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Nationwide to Cut Savings Rates From Oct. 1, Unveils Limited-Withdrawal Accounts

The move follows the Bank of England’s August rate cut and steers savers to reassess access needs against higher-paying fixed or challenger offers.

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Overview

  • Nationwide confirmed reductions of about 0.20–0.25 percentage points across many savings products effective 1 October, citing the 0.25-point Bank Rate cut in early August.
  • Affected lines include Help to Buy ISA, Continue to Save, Triple Access Saver/ISA, Reward Single Access ISA, Limited Access Saver, Flex Instant Saver and Reward Saver.
  • New one-year Triple Access Online Saver and ISA issues pay 3.50% AER with only three withdrawals allowed in 12 months, after which the rate drops to 1.05% for the remainder of the term.
  • Select accounts remain unchanged, with the Flex Regular Saver holding its 6.50% headline rate and youth-oriented FlexOne savings products protected.
  • Money experts highlight stronger returns from building societies and challengers, with regular saver rates up to 7.5% and one-year fixed bonds near 4.5%, and advise reviewing options before cuts take effect.