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Nationwide cuts rates of faithful savers

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Nationwide is scheduled to mark the new tax year by cutting the savings rates of loyal customers.

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’.

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