Nationwide to make major changes to savings accounts in weeks

Nationwide to make major changes to savings accounts in weeks - full list of updates Newspoint | 07/05/2025 23:39:16

NATIONWIDE is set to shake up the savings game for millions as it slashes interest rates on a whopping 60-plus accounts starting June 1.

Savers are bracing for impact after the major building society announced the cuts, following the Bank of England's decision to reduce the base rate from 4.75% to 4.5% back in February.

The base rate cut spells good news for mortgage holders but sends a chill down the spines of savers, who are likely to see their returns dwindle.

Nationwide is gearing up to trim rates on 63 of its savings products, ranging from ISAs to easy access accounts, come June.

The extent of the blow dealt to your savings depends on the type of account you hold and the number of withdrawals allowed annually. Take Nationwide's Triple Access ISA, for instance: currently offering a 2.15% rate if you limit yourself to three or fewer withdrawals per year, this will drop to 1.95% from June 1.

For those with the same account but making four or more withdrawals annually, the current 1.75% rate is set to decrease to 1.50%.

Single Access ISA holders are also facing cuts, with rates for one or fewer withdrawals per year falling from 3.55% to 3.35%, and for two or more withdrawals, from 1.75% to 1.50%.

Tom Riley, Nationwide's director of retail products, commented that the institution had "worked hard" to keep the reductions to a minimum, acknowledging the tough times ahead for savers.

He further stated: "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 experience a decrease in their interest rates from June 1, including those with child savings accounts. For instance, if you hold a Branch Smart Limited Child account and are permitted to make two or more withdrawals from it each year, the interest rate will remain at 1.80%.

For more information on the changes and a .