Wednesday 2nd July 2008
From August, Nationwide is to adjust the tiered interest rates for its FlexAccount, reports the Guardian.
Depending on the amount paid in, the level of return earned is to change, with higher rates for greater deposits.
However, the Guardian notes that this could leave Nationwide open to accusations of favouring its higher-income customers.
Some of the existing rates are to remain the same - for example, monthly deposits of less than £500 are to earn 0.1 per cent interest.
Payments from £500 to £999 are to receive the higher rate of return at 0.5 per cent, the publication reports.
At the top end of the scale, a rate of 3.5 per cent is to be paid to anyone who deposits more than £1,500.
But those in the middle of the scope - whose monthly input ranges from £1,000 to £1,499 - are to receive two per cent.
This is a cut of 1.5 per cent from the previous rate of reward and, according to the news provider, is most likely to affect those earning between £15,000 and £23,000 per year.
Some consumers might see the rate reduction as ironic in light of recent comments from Nationwide.
In June, the financial services provider reported that many Britons are finding it difficult to save as much as they would like.
Director for savings Matthew Carter asserted at the time that "its a good time for savers", adding that it is "incredibly unfortunate" that individuals have insufficient funds to add to their savings.
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