13 July 2012
From Friday, 13 July 2012, Nationwide Building Society will be rewarding loyal* customers with the launch of a market-leading Two-Year Fixed Rate Loyalty Bond. The new account pays a rate of annual interest of 3.80% gross p.a./AER**.
The bond is available in-branch to existing customers aged seven or over who have held a savings account, FlexAccount or mortgage account with Nationwide for at least three months. In order to give the benefits to as many existing customers as possible, the Loyalty Bond will have a maximum balance of £5,000 or £10,000 if it is a joint account.
Richard Marriott, Nationwide’s head of savings, said: “The fixed rate market continues to be a competitive place for savers looking to tie their money in for a fixed period at a rate of interest that won’t change. The launch of this account provides existing Nationwide customers with a market-leading two-year rate, demonstrating our commitment to offering long-term good value savings accounts.”
Notes to editors:
* The Two-Year Fixed Rate Loyalty Bond is only available to customers aged seven or over who have held a savings account, FlexAccount or mortgage account with Nationwide Building Society for at least three months prior to opening this account (excludes any accounts held with Cheshire, Derbyshire and Dunfermline Building Societies, The Mortgage Works and UCB).
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if customers do pay tax).
|Term of bond
|Loss of interest
Rates correct as of 13 July 2012
|2-year Loyalty Bond (annual)
|£1 - £10,000***
|2-year Loyalty Bond (monthly)
|£1 - £10,000***
*** Maximum deposit of £5,000 for sole accounts, £10,000 for joint accounts (maximum of 2 joint account holders and only the main account holder must meet the eligibility criteria).
No part withdrawals allowed.
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 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.