UK Money News
30th June 2008
Nationwide slashes rates on current accounts
Nationwide has announced it has cut interest rates for customers selected savings accounts.
The cut applies to the Credit Card Saver and FlexAccount offerings from the lender, and is active as of August.
Under the new terms, all customers with Credit Card Saver accounts will receive a rate of 0.1 per cent.
Previously, those who deposited £1,000 or more per month received a rate of 3.5 per cent.
Meanwhile, customers who pay in £500 or more per month will see the rate cut from 0.5 per cent to 0.1 per cent, the Observer reports.
Changes to the FlexAccount will result in customers who deposit £1,500 or more per month will see the rate fall from 3.5 per cent to two per cent.
News of the move comes as Barclays recently announced it will no longer pay any interest on its standard current accounts.
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