News

• Nationwide’s Open Banking for Good challenge set to help those living on a financial knife edge
• Participants challenged to develop apps and services to combat common financial capability issues
• Challenge convenes experts from Nationwide, Doteveryone, Money Advice Trust, Nesta, Accenture
• Launches with a £3 million fund from Nationwide to ignite, challenge and encourage innovation

Nationwide Building Society is today launching a practical partnership with homelessness charity St Mungo’s aimed at providing a consistent and compassionate response to people rough sleeping on the high street – and is urging other businesses to follow suit.

• Three in ten Brits willing to move own money into a new account to ‘keep it safe’
• Young at risk: those aged 16-24 four times more susceptible than those 55 plus
• People in London, West Midlands, Wales and North East areas most likely to be at risk of impersonation scams
• But education message is working, with one in three refusing to hand over money

Richard Beck, Adviser to the CEO, has resigned from Nationwide Building Society. In May this year he stood down as Chief Strategy & External Relations Officer and a member of the Society’s Executive Committee, which allowed him to make provisions for his sick mother overseas.

• More than five in ten lose their deposit in full, despite over two thirds disputing it
• More male students get their money back than women
• Students lose an average of £150 of their rental deposits while at university
• Lack of experience means many students fail to spot cost of renting

Cash-strapped students are being hit with an average bill of £150 at the end of their tenancy, with eight in ten saying the money was held back unfairly.

• New account aimed at parents looking to save for their children pays 3.50% AER
• Flexible account designed in response to member feedback allowing parents to maintain access to the money

Nationwide Building Society today launches Future Saver, a savings account for parents looking to save for their children’s future.

• Investment will fuel technology transformation, including re-platforming of digital assets
• Enhanced spend will see Nationwide invest a total of £4.1 billion over next five years
• Technical transformation will be underpinned by significant operating model changes driven by Agile adoption, DevOps standards and Cloud exploitation
• Society to create up to 1,000 new jobs and open a new UK technology hub
• Core focus of the strategy is to drive UK service leadership through digitisation and multi-channel technology integration across the high street and mobile channel estate
• Innovation agenda includes the creation of a £50m FinTech venture fund and planned launch of Open Banking aggregation services
• Latest in line of major technology investments, including one of the largest SAP Core Banking deployments globally.

Nationwide today announces £4.1bn of investment, of which £1.3bn is incremental to an already ambitious plan, that will ensure Britain’s biggest building Society, and the UK’s second largest mortgage lender, is primed for the next generation of digital innovation.

Nationwide Building Society has appointed Patrick Eltridge, a senior executive with a 30-year career spanning financial services, telecommunications, start-ups and management consulting, as Chief Operating Officer (COO).

• Two thirds of Brits are slashing spending as rising cost of living begins to squeeze finances
• Most finding it harder to survive financially today versus five years ago, new poll reveals
• But Wi-Fi, gym membership and healthy eating among things least likely to be given up
• Regional stats show Londoners have over double the spare cash of Welsh - £585 vs £268
• Findings back Nationwide’s quarterly Spending Report – an analysis of c700m transactions

Brits are tightening their belts as research reveals the rising cost of living is beginning to bite, forcing many to slash spending.

• Total spend up from £1.48bn in 2017 with per child spend increasing by around £15
• Londoners set to spend the most per child with Yorkshire parents spending the least
• Increasingly more parents worrying about the cost of kitting out their kids – up by 13%
• More than one in ten turn to Bank of Grandparents for funding and a quarter use a credit card

While the UK's 8.63 million¹ school children enjoy the last of the summer holidays, parents have already started to turn their attention to the new school year because of the feared costs of kitting out the kids.

Nationwide Building Society has announced adjustments to savings and mortgage rates in response to the Bank of England Bank Rate increase of 0.25%. Rates affected will change as of 31 August 2018 for savings accounts, and 1 September 2018 for mortgages.

Nationwide Building Society has today announced its second investment as part of a £50 million Venturing Fund that is designed to create long-term partnerships.