Nationwide Building Society to slash savings interest rates in blow to customers - list of changes

The building society's decision follows the central bank's recent base rate reductions, which has seen the cost of borrowing brought down.

In February, the Bank slashed the base rate from 4.75 per cent to 4.5 per cent in February, with a further 0.25 percentage point cut earlier today.

Millions of savers will be affected by these changes, which will impact a wide range of accounts including easy-access savers and cash ISAs.

The base rate directly influences the interest offered on savings accounts across the UK. Higher base rates typically lead to higher savings rates, whilst lower rates result in reduced returns for savers.

This latest round of cuts means Nationwide customers will earn less interest on their savings. The 63 affected accounts include popular products such as easy-access savers and Cash ISAs.

For many savers, this represents another financial setback as returns on their hard-earned money will diminish.

Customers should expect to receive notification from Nationwide about these changes, most likely via email.

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Tom Riley, Nationwide's director of retail products, said the building society had "worked hard" to limit any reductions in savings rates.

"We have not made any changes to our Children's FlexOne Saver and those savings which encourage a savings habit," he added.

"Following these changes, our savings range will remain competitive and continue to pay more than the market average, giving savers every reason to put their money with Nationwide."

Despite these assurances, customers will still see lower returns on their savings from June. If your Nationwide savings account is affected by the rate changes, you have options.

Jenny Ross, the editor of Which? Money, said: "Unfortunately for savers, banks are now likely to cut their rate of return.

"Competitive rates are still available though - particularly away from the high-street - so be proactive and shop around for a better deal. When it comes to your savings, loyalty rarely pays."

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Here is a list of some of the changes to savings accounts being implemented by Nationwide Building Society from June 1:

Branch Limited Access - Now: 2.1 per cent / June 1: 1.9 per cent

Branch Reward Single Access ISA - Now: 3.55 per cent / June 1: 3.35 per cent

Branch Single Access - Now: 3.55 per cent / June 1: 3.35 per cent

Triple Access Online ISA - Now: 2 per cent / June 1: 1.8 per cent

Branch Triple Access ISA - Now: 2.15 per cent / June 1: 1.95 per cent

Branch Easy Access ISA - Now: 1.8 per cent / June 1: 1.55 per cent

Branch Easy Access - Now: 1.8 per cent / June 1: 1.55 per cent

Branch Reward Saver - Now: 3.5 per cent / June 1: 3.3 per cent

Branch Reward ISA - Now: 3.5 per cent / June 1: 3.3 per cent

Business Investor - Now: 1.81 per cent / June 1: 1.56 per cent

Triple Access ISA - Now: 2.15 per cent / June 1: 1.95 per cent

Easy Access ISA - Now: 1.80 per cent / June 1: 1.55 per cent

Easy Access ISA 2 - Now: 1.80 per cent / June 1: 1.55 per cent

e-ISA - Now: 1.80 per cent / June 1: 1.55 per cent

Fixed Term ISA Maturity - Now: 1.80 per cent / June 1: 1.55 per cent

Fixed Term Cash ISA Maturity - Now: 1.80 per cent / June 1: 1.55 per cent

Inheritance ISA - Now: 1.80 per cent / June 1: 1.55 per cent

Branch Easy Access - Now: 1.80 per cent / June 1: 1.55 per cent