Interest rates on nearly all the Nationwide Building Society International Sterling savings accounts are being reduced by between 0.25 and 0.3 percent.
The international arm of the Nationwide Building Society is not cutting interest rates on their Euro or Dollar savings accounts though, these will retain their existing rates. In addition they are actually increasing the rate of interest paid on their Lifetime Guarantee Account, going up by 0.2 percent. This gives it a first year rate of 6.4 percent.
Currency based accounts can be subject to fluctuations as the exchange rates vary following economic changes, hence the cuts announced here by the Nationwide Building Society.
According to information from the Abbey National savings division the people of the UK have been putting their money away to pay for a summer holiday, with Europe being the most popular choice.
With the value of the pound dropping against the Euro this means that summer holidays will cost more this year, meaning consumers need to save more for their break. With the average holiday costing over GBP1,600 it is good that the people of the UK have been saving their money to cover this cost, although a small percentage will be using their credit cards to pay.
The monthly cost for the average holiday is a little under GBP140, which could have earned the full amount needed in one of the excellent Abbey National savings accounts.
A new savings account has been introduced by Saga Insurance that tracks five of the main savings accounts available online to ensure it is always competitive.
Called the Online Top 5 Tracker this new savings account follows the movements of the five top paying savings accounts based on the internet. The new Saga Insurance savings account offers instant access to money and no limit on the number of times customers access the account it is sure to be popular.
The way the tracker account works is by taking the average interest rate offered by the top 5 and then paying a level of interest that is within a quarter of a percent of that average. This ensures Saga Insurance savings account customers are always receiving a rate of interest that is competitive, no matter how the top 5 may change.
