NatWest is slashing savings rates.(Image: PA)
NatWest has announced changes impacting customers with savings accounts.
The new rules will take effect later this month.
The banking giant is slashing interest rates on a number of its savings accounts, in a move which will come as a blow to savers.
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NatWest said it had taken the decision following the recent Bank of England base rate cut.
It may mean customers want to look elsewhere for the best options currently on the market.
The high street bank has been updating millions of customers about the upcoming changes, coming into force on January 19.
It said: “We want to let you know we’re changing the interest rate on your account(s).
“You may have heard the news that the Bank of England has decided to reduce the base rate.
“We’ve been looking at our rates too, as well as what’s on offer from other savings providers right now, and we’ve decided to reduce some of our interest rates.”
NatWest rate changes include:
Digital Regular Saver Annual Equivalent Rate 5.50% going to 5.25%Flexible Saver £1 – £24,999 1.06% to 1%Savings Builder £1 – £10,000 1.50% to 1.25%Help to Buy ISA (Tax-free) 1.85% to 1.60%First Saver 1.85% to 1.60%Adapt Account 1.85% to 1.60%
Banks usually follow suit and slash their rates following base rate cuts by the Bank of England.
Other banks will likely be slashing rates too over the coming weeks and months.
Falling interest rates are good news in terms of mortgages but come as a blow for savers trying to grow their money as much as possible.