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

The extended period of low interest rates we’re experiencing has taken its toll on savers and on rates the market can afford to pay. We need to make sure that we can operate a sustainable business for all of our members and that we don’t take in more money than we can lend out.

We have delayed taking the difficult decision to reduce rate for as long as possible but we can no longer maintain rates at their current level. Despite these reductions we continue to offer competitive rates when compared to the high street banks.

We will continue to work hard to deliver market-leading service for our members and provide highly competitive products.

Rates will be reduced automatically on 1 March 2017.

We offer a number of competitive savings accounts that could help you make the most of your money. For example, our Flexclusive Regular Saver which is instant access and pays 5% with a maximum deposit of £500 a month for a year. You can find out more about this account and all of our other savings options as well as 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.