Our new interest rates
On 11 March 2020, the Bank of England reduced its base rate, from 0.75% to 0.25%. Whenever this happens, it can affect our customers, as it often means our rates have to change too. The following article details the changes in relation to this reduction.
On 19 March 2020, the Bank of England reduced Base Rate further to 0.10%. We're working through what the reduction may mean for our accounts. Once we have worked out what this means, we'll update the website and contact you accordingly.
Altering our interest rates isn’t something we do lightly. On this occasion, we’ve had to make the difficult decision to make changes to some of our business savings interest rates.
We're going to be reducing all our instant access accounts by 0.55% and our notice accounts by 0.50%. You'll receive a letter detailing what your new rate will be and these changes will come into effect from 8 April 2020.
What do I need to do?
You don’t need to do anything if you’d like to continue saving with us. If you decide you want to close or switch your account, please get in touch with us.
If you choose to close or switch your account before Friday 24th April, we won’t require any notice and you won't incur any charges or interest deductions. After this date you will have to provide any notice period your account may be subject to.
If you're thinking about how to make the most of your business savings, we offer a range of business savings accounts which may suit your needs, and you can find out more about all of these and the interest rates offered at nationwidecommercial.co.uk/business-savings.