UK Money News
28th December 2007
Nationwide savings rates 'remain competitive'
Following the Bank of England's interest rate cut earlier this month, one building society claims that while its savings rates have fallen, its products remain competitive.
Nationwide has asserted that "in many cases" its interest rates on accounts remain more attractive than many other high street lenders, such as Abbey, Barclays, Halifax and NatWest.
"Most savings rates will be reduced by 0.25 per cent and this is the first time Nationwide has lowered variable rates since April 13th 2006," the organisation reports.
It indicates that in terms of the help with money provided in the form of children's accounts, instant access branch based Cash Isas and Instant access internet savings accounts its rates remain competitive when compared to all four lenders mentioned.
Prior to the reduction in the interest base rate of December 6th, the Bank of England's monetary policy committee increased rates to a level of 5.75 per cent - with hikes starting in August 2006.
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