Nationwide offshore savings account rates reduced

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Nationwide offshore savings account rates reduced

Tue 3rd Feb 2009

Nationwide has announced that it will reduce the rates of interest it pays to customers who keep money in its offshore savings accounts.

The building society announced that its Sterling Base Rate Tracker account will interest at a rate of 3.25 per cent on balances over £25,000, down from 4.15 per cent.

Those who have less than £25,000 in the account will see their rate cut to 2.7 per cent from 3.6 per cent.

Nationwide's instant access offshore savings account customers will see interest rates cut to 0.1 per cent from 0.5 per cent on balances of under £1,000.

Many of the cuts in rates are bigger than the 0.5 per cent reduction in the base rate made by the Bank of England earlier this month.

Recently, Nationwide justified cutting its interest rates on its UK savings accounts by claiming that they had to be reduced in line with cuts to their mortgage interest rates.

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