On Wednesday 16 October, Nationwide Building Society will be launching a refreshed and simplified savings range that offers competitive products that are easy to understand and rewards members’ loyalty.
The refreshed offering will also include a new Member Exclusive Bond aimed at rewarding loyal savers with a highly competitive rate. The new Fixed Rate Bond is the first of a number of limited-time offers exclusively for members that will offer enhanced rates to reward their loyalty. The account can only be opened in branch, further strengthening our commitment to our network and the high street generally.
The new range will also include more competitive variable rates for those who are able to restrict the number of withdrawals they make and those who choose to save online, ensuring that the new offering will cater for all types of saver.
The new accounts to be launched are:
Member Exclusive Bond
- 18-month fixed rate bond paying a highly competitive 1.50% AER/gross p.a. (fixed).
- Available exclusively for existing Nationwide members.
- Can only be opened in branch.
- Minimum account opening of £1 with a maximum investment of £5k (£10k for joint accounts).
One-Year Triple Access Online Saver (and ISA)
- Variable rate account paying a competitive 1.21% AER/gross or AER/tax-free (variable) for 12 months.
- Only available to open and manage online via website, the Internet Bank and Mobile App.
- Instant access account that allows three withdrawals in each 12-month period following account opening. Subsequent withdrawals will lower the interest rate to 0.10% for the remainder of that period.
- 12 months after opening, the account reverts to paying 0.75% AER/tax-free.
- Available in both ISA and non-ISA variants.
- ISA accepts transfers in.
- Maximum investment: £5 million; minimum operating balance: £1.
Triple Access Saver (and ISA)
- Variable rate account paying 0.75% AER/gross or AER/tax-free (variable).
- Only available to open in branch; can be managed in branch and via the Internet Bank and Mobile App.
- Instant access account that allows three withdrawals in each 12-month period following account opening. Subsequent withdrawals will lower the interest rate to 0.10% for the remainder of that period.
- Available in both ISA and non-ISA variants.
- ISA accepts transfers in.
- Maximum investment: £5 million; minimum operating balance: £1
For those saving for a deposit for their first home, the Society continues to offer its 2.50% AER/tax-free (variable) Help to Buy ISA. And, parents looking to put money aside for their children can open the Future Saver (offering 3.00% AER gross p.a. (variable) for those members who have a main current account with us and 2.00% AER gross p.a. (variable) for all other customers). In addition, the following accounts will also remain part of Nationwide’s savings range: Instant Access Saver, Instant ISA Saver, Flex Online Saver, Inheritance ISA as well as the Society’s one, two and three-year fixed rate bonds, e-bonds and fixed rate ISAs.
Tom Riley, Nationwide’s Director of Savings, said: “By refreshing our range, we have not only given members a clear understanding of what is on offer and how it can meet their individual needs, but raised our headline variable rate to 1.21% - increasing our competitiveness.
“We know that there is no such thing as an average saver because not all savers choose to manage their money in the same way. That is why our new range offers competitive rates for those who prefer to manage their savings online as well as those that want to utilise our 650-strong branch network. By offering savers simple choice between rate and access, we hope that choosing the right account is more straightforward than ever.”
In order to further simplify the range, the following accounts will be withdrawn from sale at the close of business on 15 October: Loyalty Saver, Loyalty ISA, Flexclusive ISA and Limited Access Saver.
Tom Riley continues: “Rewarding loyalty is a core part of Nationwide’s purpose. That is why, within our new range, we will be introducing limited-time, member exclusive products offering enhanced rates, the first of which is the Member Exclusive Bond. These will be open to all existing members and highlight the benefits of joining the Society – both in the short and long term.
“Overall, these changes offer members a valuable yet simple product range.”
