Nationwide has announced adjustments to savings rates in response to the Bank of England Bank Rate decrease of 0.25% on 1 August. Rates affected will change as of 1 November 2024.
Nationwide will lower rates by between 0.10%-0.20% in what will be the first reduction across the savings book since 2020, although no account will receive the full 0.25% reduction. The majority of accounts aimed at encouraging a regular savings habit are not being reduced, with both the Flex Regular Saver 3 (6.50%) and FlexOne Saver (5.00%) accounts unchanged.
Following the changes, Nationwide remains committed to offering a competitive alternative to the high street banks that appeals to all types of savers.
Key variable savings changes (effective from 1 November 2024):
- Flex Regular Saver 2 (8.00%) and Flex Regular Saver 3 (6.50%) will see no changes to their rates
- Flex Instant Saver will see no change to its rate of 3.25%
- FlexOne Saver will see no change to its rate of 5.00%
- 1 Year Triple Access Online Saver 15 will reduce by 0.15%, offering a new headline rate of 4.10%
- Loyalty Saver will receive a reduction of 0.15%, with a new rate of 3.60%
Nationwide remains committed to delivering value to members and last year delivered £1.8 billion in member financial benefits through better rates and incentives.
Tom Riley, Nationwide’s Director of Retail Products, said: “We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to not reduce rates on those accounts encouraging a regular savings habit. Following these changes, our savings range will remain competitive, and we’ll continue to give savers every reason to put their money with Nationwide."
