Nationwide is cutting its savings rates in response to the drop in the Bank of England base rate. This is the first time Nationwide has cut variable rates for savers since August 2003.
For the members' reward bond, the annual interest rate will be at least 0.25 per cent above the Bank of England base rate until July 31st 2008.
The new rate from September 1st will be 5.15 per cent gross or 4.85 per cent gross for those wanting monthly income.
For e-Savings, the annual interest rate will match or beat the Bank of England base rate until September 30th 2006. The new rate from 1 September will be 4.75 per cent gross/AER per cent.
For the special rate bond, the annual interest rate will be no lower than 0.25 per cent below the Bank of England base rate until July 31st 2007.
From September 1st the new savings rates will range from 4.45 per cent gross to 4.90 per cent gross depending on the amount invested.
Finally, for the monthly income 65+ savings product, AER is guaranteed to match base rate until January 2011. The new rate from September 1st will be 4.50 per cent AER, 4.41 per cent gross.
Nationwide alters savings products
Nationwide alters savings products
Fri, 26 Aug 2005
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