On 1 June 2016 we made some changes to our interest rates. Please see frequently asked questions below.

You can check the interest rate on your savings account(s) in the Internet Bank, or look up rates for all of our savings accounts here.


Products affected by 1 June 2016 rate change

1 June 2016 rate change FAQs

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.

We’ve reviewed the interest rates across all of our off-sale accounts to ensure that they are competitive, sustainable for the future and give a fair distribution of value to all our members. As a result, the interest rates for some existing ISAs have increased, to ensure that similar rates are paid for equivalent products.

We offer a range of savings accounts which may help you to make the most of your savings, and you can find out more about all of these and interest rates offered at nationwide.co.uk/savings.

If you’d like to change your account, open a new one, or have any questions about this rate change or what's next for your savings, please get in touch. You can pop in to your local branch or give us a call on 0800 30 20 11 and we'll be happy to help.

As a result of these changes, some different issues of the same savings account now pay the same interest rate. To reflect this we have removed the issue number from some accounts to make it easier for you to find your interest rate (eg Flexclusive ISA issues 3,4,5,6,7,8 and 9 will be named as Flexclusive ISA, as the interest rates for all issues will now be the same). This won’t affect the way you use your account and your terms and conditions will stay the same.