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Why choose our Mutual Reward Bond?

As a Building Society we're always looking for ways to give a little something back to our members. So, we've designed our Mutual Reward Bond, offering you our best available fixed interest rate, plus the chance to win £10,000 in our prize draw.

For every £100 you save, you’ll get an entry into the draw. And the more our members save together, the more £10,000 prizes there'll be.

Note: If you live in Northern Ireland you can open this account, but due to gambling laws you won't be entered into the prize draw. Instead, we'll match 0.5% of the total saved by members in Northern Ireland and put it towards funding a Community Grant to support local communities.

Terms and conditions apply

For members in England, Wales and Scotland:

  1. You save between £100 and £10,000, and every £100 you save gives you one entry into the prize draw – so that’s up to 100 entries.
  2. We’ll match 0.50% of the total amount qualifying members save. This will go into a prize pot. So, the more members save, the more prizes there’ll be (maximum 1 prize per member).
  3. The pot will be divided into £10,000 prizes, and we’ll hold the prize draw on 2 February 2021.

For members in Northern Ireland:

  1. You save up to £10,000 when you open your account.
  2. The more you and your fellow members in Northern Ireland save, the more we’ll be able to contribute towards projects that will benefit your local communities.
  3. Whatever members in Northern Ireland end up saving, we’ll match 0.50% of the total and put it towards funding a Community Grant to support local communities.

Interest rate

0.50% AER/gross a year (fixed) for 18 months

Access to your money

Taking money out during the term closes the account and an early access charge applies. You’ll also lose your entry to the prize draw if your account is closed before the draw takes place.

Manage your money

Online and in branch

Designed for:

  • Savers who became a Nationwide member before 29 September 2020.
  • Savers happy to lock away their savings for 18 months to benefit from our best available fixed interest rate.
  • Savers who want the chance to win in a prize draw (England, Wales, Scotland) or give something back to their local community (Northern Ireland).

Not designed for:

  • Savers looking to put away more than £10,000.
  • Savers who want to put away money on a regular basis.
  • Savers who’ll need access to their money in the next 18 months.
  • Savers looking to open a joint account.
  • Savers who already have a Mutual Reward Bond or Mutual Reward e-Bond with us.
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Account details

Explore the key features and benefits of this account in our Summary Box before moving on to start your application.

Summary Box

Mutual Reward Bond and Mutual Reward e-Bond

What is the interest rate?

0.50% AER/gross per year (fixed) for an 18-month term.

Receiving your interest

  • We work out your interest daily
  • We'll pay you the interest at the end of the day before each anniversary of the date you opened your account, at the end of the term, and on the day your account closes.

For Mutual Reward Bond you can choose to have your interest paid:

  • by having it added to your account
  • into a different Nationwide current account or savings account – as long as it’s possible for that account to receive interest payments
  • into a current account with another building society or bank

For Mutual Reward e-Bond you can choose to have your interest paid:

  • by having it added to your account or into your Nationwide current account

Can Nationwide change the interest rate?

No. The interest rate is fixed, so we can’t change it during the term.

What would the estimated balance be at the end of the 18 month term based on a £1000 deposit?

Based on an interest rate of 0.50% AER/gross a year (fixed) for 18 months, your estimated balance would be £1,007.51 This figure is just an example and assumes that you keep your account open and the money in it until the end of the term.

How do I open and manage my account?

1. Check you can have this account

You need to:

  • be an existing member before 29 September 2020
  • be 16 or over and a UK resident

And for Mutual Reward e-Bond only:

  • have a current account with us
  • have a valid email address
  • be registered for our Internet Bank or Banking app

You can only have one Mutual Reward Bond or Mutual Reward e-Bond in your name at any time.

2. How to open your account

You can only open an account in your own name, not jointly with someone else.

For Mutual Reward Bond you can do so

  • At nationwide.co.uk using the 'Start application' button below this Summary box (you’ll need a Nationwide instant access savings or current account to pay money into the bond)
  • By calling your local branch – if you call they’ll arrange a time for you to apply over the phone.

For Mutual Reward e-Bond you can do so

  • Using our Banking app or Internet Bank (if you’re registered).

Just pay in anything from £1 up to a maximum of £10,000 to open your account.

Once you’ve opened your account, you can’t pay in any more.

3. Manage your account

You can manage your account using our Banking app or the Internet Bank and also in branch if you have a Mutual Reward Bond

Can I withdraw money?

No. But you can close the account, if you have to, and take all the money out early.

If you do, you’ll need to pay an early access charge of 180 days’ interest. If there is not enough interest earned to cover the early access charge then the difference will be taken from the money in the account. This means you might get back less than you put in.

There’s no charge if you cancel your account within 14 days of opening it.

At the end of the term

After 18 months we’ll move your money into an instant access savings account paying a lower interest rate. You’ll then be able to take money out without charge. We’ll be in touch before this happens to explain your options and next steps.

Additional information

Mutual Reward Bond and Mutual Reward e-Bond Prize Draw


  • A prize draw will take place on 2 February 2021.
  • To qualify for entry, on the date of the prize draw, you must:
    • Live in England, Wales or Scotland
    • Not work for Nationwide Building Society
    • Have at least £100 in your account
    • Have only one Mutual Reward Bond, or one Mutual Reward e-Bond
    • Not have closed your account.
  • Every full £100 you pay into your Mutual Reward Bond or Mutual Reward e-Bond qualifies you for one entry into the prize draw. You can have a maximum of 100 entries.
  • The prize for each winner will be £10,000. And the number of winners depends on how many full £10,000 prizes can be made up from the prize fund. You can only win one prize.
  • The prize fund is equal to 0.50% of the combined total balances held in the Mutual Reward Bond and Mutual Reward e-Bond that qualify for entry at the date of the prize draw. Your chance of winning is between at least 1/20,000 if you save £100 and at least 1/200 if you save £10,000 in your account.
  • We’ll choose the winners at random from all the entries into the prize draw. If one of your entries is chosen, any other entries you have will be excluded from the rest of the draw.
  • If you win, we’ll let you know within 30 days of the prize draw, using the contact details we have for you.
  • Your winnings will be paid into an instant access savings account or current account held with Nationwide in your sole name. If you do not hold one of these accounts your winnings will be paid to you by cheque. Your winnings will be paid to you within 21 days of us letting you know you’ve won.
  • If you do not live in England, Wales or Scotland money in your account will not count towards the prize fund. Instead, the equivalent of 0.50% of the total balances held in these accounts on the date of the prize draw will be donated to the Nationwide Building Society Community Grants Programme.

Interest rate terms explained

AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Gross

The interest rate without tax deducted.

Personal Savings Allowance (PSA)

You may need to pay tax on any interest that takes you over your PSA.

The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information, visit hmrc.gov.uk

The interest rates and information in this summary box came into effect on 29 September 2020

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 and Conditions in full and print or save a copy for reference.

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Help with your savings

Our support pages have information on how to manage your account and view interest rates.

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