On 1 March 2017 we will be making some changes to our interest rates. Please see the 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 March 2017 rate change

1 March 2017 rate change FAQs

Since the reduction in the Bank of England Base Rate last August, providers across the savings market have continued to drop their savings rates to react to market pressures. We are impacted by those same market pressures.

As a building society, we work by accepting deposits from savers and lending that money to those who need a mortgage, and we need to keep a constant balance between the two.

We have therefore decided to reduce some of our rates across our savings range to make sure that we can continue to operate a sustainable business for the benefit of all of our members.

Rates will be reduced automatically on 1 March 2017.

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

You can open or close your savings account in branch or online. You are also able to transfer the balance from the account you are closing to a new savings account if you wish to switch savings account.

As part of these changes we have also taken this opportunity to simplify our savings range where possible. We have done this by removing issue numbers from account names where different issues of the same account pay the same rate. For example, Instant ISA Saver issues 4,5,6,7,8,9 will be renamed Instant ISA Saver as all issues now pay the same rate. This will make it easier for you to identify your account and ensure that customers with the same account receive the same rate.

You will have received a letter informing you of any rate reductions by 15 February, if you have £100+ in your account. This means you will have been given at least 14 days’ notice of the change in line with the accounts terms and conditions and the regulations that govern savings accounts.  If you are registered for SavingsWatch you will also receive a SavingsWatch email or SMS on 1 March to inform you of all the changes. 

You will receive a letter for each impacted account you hold with a balance of £100 or more. However, these may arrive on different days due to the order we have sent out the letters. All letters will be with you by 15 February. 

Below are the updated Loyalty Saver rates for all tiers. You will continue to be automatically moved through the tiers when you reach the next loyalty milestone. Despite this reduction, our loyalty rates remain very competitive.

Rate up to 28 Feb 2017
gross p.a./AER (variable)
Rate from 1 Mar 2017
gross p.a./AER (variable)
Loyalty Saver 1 Year 0.65% 0.45%
Loyalty Saver 5 Year 0.75% 0.55%
Loyalty Saver 10 Year 0.85% 0.65%
Loyalty Saver 15 Year 0.95% 0.75%

All the new and old rates can be found on the link to the right of this FAQ.