News

• Nationwide Spending Report reveals fall in spending across essential and non-essential items in August
• Spending on debt rises month-on-month and annually, as does the amount spent on rent payments
• Recent trend of falling spend on DIY, dating, subscriptions and gardening continues as consumers cut costs
• But spend on socialising and leisure¹ still rising despite cost pressures, accounting for a quarter of all non-essential spending

• Average household £249 per month worse off than same time last year, research from Nationwide shows
• One in eight avoid seeking help, with younger adults five time less likely to get support than older people
• Majority feel they have cut back as far as they can and don’t think they can reduce outgoings any further
• Half are worried about contacting their bank / building society for help due to any future impact on finances
• Nationwide prepares to offer appointments to members in addition to its dedicated cost-of-living hotline

Nationwide Building Society is today increasing the rate on its one and two year Fixed Rate Bonds/Online Bonds and launching a new three year Fixed Rate Online Bond.

• New streamlined process developed in conjunction with Moneyhub using open banking payments technology
• Around 8 percent of accounts are closed each month as members forget to meet the funding requirements
• New process initially rolled out for Fixed Rate Online Bonds before expanding to other savings accounts in future.

• Just 22% of landlords support proposal to end Section 21 ‘no fault’ evictions, research shows
• 62% supportive of National Landlords Register but 53% say it won’t deter rogue landlords
• Introduction of Decent Homes Standard garners most support amongst landlords

Nationwide Building Society is today announcing rate increases on all of its variable rate savings accounts, including increasing the rate on the Society’s competitive Triple Access Online Saver and Triple Access Online ISA for new and existing members.

• Nationwide Spending Report reveals rising costs across both essential and non-essential spending in July
• Essential spending up 6% in a month (12% year-on-year); non-essential jumps by 5% (14% year-on-year)
• Cost cutting reductions recorded in June reversed as all but two non-essential categories see a rise in July
• Childcare, fuel, utilities & bills, travel on public transport see biggest annual growth in essential spending
• Despite monthly spike, year-on-year figures show reductions across subscriptions, gardening, DIY and dating

• Two thirds of university students behind or struggling to pay their rent or accommodation costs
• Nearly three quarters have borrowed from family to pay for essentials such as food and rent in last year
• Nationwide giving £10 to housing charity Shelter for every new FlexStudent current account opened

Nationwide Building Society is today increasing the rate on its one and two year Fixed Rate Bonds and launching a new five year Fixed Rate Online Bond.

• More than half of people have had a knock on their door offering to do work on their homes
• 18% received an email invoice for work but 35% don’t know fraudsters can intercept messages
• One in five have had email hacked, while nearly a quarter (24%) have been victim of email hacks
• 21% have authorised a payment that has been flagged as suspicious by bank or building society
• Nationwide’s Scam Checker Service allows members to check a payment before making it