News

Nationwide Building Society is today announcing increases on some of its most popular on and off-sale variable rate savings accounts as well as increasing the revert to rate on the FlexDirect current account. The changes are effective from 1 July 2023.

• Nationwide reaffirms its Branch Promise to at least 2026 to support and serve the UK’s local communities
• Debbie Crosbie, Nationwide CEO: “We give customers a choice of how they manage their money”
• Research from Nationwide highlights that the majority of people (77%) value or depend on branches*
• Extension endorsed by SaveTheHighStreet.org with call for more big brands to make bold commitment

• Nationwide Spending Report shows overall spending up 5% year on year and transactions up 7%
• Essential and non-essential spending gap narrows as people spend more on themselves
• Consumer poll highlights fall in those worried about personal finances and ability to cover essentials
• Brits determined to have a summer of fun as many see holiday and days out as essential spending
• Average holiday spend of £1,491, but Brits staying in UK or opting for short haul to keep costs down

From today (9 June 2023), Nationwide Building Society will return to lending at 95 per cent loan to value (LTV) on non-new build flats.

The Mortgage Works (TMW) is tomorrow (7 June) returning to lending at 80% loan-to-value (LTV) on its buy to let, let to buy and limited company range of mortgages. At the same time TMW is simplifying its affordability criteria.

• Home Energy Efficiency Tool gives homeowners information on how to make green home improvements
• Tool provides an overview of measures that could be taken to save money and improve home’s EPC rating
• Launches alongside Society’s 0% Green Additional Borrowing to help existing customers finance improvements

Following the 0.25% increase in the Bank of England Bank Rate on Thursday 11 May, mortgage members who are on Nationwide’s Base Mortgage Rate (BMR)¹ and Standard Mortgage Rate (SMR)² products will see a rise of 0.25%.

• Nationwide Spending Report shows overall spending up 8% year on year and transactions up 9%
• Essential and non-essential spending gap narrows as people spend more on themselves
• Poll shows 74% are worried about personal finances and ability to cover essentials – highest level this year
• 57% of parents worried about covering costs of summer holidays with total average cost of c£550 a week
• One in four plan to buy new car in next 12 months but 75% say cost will be number one factor when choosing

• Nationwide continues to reinvest profits for the benefit of its members
• £340m Nationwide Fairer Share Payment to reward eligible members with £100
• Society also launches two-year Nationwide Fairer Share Bond for existing members with 4.75% interest rate
• Society announces strong annual results, including returning over £1 billion back to members in better rates and incentives, and continues to lead on customer satisfaction

• Nationwide first high-street banking provider to launch support for customers with communication difficulties
• The scheme, called ‘Speak Easy’, will be piloted in 10 branches across Greater Manchester
• Branch staff will receive specialised training to support non-speaking people
• One in five people across the UK will experience a communication difficulty at some point in their lives

• New Green Additional Borrowing will support up to 5k Nationwide mortgage holders to green their homes
• Product available across two and five-year fixed terms with a maximum loan size of £15,000
• Entire loan must be spent on green home improvements, such as solar panels or air source heat pumps
• First time Society has offered members 0% mortgage product to support decarbonising housing stock
• Product to test whether reducing interest rate will encourage people to make homes more energy efficient

• Six in ten Brits have cancelled or cut down on charitable giving since the crisis began, new research reveals 
• Charities face ‘perfect storm’ of rising energy bills, falling donations, and surge in demand for services 
• Nationwide to give £4m to charities and raises individual grant from £50,000 to £60,000 to help with inflation