Nationwide slashes savings rate by 25%

Pound note cut

Nationwide Building Society is the latest big provider to cut rates for new savers. Its Limited Access Saver Issue 3 pays just 0.9% before tax (0.72% after) and restricts you to five withdrawals a year.

It's a hefty 25% cut from the 1.2% (0.96%) on its previous issue, which was withdrawn from sale on Friday.

Top rates on easy-access accounts are on offer from Post Office Online Saver at 1.4% (1.12%), including a bonus for the first year. Coventry BS pays the same on its PostSaver but limits you to 12 withdrawals a year.

The top deal with no bonus and no withdrawal restrictions comes from Skipton Building Society's Limited Edition E-Saver at 1.25% (1%). But as its name implies, it is unlikely to be around for long.

Find the best cash Isa or savings account for you

Fixed-rate deals

On fixed-rate bonds, best deals include 1.76% (1.41%) with the tiny National Counties Building Society for one year, 2.25% (1.8%) for two years from Harrods Bank, and 2.4% (1.92%) for three years from Close Brothers.

On easy-access tax-free cash Isas you can earn 1.5% including a bonus for the first 18 months with Post Office Premier Isa.

National Savings & Investments also pays 1.5% - with no bonus - but you can't transfer your existing cash Isas into this account. For transfers, Barclays pays 1.49% on a minimum £30,000 with no bonus.

The top fixed-rate deal on cash Isas for one year comes from Virgin Money at 1.7%, while Post Office pays 1.95% for two years.

This article was written for our sister website Money Observer

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Thanks to the idiots running this country, QE has left the banks awash with funds. There is no reason for them to try and attract savers' money.

But the most annoying thing is the gap between the rates of savers and borrowers. Banks are making massive profits, and they caused the current problems!

Rip-off Britain at its ugliest. But it's not just the banks. Insurance companies are at it. Annuity rates are very low. Give them £100,000 for an annuity at age 65, and they'll give you around £5,000 per year at best until you die. So if you pop off before you reach the age of 85, they've effectively stolen the balance of your money, never mind growth of the capital youve lodged with them. And if their so-called fund managers can't "manage" the funds better and let you have at least some of the growth of the capital over the years, then they need to be replaced.

Ok, from April this year you no longer need to take an annuity or enter into a drawdown contract, but there are warnings that if you try to take the funds out of your pension scheme, then they might hit you with a withdrawal charge.

The whole finance industry in this country is geared towards making obscene profits at the expense of the population.

And then we have tax avoidance and evasion. Osborne knows all about this and actively condones it as witnessed in this short video.
It only lasts 29 seconds, but it shows whose side our marvellous chancellor is on.

This is the same chancellor who before the last election promised to up the exemption from inheritance tax to £1 million. You can't trust any of them!

I do not knowwhy but my husbands pension has been reduced from april this year, so much for this goverment, YOU JUST CANNOT TRUST ANYONE, BUT WILLING TO GIVE 'UKIP ' A TRY.