Nationwide International and Bradford & Bingley International have both reduced rates on offshore deposit accounts following central bank rate reductions over the past six weeks.
Bradford & Bingley International has cut rates on its sterling accounts, effective 1 March, with rates on internet accounts falling from 6 March. Rates on the Sterling Access account will now range from 4.15% on deposits of £10,000 to 5% above £500,000 (4.05-4.80% for monthly interest).
The Sterling Notice 90 account sees rates on the same tiers fall to 4.95% and 5.45% respectively (4.70-5.15% for monthly interest. The internet accounts eSaver and eAccess see rates fall to 6.40% and 5.45% respectively, while the eIncome monthly interest account will now pay 6% (6.17% AER).
Nationwide International is reducing rates on its US Dollar Tracker Premium and US Dollar Savings accounts by 50 basis points from today. The tracker account now pays 3.10% on balances from $5,000 to $49,999 and 3.25% above $50,000. The savings account pays tiered interest ranging from 2.05% on $1,000 to 2.65% above $100,000.
From 1 March rates will also fall on Nationwide International’s Sterling Base Rate Tracker Premium, Instant Access and 60 Day Notice sterling accounts. Because of an increase in the premium on the tracker account to 0.85% over base rate on the top tier (previously 0.75%), the tracker sees rates fall 15 basis points to 5.55% from £15,000 and 6.10% above £25,000 (5.35% and 5.90% for monthly interest).
Rates on the Instant Access and 60 Day Notice accounts fall by 25 basis points (the same as the Bank of England cut in February). Instant Access rates now range from 4.25% on £1,000 to 4.50% above £50,000 (4.15-4.40% for monthly interest). On the 60 Day Notice account the rate on £1,000 falls to 4.55%, and to 4.80% above £50,000 (4.45-4.70% for monthly interest). These accounts also have an entry tier from £1 to £999, paying 1.45% and 2.45% respectively.
All rates are quoted gross.
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