Nationwide Savings to be cut

Story link: Nationwide Savings to be cut

This isn’t really a reward for being a loyal customer to Halifax at all. It definitely wont persuade many people to put their money in the banks.

I think what it might mean though, is that people that don’t leave pay cheque by pay cheque, might look at alternatives means of storage for their money, ie: investments. This in turn could inject some much needed capital into the UK economy.

Nationwide Savings to be cut

Nationwide has announced that it will cut the rates of interest offered to savers using its savings accounts.

The building society said that interest rates across all its savings and bank accounts would be reduced by an average of 1.44 per cent, though the rates on some individual savings accounts will be cut by as much as 1.6 per cent.