Latest news with #NationwideBuildingSociety
Time of India
a day ago
- Business
- Time of India
Mortgage approvals in UK drop to lowest in over a year after tax break ends
LONDON: The number of mortgages approved by British lenders for house purchase fell more than expected in April to their lowest in over a year as the market adjusted to higher purchase taxes. Earlier government data showed that British house purchases surged in March to take advantage of the final month of an exemption from stamp duty land tax for many buyers, before slumping in April when the tax reverted to its normal rate. Mortgage approvals - which are typically given at least a month before a purchase completes - fell to 60,463 in April from a downwardly revised 63,603 in March. This was the lowest total since February 2024 and below economists' expectations in a Reuters poll of a smaller fall to 63,000. Net mortgage lending fell by 759 million pounds ($1.03 billion) in April - the largest monthly drop since January 2024 - after a 12.957 billion pound rise in March. This weakness may prove temporary. Earlier on Monday, Nationwide Building Society - Britain 's second-largest mortgage lender - reported faster than expected house price growth in May and said underlying demand remained strong due to low unemployment and wages outstripping inflation. However, consultancy Capital Economics said April's drop represented the third consecutive drop in mortgage approvals and the decline might not all be due to buyers bringing forward purchases to beat the tax deadline. Ruth Gregory, Capital's deputy chief economist, said she saw downside risks to her forecast of 3.5% annual house price growth for the fourth quarter of 2025. Nationwide's data showed prices up 3.5% in the year to May. The BoE data also showed unsecured consumer lending rose by a net 1.580 billion pounds - above economists' 1.1 billion pound forecast - and the annual growth rate rose to 6.7% from March's 6.2%, the fastest growth since October 2024. Capital viewed this as a sign that British domestic consumer demand remained strong despite downbeat headlines in April around U.S. President Donald Trump's tariff plans, while KPMG interpreted it as evidence that households had come under strain from an outsize rise in household bills in April.
Daily Mail
2 days ago
- Business
- Daily Mail
My child has a Nationwide savings account, why didn't they get a £100 Fairer Share bonus?
When the Nationwide Fairer Share payment was announced I was disappointed to find my child, who holds a Nationwide Junior Isa, did not receive a £100 payment. The Junior Isa is open in their own name, not mine and has a balance of more than £100 in it. Am I missing something and why did they not receive it? Helen Kirrane, of This is Money, replies: Nationwide's 2025 Fairer Share deal was the building society's biggest yet. Nationwide dished out £400million to 4million members, who will each receive a payment of £100 between 18 June and 4 July. With 16million members, that means a quarter of Nationwide's members banked the payment But this still means three quarters missed out, because Nationwide had strict eligibility criteria as to who would be eligible for Generally to be eligible for the Fairer Share deal, members needed to have a qualifying Nationwide current account open on 31 March 2025. They then needed to have either a Nationwide savings account with at least £100 in it on any day at the end of March, or £100 left on a Nationwide residential mortgage on 31 March. Children were not exempt from receiving a £100 Fairer Share payment if they had the right savings account, one in their name, and a current account. Nationwide told me Junior Isas do qualify. As these are held in an account in the name of a child, the money will count towards the child's qualifying savings. To get expert advice as to why your child didn't qualify for this year's £100 Fairer Share payment, we spoke to Andrew Hagger, founder of personal website Money Comms and James Blower, founder of savings website the Savings Guru. Andrew Hagger said: The Nationwide Fairer Share terms and conditions state that a qualifying current account must be held together with either a savings account or mortgage. If a child has a Nationwide Junior Cash Isa in their name - not in the parents name for the benefit of the child - and also a Nationwide FlexOne Account, the current account for children 11-17 years of age, then they would qualify. In addition, they would only qualify if they made a payment into or out of the FlexOne account during March 2025 and also the Junior Isa must have had a balance of at least £100 on any one day during March 2025. The rules for the payout are very specific and unfortunately some customers will feel aggrieved, because they consider themselves a loyal customer, but didn't qualify and so have missed out on the Fairer Share payment. James Blower said: Nationwide's Fairer Share scheme pays out £100 to qualifying members. It did so in 2024 and its latest results, announced earlier this week, confirm that it will be doing so in 2025. The bonus is paid to members who hold a qualifying savings or mortgage account but crucially, they must also hold a qualifying current account. The reason for this is because I suspect that Nationwide wants to limit the payment to members who are more engaged with the mutual than those who merely have the odd savings or mortgage product with them – perhaps one that they may not even be aware of, because they've gone via an adviser. In the case of Junior Isas, the qualification is to also hold the qualifying children's current account too. Your reader's child has missed out because they didn't also hold this account by the qualification date, which was 31 March, as it was last year. My advice to any Nationwide members who did not qualify this year is, if they intend to stay a member, open the qualifying current account needed. Nationwide are encouraging members to switch their current account to them too – offering £200 bonus to customer who move over. This is well worth considering. Nationwide members have already received £50 for the Virgin Money takeover this year – so some members could benefit from £350 in cash this year with that bonus, Fairer Share and the £200 incentive. Certainly worth considering
The Sun
2 days ago
- Business
- The Sun
Exact date in weeks millions of Nationwide customers to get free £100 – check if you're eligible
