Nationwide will lower rates by between 0.10%-0.25% with most accounts receiving a smaller rate reduction than the 0.25% movement in Base Rate. The majority of accounts aimed at encouraging a regular savings habit are not being reduced, with the Flex Regular Saver 3 (6.50%), Start to Save (5.50%) 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 February 2025):
- Flex Regular Saver (6.50%) will see no change in headline rate
- FlexOne Saver will see no change to its rate of 5.00%
- 1 Year Triple Access Online Saver will reduce by 0.10%, offering a new headline rate of 4.00%
- Loyalty Saver will receive a reduction of 0.10%, with a new rate of 3.50%
- Flex Instant Saver will see a reduction of 0.25%, with a new rate of 3.00%
Nationwide remains committed to delivering value to members and returned a record £950 million in member financial benefits through better rates and incentives in the first half of this financial year.
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 hold rates on some of our most popular accounts, such as our leading Flex Regular Saver. Following these changes, our savings range will remain competitive. We returned a record £950 million in member financial benefit in the first half of this year and we’ll continue to give savers every reason to put their money with Nationwide."
