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Loyalty Saver

Exclusively available to our existing members, Loyalty Saver is an instant access savings account that rewards you with a tiered interest rate linked to the length of your continuous membership with Nationwide. You will automatically move through the interest tiers that start with a minimum of 1 year, to 5 years, 10 years and a maximum of 15 years.

Summary Box

Account name

Loyalty Saver Issue 7

What is the interest rate?

Length of Continuous membership

Interest rate gross p.a./AER (variable)

Between 1 and 4 years 0.65%
Between 5 and 9 years 0.75%
Between 10 and 14 years 0.85%
15 years or more 0.95%

Interest is calculated daily and paid into the account annually on 31 December.

The interest rate is tiered and linked to the length of continuous membership with us. You will automatically move up the tiers from 1 year, to 5 years, to 10 years, up to a maximum of 15 years.

You can choose to have interest added to your account, a Nationwide current or savings account (subject to the terms and conditions of the receiving account), or a current account with another bank or building society.

Can Nationwide change the interest rate?

Yes, the interest rate is variable. This means that we have the ability to change the interest rate. Please see the ‘Interest’ section in the Savings General terms and conditions which sets out when we can vary the interest rate and how we will notify you if this happens.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Length of continuous membership

Interest rate gross p.a./AER (variable)

Balance after 12 months

Between 1 and 4 years 0.65% £1,006.50
Between 5 and 9 years 0.75% £1,007.50
Between 10 and 14 years 0.85% £1,008.50
15 years or more 0.95% £1,009.50

This shows the balance on an initial deposit of £1,000 within the tiered rate over 12 months with interest added to the account.

This estimated balance is for illustration only and assumes that:

  • Account opened on 1 January
  • Interest is paid into the account
  • No further deposits or withdrawals are made
  • There is no change to the interest rate
  • Individual circumstances do not change

How do I open and manage my account?

To open this account:

  • You need to be aged 18 or over
  • You’ll need to have been a continuous member* of Nationwide for a minimum of 1 year
  • You can only be the first named account holder of one Loyalty Saver account, which can be held in either sole or joint names
  • The account can have a 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
  • You can open this account with a minimum of £1 up to a maximum of £50,000

*What is a member?

A member means a customer with a Nationwide current account, savings account or mortgage. 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 The Mortgage Works (UK) plc.

If you were a member of another Building Society that has merged with Nationwide, this will count towards your length of membership with Nationwide. For all ex-Dunfermline customers, your membership date starts on 30 March 2009 as this was an acquisition rather than a merger.

You can open this account:

  • Online using the secure application form (start your application below). Please note, if completing an application for two joint account holders online, both account holders must be existing Nationwide customers.
  • In branch

You can manage your account:

Please note: you will need a minimum of £1 in the account for it to operate.

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. We can also close your existing savings account, if you want us to. Just let us know when you open a new account on nationwide.co.uk, via our Internet Bank or Banking app (if you're registered) or come and see us in branch.

Can I withdraw money?

Yes, this is an instant access savings account so you can get access to your money whenever you need it.

You can:

  • Withdraw up to £500 in cash a day or up to £500,000 by cheque at any of our branches.
  • Transfer money to another Nationwide current account or instant access savings account held in your name, using our Internet Bank or Banking app (if you’re registered for Internet banking).
  • Make transfers by CHAPS or Overseas Electronic Transfers in sterling (please note, this service is only available in branch and there is a fee payable).

Additional information

  • You’ll automatically move through the tiers.

Interest rate definitions explained:

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • Gross p.a. is the interest rate without tax deducted.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HMRC’s website.

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

The rates and information in this summary box are correct as of 23 November 2016.

This Summary Box sets out the key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and terms & conditions in full and print or save a copy of the PDFs below for future reference.