Millions of savers with Nationwide Building Society are set to see the interest earned on their money fall, after the lender announced a wave of rate cuts. The decision, a direct response to the Bank of England's recent reduction in the base rate, will impact a range of popular accounts from next month.
Which Savings Accounts Are Facing Cuts?
The building society, the largest of its kind in the UK, confirmed that interest rates on a number of its savings products will be reduced from February 10, 2026. While not every account is affected, many will see their rates fall by up to 0.25%. Nationwide stated that the majority of changes will actually be smaller than the Bank of England's 0.25% cut made on December 18, 2025.
In a message to its customers, the society explained: "Nationwide has announced adjustments to savings rates in response to the Bank of England Bank Rate decrease of 0.25% on December 18, 2025. From February 10, it will lower some rates by between 0.10%-0.25% on specific savings products."
Good News for Some, But Savers Urged to Check
Amid the reductions, there is a sliver of positive news for those looking to lock money away for a longer term. Nationwide will be increasing the rate on its five-year Fixed Rate Bond and ISA to 4%. Furthermore, the society has confirmed a list of accounts that will see no changes at all, offering some stability for certain customers.
The following products will not be altered:
- Flex Regular Saver
- FlexOne Saver
- Start to Save products
- Smart Instant Access & SmartSaver
- Smart Limited Access
This latest move is another blow for savers who have grown accustomed to higher returns in recent years. Financial experts suggest that the changes should prompt all customers to review their existing arrangements. With many more competitive rates still available on the market, particularly from digital and app-based banks, savers are encouraged to check if their current account is still the best home for their money.
What This Means for Your Money
The rate cuts underline the direct link between the Bank of England's monetary policy and the returns offered by high street institutions. For Nationwide's vast customer base, the announcement serves as a clear signal to actively manage their savings. While the affected accounts have not been specified in full detail, the confirmation that reductions are coming provides a window for savers to shop around before the changes take effect in February.
As the landscape shifts, staying informed and comparing rates across different providers remains the most effective way to ensure your savings are working as hard as possible for you.
