Product news

• Rising cost of living sees cash usage increase 19 per cent in a year
• ATMs for more than cash withdrawals - half of transactions deposits or mini-statements
• Cash still king in capital as London tops UK ATM usage league

Nationwide Building Society is reducing rates across its mortgage range by up to 0.60 percentage points, effective from tomorrow, Friday 6 January.

The Mortgage Works (TMW) will be reducing rates on one, two, three and five-year fixed rate buy-to-let switcher mortgage products by up to 0.40 percentage points from Wednesday 21 December.

• Nationwide Spending Report shows essential spending rises 9% year-on-year vs 8% for non-essentials
• Black Friday accounts for c5% of total number of transactions and c7% of total spend in November
• Transactions made in discount stores up 10% on October (total spend up 27% month-on-month)
• Clothing & shoes and health & beauty see biggest monthly growth for discretionary spending
• But spending fell on eating and drinking out as more stay home for warmth and World Cup

On Wednesday 14 December, Nationwide Building Society will, once again, be reducing rates on selected five and ten-year fixed rate switcher mortgage products.

Nationwide Building Society is launching new issues of its Fixed Rate Online Bonds on Friday 9 December.

Nationwide Building Society will be reducing selected two, three and five-year fixed rate mortgages at 60% and 75% Loan-to-Value (LTV) by up to 0.30 percentage points from tomorrow, Friday 9 December.

Nationwide Building Society withdrew its market-leading switching incentive at midnight on 30 November.

Over the course of Black Friday yesterday, Nationwide Building Society members made 9.72 million transactions – 16 per cent higher than a typical Friday.

By 5pm today, Nationwide members had made 6.46 million transactions – 15 per cent higher than a typical Friday.

By 2pm today, Nationwide members had made 4.52 million transactions – 15 per cent higher than a typical Friday.

By 12pm today, Nationwide members had made 3.07 million transactions – 16 per cent higher than a typical Friday.