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2w ago

UK Banks Slash Savings Rates Following Bank of England Base Rate Cut

HSBC, NatWest, Nationwide, and Newcastle Building Society announce reductions to savings account interest rates, impacting millions of customers starting May 30, 2025.

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Overview

  • The Bank of England recently reduced its base rate from 4.5% to 4.25%, prompting major banks to lower savings account interest rates.
  • HSBC will cut rates on eight savings accounts beginning June 3, 2025, including its Help to Buy ISA and Loyalty Cash ISA.
  • NatWest will reduce rates on several accounts starting May 30, 2025, with additional cuts scheduled for July 15, 2025.
  • Nationwide Building Society is adjusting rates on 63 savings accounts effective June 1, 2025, affecting easy-access ISAs and children’s accounts.
  • Newcastle Building Society plans to lower rates on 37 personal savings accounts starting June 5, 2025, as part of the broader response to the base rate cut.