from 3.80% AER to 3.65% come June 26.
The change will take place from June 23, but dates can vary from offer to offer.
Online bank Monzo also lowerd the intertest on its Personal Instant Access Savings Pots from from 3.50% AER to 3.25% AER.
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