Nationwide customers with at least £1 in their accounts sent February warning

Millions of Nationwide customers face changes to their bank accounts from the start of February, impacting how much they make in interest. The building society, which has 17 million UK customers, has announced a raft of changes to interest rates.

Customers should familiarise themselves with the changes, and may want to consider whether they want to remain with the account or look for a better deal elsewhere. Nationwide is slashing rates on a number of its savings accounts.

Dozens of variable rate, easy and instant access savings, cash ISA and non-ISA accounts will be affected so it's worth customers finding out how they will be affected. It's not all bad news for Nationwide savers.

READ MORE: Nationwide paying £175 into customers' bank accounts

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The healthy 6.5% rate on its popular Flex Regular Saver is remaining frozen. This allows savers to make some easy cash at the end of 12 months, up to £85. This is because those using this account can only put away a maximum of £200 a month.

Money experts like Martin Lewis advise households to shop around for the best savings accounts, with millions using ones with poor returns. Nationwide bosses said its savings accounts "would remain competitive" following the changes coming into force at the beginning of February.

Tom Riley, 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. Following these changes, our savings range will remain competitive. We returned a record £950 million in member financial benefit in the first half of this year and we'll continue to give savers every reason to put their money with Nationwide."