Nationwide Building Society overhauls customer benefits with free £200 on offer - full list of changes

Nationwide Building Society overhauls customer benefits with free £200 on offer - full list of changes

Greg Smith issues warning about tax on savings interest

Patrick O'Donnell

By Patrick O'Donnell

Published: 27/05/2024

- 15:50

Updated: 27/05/2024

- 15:54

The building society has made changes which will benefit longstanding members

Nationwide Building Society has recently unveiled a wave of brand new changes which will award customers with a range of benefits, including bolstered savings interest rates.

This comes after the financial institution reported one of its strongest financial performances in years, including a record £2.2billion in customer value.

Here is a full list of the changes being rolled out by Nationwide and the benefits customers are lined up to receive:

  • Member Exclusive Bond - offering the building society's 16 million customers an interest rate of 5.5 per cent AER/gross (fixed) for 18 months.
  • Fairer Share Payment - offering £100 and will be paid directly into current accounts for eligible members next month.
  • Switching Offer - offering members an exclusive £200 deal for changing accounts.

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Nationwide branch and man on phone

Nationwide has launched a wave of new benefits which could see customers get hundreds of pounds


The interest rate attached to the new savings bond is 1.25 per cent higher than Nationwide’s existing one-year Fixed Rate Bond.

For the maximum investment of £10,000, this comes to £125 extra interest annually and £193 over the 18-month period.

This bond can be opened in branch or through the building society's banking app or Internet Bank, depending on eligbility.

As well as this, Nationwide has launched its second Fairer Share Payment with £385million being distributed to members who pick Nationwide for savings or mortgage products.

For current members as of March 31, who do not used the building society for everyday banking needs, Nationwide is offering a £200 cash incentive for those who switch accounts.

Debbie Crosbie, Nationwide’s Chief Executive, outlined why members should take advantage of these changes while they still can.

She explained: “Our strong financial performance means we are able to offer more ways for our members to benefit from our success.

"This is only possible because we are owned by members and all our profits are reinvested for their benefit.”

This latest round of new deals for customers come as other banks and building societies, including Santander, have relaunched account switch offerings.

Furthermore, savings interest rates remain significantly higher than inflation in the UK after the Consumer Price Index (CPI) rate eased to 2.3 per cent for the 12 months to April.


Nationwide Building Society

The building society is awarding members


James Hyde, a spokesperson at Moneyfactscompare, said: “There has been some volatility across the savings market in recent times, with a mix of rate rises and reductions across the piece.

"Changes substantially balancing one another out has led to average rates not changing a huge amount recently in the fixed rate arena.

"Meanwhile, variable savings rates have remained very steady over the past few months, and this has continued in recent weeks.

"Savers who are about to have their existing one-year bond mature can beat the market-leader from May 2023, and those coming off longer-term deals should be able to achieve significantly higher rates if they wish to fix again."

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