The building society has taken the decision to cut rates on some savings accounts as a response to the Bank of England cutting the Base Rate by 0.25 per cent in November.
The rates on a number of account types will be reduced by between 0.10 per cent and 0.25 per cent from February 1.
Nationwide said it had “worked hard to limit the impact” the recent rate reduction had on customers.
They added that rates across their savings range will “remain competitive”.
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.”
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Nationwide Savings Accounts affected by interest rates cut
These are the accounts affected by the move, and how much rates will be reduced by.
Regular Savings:
- Help to Buy Isa – 0.25%
- Continue to Save – 0.20%
Children’s Savings:
- Child Trust Fund/Smart Junior ISA – 0.25%
- Smart Limited Access – 0.25%
- Future Saver (with main current account) – 0.25%
- Smart Saver – 0.25%
- Smart – 0.25%
Limited Access:
- 1 Year Triple Access Online Saver – 0.10%
- 1 Year Triple Access Online ISA – 0.10%
- Loyalty Single Access ISA – 0.10%
- Limited Access Saver/Limited Access Online Saver – 0.20%
- e-Savings Plus – 0.20%
- Triple Access Saver/Triple Access ISA – 0.20%
Instant Access:
- Flex Instant Saver – 0.25%
- Loyalty Saver / Loyalty ISA – 0.10%
- Flexclusive ISA / Flexclusive Saver – 0.15% – 0.25%
- Instant Access Saver 10 – 0.15%
- Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, CashBuilder) – 0.15% – 0.25%