2 July 2013
From 3 July 2013, Nationwide is re-launching its popular Loyalty Saver account which will be open to customers who have been a member* for at least one year. Previous issues of the Loyalty Saver were available to members of at least five years. The account will also be available to open online for the first time. Loyalty Saver pays a higher rate of interest based on the length of time a customer has been a member of the Society.
Loyalty Saver (Issue 4) pays up to 1.70% AER**/gross p.a (variable) and the top rate is payable for continuous membership of 15 years, one of the highest rates for an easy access account from a major high street provider. Loyalty Saver also has the reassurance of instant access with unlimited free withdrawals and no introductory bonus.
94% of Nationwide members are eligible1 for the account as they have been a member for at least one year.
Members with Loyalty Saver accounts will automatically be moved up through the tiers of the account as their length of membership grows – a real demonstration of 'On Your Side'.
Richard Marriott, Nationwide's head of savings, said: "Loyalty Saver proved to be extremely popular with our savers when it launched in October 2012. In response to customer feedback we have improved the eligibility for members from a minimum of five years to just one year, as well as making it available to open online. This means that many more of our existing members will be able to open a Loyalty Saver account.
"The 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. They are also able to gain instant access to their savings without penalty.
"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 member means a customer with a Nationwide current account, savings account or mortgage. This includes those held with Cheshire, Derbyshire and Dunfermline Building Societies. 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 The Mortgage Works (UK) plc.
** 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 one year and must be aged 18 or over
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 interest rate tier.
Limited offer and may be withdrawn from sale without notice
RATES FOR LOYALTY SAVER Issue 4, EFFECTIVE 3 July 2013
|Length of Membership
||AER / Gross p.a.
|15 years +
|10 – 14 years
|5 – 9 years
|1 - 4 years
Rates are variable
||Loyalty Saver Issue 4
||In branch and online at nationwide.co.uk
||To qualify for Loyalty Saver applicants must be UK residents and have been a continuous member* of Nationwide for a minimum of one year
|Maximum number of account holders
||Maximum of two joint account holders. Only one account holder must meet the opening eligibility criteria; the customer with the longest membership* with Nationwide will determine the interest rate. To apply online, both account holders must be existing Nationwide customers.
||Unlimited instant access withdrawals allowed
|Min. opening balance
|Min. operating balance
||Account must be opened by an adult over 18
£50,000 (for sole and joint accounts)
||Interest is added annually on 31 December
About Nationwide Building Society
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 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.