Nationwide cuts savings account rates

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Nationwide cuts savings account rates

Thu 26th Feb 2009

Nationwide Building Society has announced changes to the rates of interest it charges on its savings accounts.

The mortgage and savings provider said that it will reduce its rates by an average of 0.37 per cent, with some accounts seeing their rates cut by as much as 0.5 per cent.

Andy McQueen, Nationwide's savings and mortgage director, said that the building society needed to "review our position following the base rate cut" and claimed that the reductions are "in relation to current market conditions".

Nationwide also announced that it will increase the top rate paid on its Regular Savings account to three per cent, giving those who have more savings stashed away a boost.

Mr McQueen added: "I'm pleased to announce we have increased the top rate paid on the Regular Savings account to reward savers who put aside more money on a monthly basis."

Nationwide cut its savings account rates in November and again in January.

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