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Nationwide launches new rates

20 January 2006
Nationwide Building Society has announced new rates on its savings accounts.

Rates on some of the savings accounts will be cut by between 0.05 per cent and 0.2 per cent, but certain others, including those designed for children or the over-65s, will remain unchanged.

This follows a period in which other providers reduced their rates and now, the building society says that rates on its savings accounts are 0.4 per cent better than its high street rivals following this week's changes.

Andrew Hagger of comparison website Moneyfacts recently commented on Nationwide's changes to its current accounts.

"It is certainly time for some of the high street players to see that they can't continue to rest on their laurels," he said.

However, he remarked that while consumers are more willing to switch credit card provider regularly to chase introductory rates, they are less likely to change their current accounts due to the "perceived hassle of transferring direct debits, ordering a new cheque book and setting up new internet banking details".

To read more about Savings Accounts, click here.

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