News Reader.info

Nationwide, Lloyds and NatWest contacting customers about important changes to accountsChanges affecting savings will be happening over the next few weeksCommentsNewsRichard Guttridge Agenda

Editor13:33, 20 May 2025A number of banks are slashing rates. Customers with some of the biggest banks are being alerted to emails and letters that will be arriving from their banks setting

out major changes to their accounts.

Banks such as Nationwide, Lloyds and NatWest have all started contacting customers about upcoming changes.

‌ They are slashing interest rates on some savings accounts, impacting returns customers make on their money.

‌ READ MORE: Nationwide customers put on alert over £100 June bonus payments

Get our best money saving tips and hacks by signing up to our newsletter

The banks are responding to interest rate cuts from the Bank of England and savers have been warned further cuts are likely over the coming months.

Article continues below Experts are advising Brits to look around for the best savings options, and say getting a fixed-rate account now may be a good idea before rates fall further.

Nationwide is slashing rates on a number of its savings accounts from the start of June, while NatWest is also making changes on some of its accounts.

Emails may have already dropped into inboxes from banks explaining the changes, while some customers may get letters.

‌ Join our Free Money Saving WhatsApp community for the latest updates

And that means now may be the time for households to consider changes to make the most of their savings.

Wander Rutgers, UK CEO of investing app Lightyear, said: "The UK needs to come out of its savings shell to reap the rewards of investing.

‌ "Cash still has a place, but in recent weeks, banks like Nationwide have slashed interest rates on savings accounts and cash ISAs.

"Even major high street banks such as Lloyds and Barclays are now only offering up to 4% interest, and that's just on fixed-term ISA products. Easy access rates are pitifully low."

Martin Lewis said: "The Bank of England cut the UK base rate from 4.5% to 4.25%, and this could be a tipping point for savers."

Article continues below He added: "So if you're concerned, the safest option, based on the mood music, is to lock in a rate by putting some savings in fixes."

Antonia Medlicott, of financial education specialists, Investing Insiders, said: “One thing is certain - savers relying on cash ISAs will experience diminishing returns as providers respond

with cuts of their own."