Launched two years ago, Nationwide's Savings Promises have provided a real benefit to the Society's 11 million savers. They show the Society's commitment to helping savers make the most of their money.
In the current low interest rate environment it is important for savers to utilise their tax-free cash ISA allowance. Savers transferring their cash ISA to Nationwide have earned £2.5m in extra interest as a result of the Society's promise to pay interest from the day we receive their application3.
Unlike some other providers, Nationwide doesn't reduce customer's tax breaks by offering lower rates on comparable ISA and taxable savings accounts. The Society guarantees that its fixed rate ISAs will match or beat its equivalent bond rates. The same pledge to match rates is also available on the Society's Champion ISA and Champion Saver2.
Nationwide also promises to reward existing savers with exclusive savings products1. During the last two years the Society has honoured this promise, launching 8 Loyalty accounts, which have been opened by more than 300,000 members.
For the second time, Nationwide has written to its savers providing them with a personal savings summary detailing, not only the rates they're receiving on their balances per account, but also the latest range of savings accounts we offer that may better suit their needs4.
Richard Marriott, Nationwide's head of savings, said: "The Nationwide Savings Promises have been a real success with our members and have helped them earn valuable additional interest.
"In the current economic environment, we feel it's more important than ever for us to be open and honest with savers about the rates they are receiving and where we can offer them a higher rate of interest.
"The Society continues to reward customer loyalty, rather than just offer the best rates to new customers. Our most recent loyalty account, Loyalty Saver, offers a higher rate of interest the longer you have been a member of the Society and is proving to be one of our most popular ever loyalty accounts.
"These promises really demonstrate our commitment to being 'On Your Side'."
Notes to editors:
Nationwide's Seven Savings Promises
- We won't offer 'brand new customer only' savings accounts.
- We'll reward existing savers with exclusive savings accounts1.
- We guarantee our Fixed Rate ISA rates will match or beat our equivalent Bond rates, and our Champion ISA rate will match or beat our Champion Saver rate2.
- Earn interest on your Cash ISA as soon as we receive your transfer application3.
- We offer a Rate Guarantee when you take another Fixed Rate Bond or Fixed Rate ISA - if our rate changes between the date we notify you of your options and your existing product maturity date, we'll give you the better rate as long as you get back to us by your maturity date.
- Every year we'll send you a personal summary statement showing both the rate you're receiving and details of our range of savings accounts4.
- We'll give you a free Savings Review to help you find out if you can get more from your savings.
These are our Savings Promises which form part of your savings terms and conditions.
1 Product eligibility criteria will apply
2 For all Champion ISA accounts opened after 1 July 2011 compared with Champion Saver rates for the same period.
3 Provided that your funds are free to move and not subject to any notice period.
4 Only for customers who are 18 or over with a savings balance of £500+
To qualify for Loyalty Saver applicants must have had a continuous Nationwide membership for a minimum of five years.
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.
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 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.