Nationwide making huge change to accounts in weeks - full list of those affected
The Bank of England's base rate impacts the interest offered on savings accounts - The higher the base rate, the higher the rate offered, and the lower the base rate, the lower the rate offered
Nationwide will be making a huge change to millions of accounts within weeks - and savers are set to be worse off. The building society has announced that it will be cutting the interest rates on over 60 of its savings accounts from June 1.
The move comes after the Bank of England slashed the base interest rate from 4.75% to 4.5% in February - and is set to cut it again by 0.25 percentage points tomorrow.
The base rate impacts the interest offered on savings accounts. The higher the base rate, the higher the rate offered, and the lower the rate, the lower the rate offered. Lower rates are not good news for savers as this means they are paid less for their pots.
Nationwide will cut the rate offered across 63 of its savings accounts, including its easy-access savers and Cash ISAs. Tom Riley, Nationwide's director of retail products, said the building society had "worked hard" to limit any reductions in savings rates.
He added: "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."
If the interest rate on one of your Nationwide savings accounts is being cut, you should receive notification from the building society. You are most likely to be sent an email. If the interst rate is changing on your savings account, then you can close the account and find another paying a better rate.
However, it's not just the headline savings rate you should base things on, you should also look for any withdrawal penalties, when interest is paid and if the account comes with a temporary bonus rate.
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Full list of Nationwide bank changes from June 1
Branch Limited Access - Now: 2.1% June 1: 1.9%
Branch Reward Single Access ISA - Now: 3.55% June 1: 3.35%
Branch Single Access - Now: 3.55% June 1: 3.35%
Triple Access Online ISA - Now: 2% June 1: 1.8%
Branch Triple Access ISA - Now: 2.15% % June 1: 1.95%
Branch Easy Access ISA - Now: 1.8% June 1: 1.55%
Branch Easy Access - Now: 1.8% June 1: 1.55%
Branch Reward Saver - Now: 3.5% June 1: 3.3%
Branch Reward ISA - Now: 3.5% June 1: 3.3%
Business Investor - Now: 1.81% June 1: 1.56%
Triple Access ISA - Now: 2.15% June 1: 1.95%
Branch Easy Access ISA - Now: June 1:
Easy Access ISA - Now: 1.80% June 1: 1.55%
Easy Access ISA 2 - Now: 1.80% June 1: 1.55%
e-ISA - Now: 1.80% June 1: 1.55%
Fixed Term ISA Maturity - Now: 1.80% June 1: 1.55%
Fixed Term Cash ISA Maturity - Now: 1.80% June 1: 1.55%
Inheritance ISA - Now: 1.80% June 1: 1.55%
Branch Easy Access - Now: 1.80% June 1: 1.55%
Easy Access Saver - Now: 1.80% June 1: 1.55%
CashBuilder Card - Now: 1.80% June 1: 1.55%
Direct Saver - Now: 1.80% June 1: 1.55%
Easy Access Card - Now: 1.80% June 1: 1.55%
e-Savings - Now: 1.80% June 1: 1.55%
Fixed Term Bond Maturity - Now: 1.80% June 1: 1.55%
Instant Access Saver Issues 1-9 and 11 - Now: 1.80% June 1: 1.55%
InvestDirect - Now: 1.80% June 1: 1.55%
Fixed Term Branch Bond Maturity - Now: 1.80% June 1: 1.55%
Fixed Term e-Bond Maturity - Now: 1.80% June 1: 1.55%
Lapsed TESSA - Now: 1.80% June 1: 1.55%
ShareSave Feeder - Now: 1.80% June 1: 1.55%
Branch Reward ISA - Now: 3.50 % June 1: 3.30%
Reward ISA - Now: 3.50 % June 1: 3.30%
Business Investor - Now: 1.81% June 1: 1.56%
Portfolio Investor - Now: 1.81% June 1: 1.56%
Triple Access Saver - Now: 2.15% June 1: 1.95%
Help to Buy: ISA - Now: 3.1% June 1: 2.90%
e-Savings Plus - Now: 2.10% June 1: 1.90%
Continue to Save - Now: 2.10% June 1: 2%
Branch Smart Limited Adult - Now: 3.05% June 1: 2.85%
Branch Smart Limited Child - Now: 3.05% June 1: 2.85%
Smart Limited Access Adult - Now: 3.05% June 1: 2.85%
Smart Limited Access Child - Now: 1.85% June 1: 1.60%
Branch Flex Saver - Now: 1.85% June 1: 1.60%
Flex Online Saver Issues 1 and 2 - Now: 1.85% June 1: 1.60%
Flexclusive Saver (all issues) - Now: 1.85% June 1: 1.60%
Flex Saver - Now: 1.85% June 1: 1.60%
Corporate Savings - Now: 1.81% June 1: 1.56%
Branch Flex ISA - Now: 1.85% June 1: 1.60%
Flex ISA - Now: 1.85% June 1: 1.60%
Instant Access Saver Issue 10 - Now: 2.05% June 1: 1.85%
Single Access ISA - Now: 3.55% June 1: 3.35%
Branch Smart Instant Adult - Now: 2.05% June 1: 1.85%
Branch Smart Instant Child - Now: 2.05% June 1: 1.85%
Branch Smart Saver - Now: 2.05% June 1: 1.85%
Smart Instant Access Adult - Now: 2.05% June 1: 1.85%
Smart Instant Access Child - Now: 2.05% June 1: 1.85%
Smart Saver - Now: 2.05% June 1: 1.85%
Flex Instant Saver - Now: 3% June 1: 2.75%
Flex Instant Saver 2 - Now: 3% June 1: 2.75%
Flex Instant Saver 3 - Now: 3% June 1: 2.75%
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