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2h ago

Nationwide To Cut Savings Rates From October 1 As Major Banks Trim Returns

Nationwide says the reductions reflect last month’s 0.25-point Bank Rate cut.

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Overview

  • Most affected Nationwide variable accounts drop by 0.20 to 0.25 percentage points from Wednesday, October 1.
  • FlexOne Saver, FlexOne Regular Saver and the Flex Regular Saver remain unchanged, with Flex Regular Saver holding at 6.50%.
  • Nationwide’s product schedule lists specific moves, including the Help to Buy ISA falling from 2.70% to 2.50%.
  • Customers were told to expect letters or emails detailing the new rates before they take effect.
  • Chase, RBS, NatWest, HSBC, Co‑op Bank and Barclays have also lowered some savings rates, while several online banks still advertise offers around 4% or higher, prompting advice to compare deals as a 0.25-point drop equates to about £40 less interest on a £16,000 balance over a year.