Nationwide launches three new benefits in major boost to millions of customers
Nationwide Building Society are launching three member rewards
PA
Nationwide Building Society is today launching three new benefits for members.
Nationwide Building Society has launched a new Member Exclusive Bond, the return of the £100 Fairer Share Payment and a £200 member-only switching incentive following their Full Year Results announced this morning.
Millions of Nationwide customers will now have access to a highly competitive Exclusive Bond offering a rate of 5.5 per cent AER/gross (fixed) for 18 months.
The Building Society is also bringing back the popular Fairer Share Payment. Eligible members will receive their £100 boost directly into their current accounts next month.
Their third reward is the Nationwide £200 Member Exclusive Current Account Online Switch Offer. This is for existing members, who on March 31, do not use Nationwide for their everyday banking.
This puts customers in prime position to receive a Fairer Share payment in future years.
Nationwide customers will now have access to a highly competitive Exclusive Bond offering a rate of 5.5%
NATIONWIDE BUILDING SOCIETYDebbie Crosbie, Nationwide’s chief executive, said: “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.”
The three new member benefits follows the Building Society's announcement on one of its strongest financial performances, including a record £2.2 billion of member value.
The new Member Exclusive Bond is 1.25 per cent higher than Nationwide’s existing 1-year Fixed Rate Bond.
Savers can get £125 extra interest over a year if they deposit the maximum investment of £10,000, and an extra £193 over 18 months.
The Bond can be opened in branch, via the banking app or Internet Bank.
The second Fairer Share Payment will distribute £385 million to members who choose Nationwide for their everyday banking and have a qualifying savings or mortgage product.
Millions of customers will get their free £100 paid directly into their current accounts next month.
Who is eligible for Fairer Share payment?
- Current account: To be a qualifying current account, their account must have been open on March 31, 2024. Qualifying members must still have a current account in June.
- Savings: People will have had qualifying savings if they had at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024.
- Mortgage: To be a qualifying mortgage, people must owe us at least £100 on their Nationwide residential mortgage on March 31 2024.
Those who do not use Nationwide for their everyday banking (as at 31 March) can still secure an extra £200 if they switch.
Nationwide is offering a £200 Member Exclusive Current Account Online Switch Offer for existing members.
LATEST DEVELOPMENTS:
Last year, Nationwide reported profits of £2 billion, enabling it to deliver over £1.8 billion to members in better rates and incentives, compared to the market average.
It also distributed £344 million through its first ever Fairer Share Payment to eligible members.