Nationwide issues major warning to savers (original) (raw)
Nationwide has warned its customers who are trying to save money. In an email sent to savers the building society explained the variable interest rates on some its savings accounts will go down.
It follows a decision by the Bank of England to reduce the base rate from 5.25% to 5%, it said. Four popular saving accounts will be affected from November 1 although other accounts will not see a change.
For some accounts the interest rate will depend on your balance or the number of withdrawals made. The interest rate change for each product type shown below will apply to all accounts of this type that you may have, the building society confirmed. For money-saving tips sign up to our Money newsletter here.
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Here are the accounts affected:
| Account name | Balance tier / Number of withdrawals | Current interest rate | New interest rate from November 1, 2024 |
|---|---|---|---|
| Help to Buy ISA | £0.01+ | 3.50% AER/Tax-free (variable) | 3.35% AER/Tax-free (variable) |
| Loyalty ISA | £0.01+ | 3.75% AER/Tax-free (variable) | 3.60% AER/Tax-free (variable) |
| Fixed Term Online Bond Maturity | £0.01 - £9,999.99 | 2.25% AER/Gross a year (variable) | 2.05% AER/Gross a year (variable) |
| Fixed Term Online Bond Maturity | £10,000 - £49,999.99 | 2.30% AER/Gross a year (variable) | 2.10% AER/Gross a year (variable) |
| Fixed Term Online Bond Maturity | £50,000+ | 2.35% AER/Gross a year (variable) | 2.15% AER/Gross a year (variable) |
| Continue to Save | £0.01+ | 2.50% AER/Gross a year (variable) | 2.30% AER/Gross a year (variable) |
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