News

• All frontline colleagues will receive cost-of-living training to support and guide members
• Cost-of-living freephone hotline introduced so that those struggling can access support quickly
• Experts in branches to respond and reach out to members face-to-face, by phone and video
• Support will include financial wellbeing reviews and guidance from money experts and charities

• New issue of 1 Year Triple Access Online Saver launched paying an increased rate
• Nationwide is also increasing rates on one and two year fixed rate products
• Society also increasing rates on off-sale Loyalty accounts from 1 August

On Wednesday 7 July, The Mortgage Works (TMW) is launching two new competitive buy to let products for limited companies and at the same time reducing selected limited company rates by up to 0.15%.

• Spend in May hits 2022 peak as both essential and non-essential spending rise in value and number
• Nationwide’s Spending Report shows around 14m more transactions were made in May than April
• Essential spending rises driven by bills – including fuel, travel, utilities and paying off existing debt
• But consumers have increased spending on the things they enjoy – holidays, clothing and gardening
• Credit card spend up 6% vs April (and 22% on May 2021) while month-on-month debit card spend flat

• Introductory rate available for new applications on balances up to £1,500 for first 12 months
• Members switching their current account receive £125 while new customers receive £100
• Switchers could benefit from up to £200 within first year through interest and switching incentive
• Interest free overdraft for first 12 months helping members reduce existing debt and outgoings

Mortgage brokers can now get a decision in principle (DIP) even faster with Nationwide as the Society enhances its API technology in partnership with mortgage technology firm Twenty7Tec.

• Member Online Bond rewards members with 2.50% - the high street’s top rate for 3-year fixed rate bonds
• Start to Save (Issue 2) pays 2.50% - incentivising people to build steady savings during challenging times
• Start to Save account also offers new six-monthly prize draw offering £250 to those who save regularly
• Nationwide increasing rates by up to 0.50% on all off-sale variable rate accounts, effective 1 July

• Pledge to protect branches in cities and towns extended until 2024 to support members
• Society encourages members who are facing financial hardship to talk to them

• 74% of landlords feel sense of duty to support tenants during times of financial difficulty
• More than four in ten landlords have given financial support to tenants over past 12 months
• Landlords could reduce rents by up to 7.6% before their finances become detrimentally impacted
• But more than half plan to hike rent over next 12 months as costs continue to rise

• Month-on-month growth in essential and non-essential spending broadly flat in April
• Signs of creeping costs as transactions decrease but spend levels are maintained
• Households cutting back on childcare, subscriptions, and TV, phone-and-broadband
• But clothing, gardening, eating and drinking out see small jump during the month
• Utility bills up 40% month-on-month - reflecting rising costs of energy and Council Tax