Nationwide customers could earn free £759 boost due to deal
Recently, the bank has hit headlines for offering certain customers free £100 and £200 bonuses.
Now, it has launched a new Member Exclusive Bond offering a five per cent interest rate over 18 months.
This could deliver returns of this amount on the maximum deposit of £10,000.
The fixed-term account, available exclusively to existing Nationwide members, significantly outperforms current market savings rates.
According to Moneyfactscompare.co.uk, the best fixed-rate bond savings accounts up to one year currently offer interest rates of 4.45 per cent.
Whether you want to speak to a real person in branch, or do your banking online, there are many ways you can bank with us.
If you need support, get in touch: https://t.co/PBQ6UL8e26 pic.twitter.com/nHDrHeLoLb — Nationwide (@AskNationwide) January 2, 2025
Members can deposit between £1 and £10,000 into the account. Those investing the maximum amount would receive £759 in interest when the account matures after 18 months, making it one of the most competitive fixed-rate options available.
This offering from the building society comes after Nationwide announced a new Fairer Share Payment, with more than four million eligible members set to receive £100 each.
The payment is set to be distributed directly into members' Nationwide current accounts between June 18 and July 4, 2025.
Recommended reading:
To qualify for the payment, members must use Nationwide for their everyday banking whilst also holding a qualifying savings or mortgage product with the building society.
The Fairer Share Payment forms part of £1billion in direct payments made to eligible members over the past year.
Nationwide is also introducing a £200 member-only switching incentive as part of its enhanced benefits package.
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9 hours ago
- Western Telegraph
Nationwide customers could earn free £759 boost due to deal
Recently, the bank has hit headlines for offering certain customers free £100 and £200 bonuses. Now, it has launched a new Member Exclusive Bond offering a five per cent interest rate over 18 months. This could deliver returns of this amount on the maximum deposit of £10,000. The fixed-term account, available exclusively to existing Nationwide members, significantly outperforms current market savings rates. According to the best fixed-rate bond savings accounts up to one year currently offer interest rates of 4.45 per cent. Whether you want to speak to a real person in branch, or do your banking online, there are many ways you can bank with us. If you need support, get in touch: — Nationwide (@AskNationwide) January 2, 2025 Members can deposit between £1 and £10,000 into the account. Those investing the maximum amount would receive £759 in interest when the account matures after 18 months, making it one of the most competitive fixed-rate options available. This offering from the building society comes after Nationwide announced a new Fairer Share Payment, with more than four million eligible members set to receive £100 each. The payment is set to be distributed directly into members' Nationwide current accounts between June 18 and July 4, 2025. Recommended reading: To qualify for the payment, members must use Nationwide for their everyday banking whilst also holding a qualifying savings or mortgage product with the building society. The Fairer Share Payment forms part of £1billion in direct payments made to eligible members over the past year. Nationwide is also introducing a £200 member-only switching incentive as part of its enhanced benefits package.
The Guardian
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Britons ‘hoarding cash amid economic uncertainty and fear of outages'
Britons are hoarding physical cash amid extreme economic uncertainty and to provide a safety net for possible banking system outages such as the recent one in Spain, according to the Bank of England's chief cashier. Victoria Cleland said on Tuesday that UK households were building a cash contingency pot, much as they did during the Covid and cost of living crises. She said the Bank had tracked a significant increase in the number of banknotes in circulation in recent months, continuing a rising trend since 2022, at a time when the volume of cash transactions has 'gone down significantly'. In comments at the Cash in the UK conference, Cleland said cash hoarding suggested households were responding to a more volatile global backdrop after the pandemic, the war in Ukraine and the trade uncertainty sparked by Donald Trump's tariffs, Bloomberg reported. Data collected by the Bank suggests the value of banknotes in circulation has jumped 23% since before the pandemic, even at a time when the use of cash has dropped. UK Finance data shows cash was used in just over half of all transactions in 2013 but this had collapsed to 12% by 2023 after a 7% year-on-year fall in the use of cash. However, in the past couple of years high-street banks and building societies have reported a strong rise in demand from customers for cash. Earlier this year Nationwide said it had seen a 10% increase in ATM withdrawals in 2024 from 2023. Britain's biggest building society said many of its customers were using cash to help them with weekly budgeting during the period of high inflation. Consumers in Spain and Portugal also turned to cash to buy goods during the power outage in late April that knocked out bank and payment systems, while cyber-attacks on UK businesses and organisations in recent months have undermined faith in electronic transactions. 'At a time of uncertainty, at a time of crisis, people do move to cash. They want to make sure they have literally got something under the mattress,' Cleland said. 'Even in the UK, there will be times where networks are down and you can only be paying in cash.' Cash began to decline as the favourite form of money in 2014 and by 2017 Bank of England data shows debit cards had overtaken cash as the most frequently used payment method. The trend began to reverse in 2022 as inflation began to rise after Russia's invasion of Ukraine. The refusal of many shops to accept notes and coins have prompted campaigners and politicians to call for a law forcing force retailers to accept them. Cleland said that consumers want cash 'to be there but they're not necessarily using it'. She added that households in financial difficulties also used it for budgeting, with reports of increased use among those hit hard by high inflation.
Leader Live
a day ago
- Leader Live
Nationwide customers could earn free £759 boost due to deal
Recently, the bank has hit headlines for offering certain customers free £100 and £200 bonuses. Now, it has launched a new Member Exclusive Bond offering a five per cent interest rate over 18 months. This could deliver returns of this amount on the maximum deposit of £10,000. The fixed-term account, available exclusively to existing Nationwide members, significantly outperforms current market savings rates. According to the best fixed-rate bond savings accounts up to one year currently offer interest rates of 4.45 per cent. Whether you want to speak to a real person in branch, or do your banking online, there are many ways you can bank with us. If you need support, get in touch: Members can deposit between £1 and £10,000 into the account. Those investing the maximum amount would receive £759 in interest when the account matures after 18 months, making it one of the most competitive fixed-rate options available. This offering from the building society comes after Nationwide announced a new Fairer Share Payment, with more than four million eligible members set to receive £100 each. The payment is set to be distributed directly into members' Nationwide current accounts between June 18 and July 4, 2025. Recommended reading: To qualify for the payment, members must use Nationwide for their everyday banking whilst also holding a qualifying savings or mortgage product with the building society. The Fairer Share Payment forms part of £1billion in direct payments made to eligible members over the past year. Nationwide is also introducing a £200 member-only switching incentive as part of its enhanced benefits package.
