The cuts were made to a number of accounts, including on their online Isa deals which were the currently the best on the market.

The biggest cut has been made to the well-known Flexclusive Isa has seen its rates fall from 1.75 per cent to 1.2 per cent. However, 1.2 per cent in the current poor market for savers it is still a competitive deal.

Susan Hannums, a director at Savingschampion.co.uk, says that the society is far from the only provider to cut rates, as Isas have been slowly losing appeal with providers.

Susan added: “This year’s so called Isa season running from February to May was a bit of a non-event. Sadly, rate reductions for both new and existing savers have become part of a daily ritual and cash Isa savers have been hit particularly hard.”

A Nationwide spokesman stated: “Many of our competitors have cut their savings rate over the last few months. We have had to react to these market changes to ensure the rates that we do pay on our savings enable the society to continue operating a sustainable business model.”

The large cuts all across the market, is likely to mean that savers will have to move their money to get the best deal. Currently Al Rayan Bank have not followed the general downwards trend and is currently the best on the market offering 2.02 per cent on its 120-day notice Isa, this account allows for transfers in from other providers, something which others such as The Yorkshire/Clydesdale do not offer.