Nationwide to make big change to millions of bank accounts in weeks and customers need to check now
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NATIONWIDE is making a huge change to millions of accounts in and weeks and savers will be worse off. The nation's biggest building society is slashing the interest rates on almost 90 savings accounts from February 1. The move follows the Bank of England's (BoE) decision to cut the base rate from 5% to 4.75% in November.
![[Whether you're affected or not will depend on the type of savings account you have]](https://www.thesun.co.uk/wp-content/uploads/2025/01/2023-nationwide-building-society-branch-866512545.jpg?strip=all&w=960)
The base rate influences the interest rates banks offer to customers on a range of products like mortgages, credit cards and savings. While mortgage holders can celebrate lower rates as it reduces borrowing costs, savers are left with the short end of the stick.
As borrowing costs drop, savings providers, including Nationwide, have chosen to lower interest rates on some savings accounts. Whether you're affected or not will depend on the type of savings account you have. For instance, with fixed term accounts, the interest rate you get on your savings is locked in for a set period of time so they're not affected.
With others - often easy access accounts - the rate can change anytime. As such, Nationwide will lower rates by between 0.10% and 0.26% on 89 variable rate easy and instant access savings and cash ISA products from February 1. Tom Riley, Nationwide's director of retail products, said: "We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver.
