The Nationwide Building Society is readying itself for the provision of savings products to customers in the Republic of Ireland.
As long as the proposal is approved by both the FSA and the Irish equivalent then the Nationwide Building Society will begin selling savings products to Irish customers by telephone, online and through the post. The move is being seen as a good strategic option for the Nationwide as it expands their geographic coverage and increases the funding options.
Industry commentators have said that the Nationwide Building Society is already in a strong financial position so this step into Eire is set to improve that position still further.
The Abbey National has announced a reduction in the interest rates offered on several of its savings accounts, with cuts of 0.25 percent to match the recent base rate cut by the Bank of England.
Commencing on 1 May all Abbey National savings accounts with the exception of the eSaver Direct, Super 50 Plus and 50 Plus Saver will have the 0.25 percent cut on their rates. These ones mentioned will keep their rates as they were.
The Abbey National savings and investments director said that although the rates had been reduced on their accounts it was important to have a savings plan in place, especially in the current economic climate. It is a very competitive market and Abbey are committed to doing the best for their customers.
The Alliance and Leicester is passing on the Bank of England base rate cut to its customers by reducing the interest rate on most of the savings accounts it offers by the full 0.25 percent.
The changes by the Alliance and Leicester will come into effect on 2 May, with only a small number of accounts not having their interest rates cut. These will include the Premium Regular Saver, eSaver and their ISA products Premier ISA and Premier ISA 2.
One other Alliance and Leicester savings account, the Direct Saver, will have an interest rate cut of 0.23 percent rather than the full 0.25. Other financial institutions are expected to follow suit, looking at ways to improve their profitability and cash flow in these difficult times.
