In order to support businesses and households during the coronavirus outbreak, the Bank of England has reduced its base rate by a total of 0.65% to just 0.10%, the lowest level it has ever been.
The record low base rate and unprecedented wide-ranging impact of coronavirus affects how much interest we can pay our savers. We have to balance the rates we pay our savers with the rates we charge our borrowers. As a result, we have had to take the difficult decision to lower savings rates. Most savings rates will see some reduction, other than Fixed Rates Bonds, Fixed Rate ISAs and Start to Save.
For more information check the summary of rate changes.
Members with £100 or more in their account will be personally notified about the changes throughout April, ahead of the rates reducing on 1 and 15 May (depending on the product you have). We’ll also send members who are registered for SavingsWatch an email or text to let them know what it means for them.
We know some members will have questions. But to ensure we all do our bit to protect each other and our communities from the risk of spreading the coronavirus, please wait for your letter before getting in touch. Only visit a branch or call if it’s absolutely necessary and you can’t find what you need on nationwide.co.uk or the Internet Bank. And avoid visiting at all if you have any symptoms.