Nationwide International has reduced savings rates for its US dollar offshore accounts following the cut to the US Federal Reserve Base Rate in December.
From 16 January, the US Dollar Tracker Premium will pay up to 0.5% gross p.a./AER, while the US Dollar Savings will pay up to 0.25% gross p.a./AER.
Year one of the US Dollar Tracker Premium used to pay 1.7% gross p.a./AER but now pays 0.3% for investors with between $5,000 and $49,999. Investors with over $50,000 formerly received 2% gross p.a./AER and now get 0.5%.
After the first year, all investors will receive 0.25% gross p.a./AER but used to get 0.75%.
During year one, investors in US Dollar Tracker Premium are guaranteed annual or deferred interest to be no lower than base rate. Thereafter, the account will pay 0.25% gross p.a. below the US Federal Funds target rate range. A flat rate of 0.25% on the account will be paid for the time being.
Meanwhile, the US Dollar Savings account pays 0.1% gross p.a./AER for savers with $1,000 to $24,999 but used to pay 0.35%. Investors with between $25,000 and $49,000 will receive 0.15% gross p.a./AER but formerly received 0.4%.
Investors with $50,000 to $99,999 will receive 0.2% gross p.a./AER whereas the old rate was 0.45%. The account pays 0.25% for accounts with over $100,000 but formerly paid 0.75%.
Customers can visit: www.nationwideinternational.com or call 01624 696000 for more information.
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