Overview

• Nationwide cut interest rates on 63 savings accounts effective June 1, covering products from easy-access ISAs to children’s accounts.
• Key reductions include the Flex Instant Saver rate falling from 3% to 2.75%, the Branch Smart Limited Child account dropping from 3.05% to 2.85%, and the Help to Buy ISA decreasing from 3.10% to 2.90%.
• HSBC will cut rates on eight savings accounts from June 3, while NatWest and Newcastle Building Society plan reductions on multiple personal savings products in early June.
• Tom Riley, Nationwide’s head of retail products, said the society worked to limit the impact on savers and keep its range above the market average.
• Customers are advised to shop around for better-paying or fixed-rate accounts as base rate cuts cascade through the industry.