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Daily Mirror
07-05-2025
- Business
- Daily Mirror
Nationwide making huge change to accounts in weeks - full list of those affected
The Bank of England's base rate impacts the interest offered on savings accounts - The higher the base rate, the higher the rate offered, and the lower the base rate, the lower the rate offered Nationwide will be making a huge change to millions of accounts within weeks - and savers are set to be worse off. The building society has announced that it will be cutting the interest rates on over 60 of its savings accounts from June 1. The move comes after the Bank of England slashed the base interest rate from 4.75% to 4.5% in February - and is set to cut it again by 0.25 percentage points tomorrow. The base rate impacts the interest offered on savings accounts. The higher the base rate, the higher the rate offered, and the lower the rate, the lower the rate offered. Lower rates are not good news for savers as this means they are paid less for their pots. Nationwide will cut the rate offered across 63 of its savings accounts, including its easy-access savers and Cash ISAs. Tom Riley, Nationwide's director of retail products, said the building society had "worked hard" to limit any reductions in savings rates. He added: "We have not made any changes to our Children's FlexOne Saver and those savings which encourage a savings habit. Following these changes, our savings range will remain competitive and continue to pay more than the market average, giving savers every reason to put their money with Nationwide." If the interest rate on one of your Nationwide savings accounts is being cut, you should receive notification from the building society. You are most likely to be sent an email. If the interst rate is changing on your savings account, then you can close the account and find another paying a better rate. However, it's not just the headline savings rate you should base things on, you should also look for any withdrawal penalties, when interest is paid and if the account comes with a temporary bonus rate. Join Money Saving Club's specialist topics Full list of Nationwide bank changes from June 1 Branch Limited Access - Now: 2.1% June 1: 1.9% Branch Reward Single Access ISA - Now: 3.55% June 1: 3.35% Branch Single Access - Now: 3.55% June 1: 3.35% Triple Access Online ISA - Now: 2% June 1: 1.8% Branch Triple Access ISA - Now: 2.15% % June 1: 1.95% Branch Easy Access ISA - Now: 1.8% June 1: 1.55% Branch Easy Access - Now: 1.8% June 1: 1.55% Branch Reward Saver - Now: 3.5% June 1: 3.3% Branch Reward ISA - Now: 3.5% June 1: 3.3% Business Investor - Now: 1.81% June 1: 1.56% Triple Access ISA - Now: 2.15% June 1: 1.95% Branch Easy Access ISA - Now: June 1: Easy Access ISA - Now: 1.80% June 1: 1.55% Easy Access ISA 2 - Now: 1.80% June 1: 1.55% e-ISA - Now: 1.80% June 1: 1.55% Fixed Term ISA Maturity - Now: 1.80% June 1: 1.55% Fixed Term Cash ISA Maturity - Now: 1.80% June 1: 1.55% Inheritance ISA - Now: 1.80% June 1: 1.55% Branch Easy Access - Now: 1.80% June 1: 1.55% Easy Access Saver - Now: 1.80% June 1: 1.55% CashBuilder Card - Now: 1.80% June 1: 1.55% Direct Saver - Now: 1.80% June 1: 1.55% Easy Access Card - Now: 1.80% June 1: 1.55% e-Savings - Now: 1.80% June 1: 1.55% Fixed Term Bond Maturity - Now: 1.80% June 1: 1.55% Instant Access Saver Issues 1-9 and 11 - Now: 1.80% June 1: 1.55% InvestDirect - Now: 1.80% June 1: 1.55% Fixed Term Branch Bond Maturity - Now: 1.80% June 1: 1.55% Fixed Term e-Bond Maturity - Now: 1.80% June 1: 1.55% Lapsed TESSA - Now: 1.80% June 1: 1.55% ShareSave Feeder - Now: 1.80% June 1: 1.55% Branch Reward ISA - Now: 3.50 % June 1: 3.30% Reward ISA - Now: 3.50 % June 1: 3.30% Business Investor - Now: 1.81% June 1: 1.56% Portfolio Investor - Now: 1.81% June 1: 1.56% Triple Access Saver - Now: 2.15% June 1: 1.95% Help to Buy: ISA - Now: 3.1% June 1: 2.90% e-Savings Plus - Now: 2.10% June 1: 1.90% Continue to Save - Now: 2.10% June 1: 2% Branch Smart Limited Adult - Now: 3.05% June 1: 2.85% Branch Smart Limited Child - Now: 3.05% June 1: 2.85% Smart Limited Access Adult - Now: 3.05% June 1: 2.85% Smart Limited Access Child - Now: 1.85% June 1: 1.60% Branch Flex Saver - Now: 1.85% June 1: 1.60% Flex Online Saver Issues 1 and 2 - Now: 1.85% June 1: 1.60% Flexclusive Saver (all issues) - Now: 1.85% June 1: 1.60% Flex Saver - Now: 1.85% June 1: 1.60% Corporate Savings - Now: 1.81% June 1: 1.56% Branch Flex ISA - Now: 1.85% June 1: 1.60% Flex ISA - Now: 1.85% June 1: 1.60% Instant Access Saver Issue 10 - Now: 2.05% June 1: 1.85% Single Access ISA - Now: 3.55% June 1: 3.35% Branch Smart Instant Adult - Now: 2.05% June 1: 1.85% Branch Smart Instant Child - Now: 2.05% June 1: 1.85% Branch Smart Saver - Now: 2.05% June 1: 1.85% Smart Instant Access Adult - Now: 2.05% June 1: 1.85% Smart Instant Access Child - Now: 2.05% June 1: 1.85% Smart Saver - Now: 2.05% June 1: 1.85% Flex Instant Saver - Now: 3% June 1: 2.75% Flex Instant Saver 2 - Now: 3% June 1: 2.75% Flex Instant Saver 3 - Now: 3% June 1: 2.75%
Scottish Sun
06-05-2025
- Business
- Scottish Sun
Nationwide to make big change to millions of bank accounts in weeks – and customers need to check now
