1 week Ago By [email protected] (Richard Guttridge)
Nationwide has alerted everyone with savings in one of its top accounts to changes on the way impacting their money. The banking giant has issued an update to customers about changes coming into force from November 1. It is lowering the the interest rates on one of its most popular accounts, the Instant Access Saver.
The account allows unlimited access to savings and pays different levels of interest according to how much is in the account, ranging from 2.25% to 2.35%, rewarding those who put more away with a higher rate of interest.
But these interest rates will now be changing, Nationwide has said. The rates are coming down to 2.05% to 2.
15%. READ MORE: People on these DWP benefits told payments will stop by Christmas Get our best money saving tips and hacks by signing up to our newsletter Under the new rates, savers with up to £10,000 will now only get 2.05% interest.
One of the reasons the account is popular is because customers can dip into their savings as and when they want to, or should they have an emergency, although the interest rates are fairly low compared to some others on the market. Finance experts advise people to shop around to find the most competitive rates and make more from their money. Nationwide announced the November changes on its website, saying: "From November 1, 2024, we are decreasing the interest rates on this account.
Before you apply, make sure you check your new rates." Nationwide says of the account: "An instant access savings account that has flexibility for everyone. Save or withdraw when you want.
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