Cuts to the rates offered by 30 accounts now closed to new customers will be instituted starting this week. As a result, despite holding ‘Loyalty’ savings accounts, those who have held these easy-access accounts and have been customers of the building society for 15 years will see their rates cut to 1.2 per cent from 1.5 per cent. Customers who have held a ‘Loyalty’ savings account for five years will see their rate reduced to a flat 1 per cent.

Easy Access account holders will see their rates cut to 0.5 per cent, and many of Nationwide’s cash ISA products will see rate reductions of 0.5 per cent – meaning some Nationwide ISAs, such as the E-ISA, offer interest of 0.75 per cent annually.

If you are a loyal saver and feel you have been unfairly treated by your account provider, please visit the Your Money guide ‘Claim rate cut compensation today’.