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) NATIONWIDE is making a big change to millions of accounts in weeks leaving savers worse off. The major building society is cutting interest rates on over 60 savings accounts from June 1. Sign up for Scottish Sun newsletter Sign up 1 Nationwide is cutting rates on dozens of savings accounts Credit: Alamy The move comes after the Bank of England slashed the base rate from 4.75% to 4.5% in February. The base rate affects the interest rates banks offer to customers on a range of products including savings accounts and mortgages. A lower base rate signals good news for mortgage holders but has a negative knock-on effect on savers who usually see their rates drop. Nationwide is cutting rates on 63 of its savings accounts on June 1, from ISAs to easy access savings accounts. Whether you are impacted and how much by depends on the type of account you have, plus how many withdrawals you can make from the account per year. For example, the interest rate on Nationwide's Triple Access ISA is currently 2.15% if you can make three or fewer withdrawals a year but from June 1 this will fall to 1.95%. If you've got the same savings account and can make four or more withdrawals each year the rate is currently 1.75% but will fall to 1.50% from June 1. Meanwhile, if you have a Single Access ISA and can make one or fewer withdrawals each year, the rate is dropping from 3.55% to 3.35%. However, if you can make two or fewer withdrawals each year, your rate will fall from 1.75% to 1.50%. Tom Riley, Nationwide's director of retail products, said the building society had "worked hard" to limit any reductions in savings rates. Switch bank accounts for free perks He added: "We have not made any changes to our Children's FlexOne Saver and those savings which encourage a savings habit. "Following these changes, our savings range will remain competitive and continue to pay more than the market average, giving savers every reason to put their money with Nationwide." Not all savers will see their interest rates fall from June 1, including those with child savings accounts. For example, if you've got a Branch Smart Limited Child account and are allowed to make two or more withdrawals from it each year, the interest rate will stay at 1.80%. If the interest rate on one of your Nationwide savings accounts is being cut, you should receive notification from the building society telling you. This communication may come via email. For more information on what specific accounts will see their interest rates drop, go to What you can do if you're affected Nationwide customers set to see their savings account interest rates drop from June 1 could shop around for a different deal and switch. According to Chip and Sidekick are offering the best easy access account rates of 4.76%. Meanwhile, the best rate on an easy access Cash ISA is with Trading 212 which is offering a 5.07% rate. Of course, whenever you're looking to switch to a different savings rate, make sure you factor in everything before deciding to change. It's not just the headline savings rate you should keep an eye out for, but any withdrawal penalties, when interest is paid and if the account comes with a temporary bonus rate. A lot of banks and building societies offering bonus interest rates which last for a set period but then drop to a lower rate. Think about the type of savings account you want to switch to as well. If you've currently got an easy access savings account with Nationwide it could be worth switching to an ISA. The main advantage to ISAs is that you aren't taxed on any earnings whereas with a standard savings account you are taxed on interest earned above your Personal Savings Allowance (PSA). This is either £0, £500 or £1,000 depending on your income tax band. SAVING ACCOUNT TYPES THERE are four types of savings accounts fixed, notice, easy access, and regular savers. Separately, there are ISAs or individual savings accounts which allow individuals to save up to £20,000 a year tax-free. But we've rounded up the main types of conventional savings accounts below. FIXED-RATE A fixed-rate savings account or fixed-rate bond offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term. This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account. Some providers give the option to withdraw, but it comes with a hefty fee. NOTICE Notice accounts offer slightly lower rates in exchange for more flexibility when accessing your cash. These accounts don't lock your cash away for as long as a typical fixed bond account. You'll need to give advance notice to your bank - up to 180 days in some cases - before you can make a withdrawal or you'll lose the interest. EASY-ACCESS An easy-access account does what it says on the tin and usually allows unlimited cash withdrawals. These accounts tend to offer lower returns, but they are a good option if you want the freedom to move your money without being charged a penalty fee. REGULAR SAVER These accounts pay some of the best returns as long as you pay in a set amount each month. You'll usually need to hold a current account with providers to access the best rates. However, if you have a lot of money to save, these accounts often come with monthly deposit limits. In other news, economists are predicting interest rates to fall at their fastest pace since the 2008 financial crash this year. The dropping rates spell bad news for savers who will likely see interest rates on their savings account fall further. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
The Independent
14-03-2025
- Business
- The Independent
