16 well-known savings accounts have their rates lowered nationwide

The February base rate cut by the Bank of England is cited by the Nationwide Building Society as the reason for the change

In response to the Bank of England's February Base Rate reduction, Nationwide is lowering the interest rates it pays on over a dozen well-known accounts.

Nationwide will reduce rates for certain savings products by 010 to 025 percentage points starting on June 1.

Most won't decrease as much as the Bank Rate, which was lowered by 0 points 25 percentage points to 4 points 5 percent on February 5.

Nationwide's Flex Instant Saver interest rate will, however, be lowered by a full 025 percentage points to 275%.

Nationwide's director of retail products, Tom Riley, stated in a statement on May 2: "We have made the decision to postpone changes for as long as possible because we have worked hard to minimize the impact of the recent rate cut on our savers.

Rates on the Flex ISA/Flex Saver and other instant access savings accounts, such as CashBuilder, Easy Access ISA, and Instant Access Saver, will be reduced by 02025 percentage points. Instant Access Saver 10's interest rate will decrease by 020 percentage points to 185%.

The majority of customers with fixed access savings accounts are seeing a 020 percentage point reduction in interest rates.

This comprises e-Savings Plus, the Triple Access Saver/Triple Access ISA, the Reward Single Access ISA, the Single Access Saver/Single Access ISA, and the Limited Access Saver/Limited Access Online Saver.

Nationwide Children's FlexOne Saver, Flex Regular Saver, and Start to Save products won't be altered.

Reductions in savings rates will be less welcomed than the announcement that Nationwide is celebrating its acquisition of Virgin Money by giving a 50 "Thank You" bonus to millions of customers.

In October 2024, in the largest bank takeover in the UK since the 2008 financial crisis, Nationwide paid £2.09 billion to acquire Virgin Money, forming the country's second-largest savings and mortgage group.

Nationwide also hopes to pay another Fairer Share payment, which is anticipated to be 100, to millions of customers this year.

Which savings accounts offered by Nationwide are undergoing changes?

Accounts for savings with fixed rates were introduced.

With its former 8 percent regular saver, Nationwide has a reputation for offering some of the best savings accounts available.

At the end of April, Nationwide introduced new Fixed Rate Bonds, Fixed Rate Cash ISAs, and Fixed Rate Branch Bonds to expand its product line.

The following new rates are unaffected by the most recent cut announcement.

Fixed Rate Cash ISA, 1 year fix, 4 percent Fixed Rate Cash ISA, 2 year fix, 3 percent Fixed Rate Bond, 1 year fix, 4 percent Fixed Rate Bond, 2 year fix, 3 percent Fixed Rate Branch Bond, 1 year fix, 4 percent Fixed Rate Branch Bond, 2 year fix, 3 percent Savers can open the fixed rate accounts with as little as 1.

While fixed rate branch bonds can only be opened in a branch, online bonds can be opened through Nationwide's website, financial app, and internet bank.

Transfers are accepted into Nationwide's fixed rate cash ISAs, which can be opened in-branch, online, or through the banking app.