Nationwide Building Society is slashing savings interest rates following the Bank of England’s decision to pause its series of base rate hikes.
Nationwide Building Society has withdrawn various Issues of savings accounts, replacing them with Issues offering lower interest rates.
The building society launched new issues of its Fixed Rate Online Bonds, Fixed Rate Branch Bonds and Fixed Rate ISAs today.
However, the savings interest rates offered on these accounts are lower than what they were for the Issues launched in late December.
Banks and building societies have raised savings interest rates over the last year-and-a-half after the Bank of England increased the base rate to 5.25 per cent.
The accounts previously offered up to 4.50 per cent, whereas it’s now up to 4.25 per cent.
As of today, the new interest rates from Nationwide Building Society are:
These new interest rates from the building society available to customers for account balances of £1 or more.
Savers are able to open the Online Bonds through Nationwide’s website, Internet Bank and Banking app. The Rate Branch Bonds can be opened visiting one of the building society’s branches.
Fixed Rate ISAs from Nationwide accept transfers in and can be opened through the website, Internet Bank, Banking app or by going to branch.
All previous Fixed Rate Online Bonds, Branch Bonds and ISAs, including the three and five year products, were withdrawn from sale at close of business yesterday (January 11).
The previous interest rates for the one and two year products from Nationwide included: