Nationwide, Barclays and Chase to make bank account changes in weeks – see if you’re affected
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NATIONWIDE, Barclays and Chase are all making major changes to their bank accounts in the next few weeks. All three are slashing rates on their savings accounts, so you'll get less interest on any cash you've stashed away. Nationwide is lowering rates on almost 90 accounts by between 0.1 and 0.26 percentage points from February 1.
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Meanwhile, Barclays and Chase are slashing rates on a combined three accounts from February 13. It come following the Bank of England's (BoE) earlier decision to cut the base rate from 5% to 4.75% in November. The base rate is charged to high street banks and any rise or fall is mirrored in savings rates.
Here are all the upcoming changes and what you can do if you're facing dwindling interest on your savings. Nationwide is slashing its rates on 89 variable-rate easy and instant access savings and cash ISA products next month. The building society is dropping rates on 55 non-ISA savings accounts, with many dropping by 0.25% from February 1.
This includes the Branch Easy Access, Cashbuilder Book, Cashbuilder Card and Direct Easy Access accounts. Nationwide is also reducing the interest rate on 34 ISAs, with most seeing their rates dropped by 0.25%. However, the building society is also upping the rate on its Branch Single Access non-ISA savings account by 0.75% from 2.8% to 3.55% from next month.
