Nationwide Bonus Saver account rates among adjustments

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Nationwide Bonus Saver account rates among adjustments

The Nationwide Bonus Saver account has seen a 0.1 per cent reduction in interest rate today, resulting in a gross annual equivalent interest rate (AER) of 4.45 per cent inclusive of a 3.25 per cent annual bonus.

Despite this drop, the building society claims that its rates are still on average 0.4 per cent better than its high street competitors.

Nationwide also announced that a uniform 4.55 per cent AER will be paid across all balance tiers of its e-Savings account.

This means that balances between £10,000 and £49,999 will see a 0.05 reduction in rate and savings levels of £50,000 and over will now receive a rate 0.1 per cent lower than previously.

Nationwide claims that it is not the only provider to have cut its savings rates recently, stating that HSBC, Woolwich and Abbey have all implemented rate cuts of up to 1.41, 0.24 and 0.1 per cent respectively since January.

The new rates on the Nationwide Bonus Saver account and e-Savings product will take effect as of April 13th.

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