Best children's savings account for 2025 with families able to earn 5.5%
Most children will start to learn about money from an early age. For parents, teaching them about it when they begin to show an interest can be a good way to set them up for the future. There are lots of age-appropriate ways to do this, but one of the easiest is to let them have the experience of managing finances themselves. For many, a great place to start is with a children's saving account. This is a bank account specifically designed for children – with lots of parental controls – where they can begin managing usually small amounts of money. Some of these savings accounts offer comparable or even better interest rates than the mainstream offerings for adults. This means a children's savings account may not just be a good learning tool for your child, but also a good place to start saving funds that they can use later in life. However, other accounts for children pay very little interest, or may come with unfavourable conditions attached. Because of this, it can be a good idea to shop around for the best option for you and your child. Here's are the best children's savings accounts in 2025 - rates are correct at time of publishing but may be changed or withdrawn at any time. Nationwide's FlexOne Saver (5%) This offering from popular building society Nationwide is an easy-access account which offers a top rate of 5 per cent on up to £5,000. This is a better interest rate than most normal accounts currently on the market, which are sat at around 4.5 per cent on average. Children aged 11 to 17 can apply for the account, however parents can only make an account online for those aged 13 and up. You must also already have a Nationwide FlexOne current account to open one of the bank's accounts for a child. This easy-access children's saving account from Kent Reliance offers a slightly lower 4.3 per cent interest on savings. However, it also allows for a much higher limit of £25,000 to be saved. The account also has no lower age limit, making it a good option for parents who want to start their children off earlier, and it will also not provide account holders with a debit card. This children's saving account from HSBC offers a solid 5.0 per cent interest on up to £3,000 for children aged seven to 17. However, it is quite unique in that there is no maximum limit on how much can be saved in the account. Everything after £3,000 will instead accrue 1.75 per cent interest. This could be a good option for those who don't want to worry about hitting an upper limit on their account, however this interest rate can easily be beaten by many other options. Halifax Kids' Monthly Saver (5.5%) Unlike the previous accounts, this children's savings account from Halifax is a regular saver, meaning smaller amounts need to be paid in every month. This must be a minimum of £10, and maximum of £100. Crucially, money can also not be taken out until the account is closed. This makes it a good option for parents who want to hold on to the money in the account until their child reaches a certain age. It's important to note, however, that the eligible age for this account is 0 to 15. But those who are happy with the slightly lower level of flexibility offered by Halifax on their children's saving account will be rewarded the best interest rate on the market, at 5.5 per cent. How else can young people save money? Junior ISA Another option for parents looking to set their child up with a savings account for the future is a Junior ISA (Jisa). This is an individual savings account (Isa) that is designed specifically for children. An Isa is a tax-efficient pot which can hold cash or investments. Account holders can add up tot £20,000 a year to their account/s (combined if several) and they won't be taxed on interest, capital gains or dividend income generated. Junior Isas work much the same way, except with a lower annual limit of £9,000. You can learn more about Junior Isas by reading The Independent's handy guide. Turning 18 Once your child turns 18, they become responsible for their own finances. This can be a daunting step for a young person as they reach adulthood, as they take the money know-how you bestowed them out into the world. Presented with a plethora of options, it can be hard, at this point, to know what to do with money that may have been in a children's savings account or Jisa. One simple option is to shop around for the best normal savings accounts or Isas on the market at that time, and transfer the money to a new account. Many banks also offer student-orientated current accounts with easy-to-open savings accounts, if this is the route your child chooses to go down. At age 18, people can also open and begin saving in a Lifetime Isa (Lisa). This is an ISA in which you can put up to £4,000 a year, with the government matching this by 25 per cent (adding up to £1,000). This is an incredible 'interest rate' but it comes with a catch: the funds must be spent on buying your first home (unless you reach 60+ or become terminally ill). The property must also cost £450,000 or less so be sure it suits your needs. Whichever your chosen route for the future, starting to invest in your children and teaching them about the value of money is a great way to help them build wealth for the long haul. When investing, your capital is at risk and you may get back less than invested. Past performance doesn't guarantee future results.
