02 October 2012
New account offers an enhanced rate as membership length increases
From 3 October 2012, Nationwide is launching Loyalty Saver, an account paying a higher rate of interest based on the length of time a customer has been a member* of the Society. The new account, designed in response to customer demand, provides a proposition that no other provider on the market offers.
Loyalty Saver pays up to 2.60% AER**/gross (variable) for membership of 15 years*, one of the highest rates for a branch-based easy access account from a major high street provider. Loyalty Saver also has the reassurance of instant access with unlimited penalty free withdrawals and no introductory bonus.
More than three quarters of Nationwide savers are eligible¹ for the account as they have been a member for at least five years, with nearly half of those being eligible for the top tier rate of 2.60% AER**/gross (variable).
Customers opening a Loyalty Saver account will automatically be moved up through the tiers of the account as their length of membership grows – a real demonstration of ‘On Your Side'.
The new account fulfils Nationwide's promise to reward existing savers with exclusive saving accounts.
Richard Marriott, Nationwide's head of savings, said: "Nationwide has launched Loyalty Saver in response to feedback which showed members want to be rewarded for being loyal to the Society.
"The new account rewards customers based on the length of time they have been a Nationwide member. The longer the length of membership, the higher the rate of interest they can earn on their savings.
"Nationwide promises not to offer savings deals that are only available to new customers meaning that, unlike some other providers, our best saving deals are always available to our existing members."
Notes to editors:
*A Nationwide member is defined as a customer with a savings, mortgage or current account which includes those held with Dunfermline, Derbyshire and Cheshire Building Society. The following product holdings do not carry membership rights: deposit accounts, personal loans, credit cards, insurance products, products offered by subsidiaries of the Society such as Nationwide International or UCB Home Loans.
** AER stands for Annual Equivalent Rate which illustrates what the interest rate would be if interest was paid and compounded each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if a customer pays tax) and the net rate of interest is the interest payable after any income tax is deducted (if a customer pays tax).
¹ To qualify for Loyalty Saver applicants must have had a continuous Nationwide membership for a minimum of five years.
One account per customer in single or joint name. If a joint account is opened the longest length of membership will be used to determine the rate tier.
RATES FOR LOYALTY SAVER, EFFECTIVE 3 OCTOBER 2012
|Length of Membership
||AER / Gross p.a.
|15 years +
|10 – 14 years
|5 – 9 years
||To qualify for Loyalty Saver applicants must have a continuous Nationwide membership for a minimum of five years.
||Unlimited instant access withdrawals allowed.
|Min. opening balance
|Min. operating balance
||Account must be opened by an adult over 18.
||Interest is added annually on 31 December
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest
providers and a top-three provider of
mortgages in the UK. It is also a major provider of
Nationwide has around 15 million members.
Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.