Nationwide rule change warning for thousands of customers during August
Nationwide, the UK's largest building society and the world's biggest mutual, has issued a warning about a pop-up that customers may encounter due to an impending policy change.
The changes are related to the terms and conditions of the Reward Saver account. Currently, Nationwide sends out statements for these accounts via post, but this could soon change.
Nationwide stated: "Whilst you can't currently opt for paperless statements for the Reward Saver account, if you use our banking app, in the coming weeks you should be able to change the paperless settings for this account. This comes after news that UK homes are taking steps not seen for two years amid Rachel Reeves tax rise fears.
The bank added: "You'll see a pop-up when this is available to you". To hold an account, you must be at least 16 years old and cannot have more than £5 million in your account. This limit does not include any interest calculated on your account balance and added to your account.
You can only be named on one Reward Saver account at any time. Your account can be in sole or joint names, with a maximum of two joint account holders, reports Birmingham Live.
Eligible categories for account holders:
NSA
Police
Fire Service
Ambulance Service
Teachers
HM Armed Forces/Reserved Armed Forces
Pharmacy
Optometry
Dental Practice
MOD Police
Home Office
HM Prison and Probation Service
Highway Traffic Officers
Search and Rescue
Red Cross
RNLI
Independent Lifeboats
HM Coastguard
Environment Agency
Animal and Plant Health Service
Blood Bikes
According to Nationwide's TandCs: "We'll pay interest into your account on the anniversary of your account opening. If you opened your account on 29 February, we'll pay your interest on 28 February".
"We'll also pay interest when you close your account. The interest rate we pay on your account is variable, meaning it can go up or down," they added, warning that "from time to time, your account may have tiered interest rates based on how much money you have in your account".
"The interest rate we pay on each tier will be variable. When your balance changes and takes your account to a different tier, we'll automatically apply the interest rate for the new tier."
Nationwide concluded, saying: "You can pay money into your account in any of the ways set out in 'Our Saving s Terms and Conditions'. If you try to pay in an amount that would take you over the maximum balance, the whole of the payment will be rejected. Any rejected electronic transfers will be returned to the account the payment was made from".
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