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7h ago

Nationwide to Trim Savings Rates From Feb. 10 as 5-Year Fix Rises to 4%

The building society says the adjustments reflect the Bank of England’s December rate cut.

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Overview

  • Variable-rate reductions of 0.10% to 0.25% will apply across selected savings accounts, with most cuts smaller than the Bank Rate change.
  • Products staying unchanged include FlexOne Saver, Flex Regular Saver, Start to Save, Smart Instant Access & SmartSaver, and Smart Limited Access.
  • The five-year Fixed Rate Bond and ISA will increase to a 4% rate.
  • Example changes include Help to Buy ISA down to 2.25%, Continue to Save to 1.50%, and Child Trust Fund/Smart Junior ISA to 2.8%.
  • Nationwide announced the changes on 12 January, and coverage notes many members will see lower returns when the new rates take effect on 10 February.