Nationwide savings accounts interest rates reduced

www.moneynews.co.uk > Banking > Nationwide savings accounts interest rates reduced

Nationwide savings accounts interest rates reduced

Fri 30th Jan 2009

Nationwide Building Society has announced that it will reduce the interest rates on most of its current accounts following the Bank of England's base rate cut earlier this month.

The building society's savers will be paid an average of 0.41 per cent less in interest, but Nationwide guaranteed that none of the savings account interest rates would fall below the base rate.

Matthew Carter, Nationwide's divisional director of savings, said that his bank is going "some way to protecting savers from the most recent cut to the base rate".

However, he added: "We, like all providers, have had to review our position and manage our portfolio of accounts in relation to current market conditions."

A recent study conducted by moneysupermarket.com found that Nationwide is the high street banking brand that UK consumers most trust to look after their savings responsibly.

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : Nationwide
	Nationwide launches new credit card reward scheme
	ICB report recommends easier current account switching
	Mortgages are cheaper than two years ago, claims study
	Students fail to take out insurance 'due to apathy'
	Demand for fixed rate mortgages 'increases in economic uncertainty'
	Nationwide reduces rates on five-year fixed mortgages
	Intermediary mortgage lending 'increases for second quarter'
	Nationwide improves mortgage products for intermediaries
	Nationwide reduces fixed mortgage rates
	NLA survey reveals landlords jittery over possible rate increases