Nationwide issues warning over new rules for bank accounts from February 1

Nationwide is making a big change to bank accounts from next month. Nationwide - which is rivalled by Santander, Lloyds, Barclays, HSBC UK and more - says it will be cutting the interest rates offered on almost 90 savings accounts from February 1.

The move comes due to the Bank of England's base rate cut back in November last year. Nationwide will be cutting rates by between 0.10% and 0.16% on 89 of its variable rate easy and instant access savings and cash ISA products starting next month.

Nationwide will be slashing the interest rate on 55 non-ISA savings accounts, with the majority affected being easy access. 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. Following these changes, our savings range will remain competitive.

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"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." Nationwide is slashing the interest rate on 55 non-ISA savings accounts.

The majority of these accounts are easy-access, which means that customers can withdraw their money whenever they choose without penalty. And some accounts will temporarily reduce the amount of interest offered in the months where a withdrawal are made.

Many accounts with interest rates of around 2.05% will be reduced to approximately 1.80% from February 1. Some accounts will see smaller reductions, such as the 1 Year Triple Access Online Saver and various "Smart" accounts, with decreases of 0.10% and 0.25% respectively.

The Branch Single Access account rate will increase by 0.75% from 2.8% from 3.55.