Nationwide Building Society has reduced interest rates on its savings and banking accounts by an average of 1.44 per cent.
The move comes after last month's 1.5 per cent cut in the Bank of England Base rate.
According to Matthew Carter, the mutual's divisional director of savings, as this fall was passed on to mortgage customers in full, savings rates also need to be cut.
He said: "Like all providers, we have to manage our portfolio of accounts in relation to current market conditions."
The building society is committed to offering good value through its savings accounts he added.
According to Mr Carter, Nationwide offers a number of savings accounts on offer to customers seeking the reassurance of a guaranteed rate.
These include the Smart savings account , which will pay at least 0.25 per cent more than the Bank of England base rate until January 1st 2010.
Last week, Zurich launched a new savings account which offers an interest rate of five per cent gross per year.
The savings rate will be fixed for a period of six months.
Nationwide cuts savings rates
Nationwide cuts savings rates
Mon, 01 Dec 2008
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