Nationwide bringing in big change for millions of customers 'from February 1'

Nationwide bringing in big change for millions of customers 'from February 1'

by · Birmingham Live

Nationwide is introducing a big change from February 1 for millions of customers. In the wake of Christmas, the UK's biggest building society has adjusted its savings rates following the Bank of England's Bank Rate decrease back in November.

Nationwide has announced adjustments to savings rates in response to the Bank of England Bank Rate decrease of 0.25% on 7 November. Rates affected will change as of 1 February 2025, the building society has confirmed to its customers.

Nationwide will lower rates by between 0.10 per cent to 0.25 per cent with most accounts receiving a smaller rate reduction than the 0.25 per cent movement in Base Rate. The majority of accounts aimed at encouraging a regular savings habit are not being reduced.

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Nationwide says the Flex Regular Saver 3 (6.50%), Start to Save (5.50%) and FlexOne Saver (5.00%) accounts remain unchanged. Following the changes, Nationwide remains committed to offering a competitive alternative to the high street banks that appeals to all types of savers.

Key variable savings changes (effective from 1 February 2025) include Flex Regular Saver (6.50%) will see no change in headline rate, FlexOne Saver will see no change to its rate of 5.00% and 1 Year Triple Access Online Saver will reduce by 0.10%, offering a new headline rate of 4.00%.

The Loyalty Saver will receive a reduction of 0.10%, with a new rate of 3.50% and the Flex Instant Saver will see a reduction of 0.25%, with a new rate of 3.00%. 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.

"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."