Over the last few years, historically low mortgage rates have meant that savings rates have been reducing across the banking industry.
As a building society, we work by borrowing money from savers and lending that money to mortgage customers. We need to strike a continual balance to make sure that any money we take in from savers, we can lend out.
As many of our competitors have reduced their savings rates, our savings accounts were out of line with the rest of the market, with rates unsustainably high in comparison. To continue operating a sustainable business, Nationwide has had to take the difficult decision to reduce the interest rates on some of our accounts, whilst ensuring they still remain competitive.