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Spend while the sun shines: Consumers balance growing cost of household bills with tonic of holidays, clothing and gardens
24 Jun 2022
- Spend in May hits 2022 peak as both essential and non-essential spending rise in value and number
- Nationwide’s Spending Report shows around 14m more transactions were made in May than April
- Essential spending rises driven by bills – including fuel, travel, utilities and paying off existing debt
- But consumers have increased spending on the things they enjoy – holidays, clothing and gardening
- Credit card spend up 6% vs April (and 22% on May 2021) while month-on-month debit card spend flat
Nationwide increases interest rate on its FlexDirect current account to a market-leading five per cent
21 Jun 2022
- Introductory rate available for new applications on balances up to £1,500 for first 12 months
- Members switching their current account receive £125 while new customers receive £100
- Switchers could benefit from up to £200 within first year through interest and switching incentive
- Interest free overdraft for first 12 months helping members reduce existing debt and outgoings
Consumer spending stalemate: rising costs undermine efforts to cutback household finances
23 May 2022
- Month-on-month growth in essential and non-essential spending broadly flat in April
- Signs of creeping costs as transactions decrease but spend levels are maintained
- Households cutting back on childcare, subscriptions, and TV, phone-and-broadband
- But clothing, gardening, eating and drinking out see small jump during the month
- Utility bills up 40% month-on-month - reflecting rising costs of energy and Council Tax
Nationwide stops 2,000 more online shopping frauds a month as new payment checks show a small delay is worth its weight
09 May 2022
- Strong Customer Authentication stops 2,000 more transactions a month falling prey to fraud
- More than two thirds are happy for payments to take a little longer if they are better protected
- More worry about losing bank card than data theft, despite nearly all online fraud relying on leaks
- 42% say SCA makes them feel safer and 27% say it makes them more likely to shop online
Non-essential spend jumps 16% as longer and freer days put spring in the step of consumers despite cost of living rise
22 Apr 2022
- Nationwide’s Spending Report tracked c217m credit, debit card & direct debit transactions made in March
- Overall spending up 16% vs February; non-essential spending (c£2.8bn) in March is highest so far in 2022
- Spending on charities was up 45% vs March 2021, with many supporting the humanitarian effort in Ukraine
- With rising petrol and diesel prices, spending on fuel and electric charging up 56% vs 12 months ago
- Credit card transactions up 29% versus March 2021 as more turn to credit to pay for goods and services
- Nationwide encourages people struggling financially to contact their bank or building society for support
Latest news
24 Jun 2022
Spend while the sun shines: Consumers balance growing cost of household bills with tonic of holidays, clothing and gardens
- Spend in May hits 2022 peak as both essential and non-essential spending rise in value and number
- Nationwide’s Spending Report shows around 14m more transactions were made in May than April
- Essential spending rises driven by bills – including fuel, travel, utilities and paying off existing debt
- But consumers have increased spending on the things they enjoy – holidays, clothing and gardening
- Credit card spend up 6% vs April (and 22% on May 2021) while month-on-month debit card spend flat
21 Jun 2022
Nationwide increases interest rate on its FlexDirect current account to a market-leading five per cent
- Introductory rate available for new applications on balances up to £1,500 for first 12 months
- Members switching their current account receive £125 while new customers receive £100
- Switchers could benefit from up to £200 within first year through interest and switching incentive
- Interest free overdraft for first 12 months helping members reduce existing debt and outgoings
20 Jun 2022
Nationwide further enhances API integration with Twenty7Tec's Apply
Mortgage brokers can now get a decision in principle (DIP) even faster with Nationwide as the Society enhances its API technology in partnership with mortgage technology firm Twenty7Tec.
15 Jun 2022
Nationwide gives savers a boost by launching two competitive products and raising rates on a number of savings accounts
- Member Online Bond rewards members with 2.50% - the high street’s top rate for 3-year fixed rate bonds
- Start to Save (Issue 2) pays 2.50% - incentivising people to build steady savings during challenging times
- Start to Save account also offers new six-monthly prize draw offering £250 to those who save regularly
- Nationwide increasing rates by up to 0.50% on all off-sale variable rate accounts, effective 1 July
06 Jun 2022
Nationwide extends branch promise to support members
- Pledge to protect branches in cities and towns extended until 2024 to support members
- Society encourages members who are facing financial hardship to talk to them
