Nationwide unveils new saving rates

Nationwide unveils new Isa

Nationwide Building Society has launched a new four-year Isa paying a rate of 4.25 per cent.
Nationwide unveils new stepped bond

Nationwide is tomorrow launching a new four-year bond which offers increasing rates of interest as the product progresses.

Tuesday, 31 March 2009 12:00

Nationwide Building Society has announced its new savings rates and the launch of a new two year tracker ISA currently paying up to 2.5 per cent.

All rates take effect on Wednesday April 1st.

The average interest rate reduction to Nationwide's savings accounts will be 0.25 per cent, with no savings account seeing a reduction of more than 0.5 per cent.

There will be no rate change to 46 per cent of accounts.

The tracker ISA guarantees to pay 1.5 to two per cent above the Base Rate, depending on the balance of the account.

Andy McQueen, Nationwide's savings and mortgages director, said: "The Two Year Tracker ISA is guaranteed to track the Bank of England Base Rate and, with the Base Rate being at just 0.5 per cent, the new account represents good value to savers.

"Like all providers, however, we have had to review our position following the cut in Base Rate and manage our portfolio of accounts in relation to current market conditions."