Customers have been warned of a major change that affects millions of bank accounts that are coming today.
Nationwide, the largest construction company in the country, has announced that it will leave the interest rates at nearly 90 savings accounts from Saturday.
It comes after the interest rates have been reduced by the Bank of England from five percent to 4.75 percent in November.
While the relocation will affect savers who will earn less money from their savings, the relocation will also lower the mortgage interest in a welcome break for homeowners.
Whether customers are influenced by the move depends on which type of savings account they have.
Holders of a total of 89 variable speed easy and direct access savings accounts will fall their interest rates between 0.1 percent and 0.26 percent, the sun reported.
Some 55 non-individual savings accounts (ISAS) will see tariff reductions, including easy access, cashbuilder book and direct easy access.
The interest rates are also lowered over 34 ISAs, with most with a decrease of 0.25 percent from Saturday.
Nationwide reduces interest rates on 90 accounts from 1 February, in a movement that will meet millions of customers (file photo)
Rates for some ISAs will fall less, including the 1 year Triple Access Online Account, which will reduce by only 0.1 percent.
Savings prices rise broadly in accordance with the changes of the Bank of England in the basic rates. The bank lowered the rates for the second time in four years in November.
Rates were held until December, with the next announcement on 6 February.
Tom Riley, director of Nationwide of Retail Products: 'We have worked hard to limit the impact of the recent rate reduction on our savers and have made the decision to keep rates on some of our most popular accounts, such as our leading Flex Regular Saver. After these changes, our savings range remains competitive. '
He added: “In the first half of this year, we reduced a record of £ 950 million in financial benefits from members and we continue to give savers every reason to place their money nationwide.”
