Savings interest rates have been cut on a number of Nationwide savings accounts.
The building society has announced that savings interest rates on some savings accounts have been reduced by between 0.05 per cent and 0.2 per cent.
Children's savings accounts, as well as the Monthly Income 65+ savings account, InvestDirect and 60 Day Direct savings account, will not be affected by the savings interest rate cuts.
The society claims that it is following the lead of other savings providers that have "unilaterally" cut savings interest rates.
It says that following the savings interest rate reductions, Nationwide still offers savings interest rates that are on average 0.4 per cent better than those offered by high street savings providers.
Nationwide says it is "committed to providing long-term good value" to those saving money and that it does so by offering savings accounts that are "simple, straightforward and easy to understand".
This savings interest rate reduction is the first one announced by the society since September 1st 2005, shortly after the Bank of England announced that the interest rate will be cut by 0.25 per cent.
To ensure that Nationwide offers "consistently competitive returns", the society offers a number of savings accounts with savings interest rate guarantees.
Nationwide cuts savings interest rates
Financial Services > Savings > Savings and Investments News
Nationwide cuts savings interest rates
Thu, 19 Jan 2006
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