MILLIONS of Nationwide customers are about to get a free £100 in their bank accounts in just weeks to come. The building society is handing out the cash as part of its Fairer Share scheme, rewarding loyal customers with a slice of a whopping £410million pot. 1 If you qualify, the money will land between June 18 and July 4. The payment will go straight into your Nationwide current account, so you won't have to worry about any forms. To qualify, you must have opened your main current account with Nationwide by March 31 this year. On top of that, you'll need to either have a savings balance of £100 or more, or owe at least £100 on your mortgage by the same date. Plus, your account has to show some activity between January and March - so it can't just be sitting there gathering dust. An estimated four million people will pocket the payout this year. It will be the third year in a row Nationwide has rewarded customers in this way. Boss Debbie Crosbie said: 'Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to members and remain number one for customer service.' So if you're a regular Nationwide user and tick the right boxes then it's happy days. And if that wasn't enough, there's another sweetener on the table. The bank has just launched a £200 switching bonus for newbies, plus a Member Exclusive Bond that pays a tidy return. Anyone who saves the full £10,000 in the bond will bag £762.50 in interest over 18 months – that's £150 more than its next best offer. The £100 payment is separate from the £50 one-off bonus paid earlier this year to 12 million members. What if i don't bank with Nationwide? If you're not banking with Nationwide as yet, you will have to sit this one out unfortunately. However, it's not all doom and gloom. Other banks are getting in on the free cash action too. Santander is currently offering a free £180 for switching your current account over. TSB is giving new customers who switch to the high street bank a £100 switching incentive. You get the £100 upfront but if you spend on you debit card for 20 times in the first six months you get a £15 a month cash back. Co-op bank is also paying £175 to new customers. And its not just traditional banks offering up freebies. Customers can also cash in on free perks with popular digital banks. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
The Sun
5 days ago
- Business
- The Sun
Exact date millions of Nationwide customers will get free £100 cash – check if you're eligible
MILLIONS of Nationwide customers will get £100 free cash within weeks – but you'll need to have met key criteria to qualify. The payment will hit accounts between June 18 and July 4, but only if you had a Nationwide current account open by March 31, 2025. To be eligible, you must also have had: At least £100 in savings, or owed £100 or more on a mortgage by that same March deadline. And you'll need to have used your account between January 1 and March 31 this year. Nationwide is handing out the cash as part of its Fairer Share scheme, which rewards loyal members who save or borrow with the building society. This year's payout is set to benefit around 4million customers – with a whopping £410million being shared in total. It's the third year in a row the mutual has handed out a payment like this. Last year, £385million was paid to 3.85million people, and £340million the year before. It's worth bearing in mind, the £100 Fairer Share payment is separate to the £50 issued to around 12million Nationwide customers between April 9 and May 14. Nationwide chief Debbie Crosbie said: 'Nationwide has had an outstanding twelve months. "We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.' More rewards for savers Nationwide has also launched a new Member Exclusive Bond, paying market-leading interest over 18 months. The bond is available from May 30 to all of the building society's 16 million existing members and can be opened in branch, via the app, or online. It's a fixed-rate savings bond, and those saving the full £10,000 will earn £762.50 in interest after 18 months — over £150 more than Nationwide's next-best option (a 4% one-year fixed bond). Not a customer? If you're not banking with Nationwide, you won't get the £100 this time – but you can still sign up to be eligible for future offers. And other banks are offering switching perks too. TSB is dishing out £100 to newbies who switch, plus up to £90 in cashback if you spend using your debit card 20 times a month over six months. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee. Elsewhere, Natwest is chopping interest rates on a range of accounts from today. It comes after the Bank of England (BoE) slashed the base rate from 4.5% to 4.25% earlier this month. The base rate affects borrowing and saving rates offering by banks. Usually you will see rates come down if the central rate is lowered. And now NatWest is today cutting interest rates on four of its savings accounts including its Digital Regular Saver, Flexible Saver and Help to Buy ISA. Where to find the best savings rates Many savings accounts offer miserly rates meaning that money is generating little or no return. However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate. Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time. If you're keeping your money in an easy access account, you'll need to keep checking whether it's the best paying account for your circumstances and move if not. Check in at least once a month to see what is happening in the market. Check what is offered by your bank - sometimes the best rates are for customers only. But do search the wider market as often top savings accounts are offered by lesser known providers. Comparison sites are a good place to check for the top rates. Try or Moneysupermarket. You can search by different account type. You'll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it's always a good idea to keep some money in an easy access account in case of emergencies. Don't overlook regular savings accounts often pay some of the best rates, but you'll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
Wales Online
6 days ago
- Business
- Wales Online
Nationwide confirms that millions of customers will receive £100 into their accounts without doing anything
Nationwide confirms that millions of customers will receive £100 into their accounts without doing anything The building society will pay out a total of £400million to four million customers through its Fairer Share scheme - here's who will receive the bonus payment Nationwide Building Society are rewarding their customers. (Image: Mike Kemp/Getty ) Nationwide has revealed that millions of its customers are set to receive another round of £100 bonus payments. The building society is set to distribute a total of £400 million to four million customers. The bonus cash is part of Nationwide's Fairer Share scheme, which shares the company's profits with its customers. The money will be directly deposited into customers' Nationwide current accounts between 18 June and 4 July. To qualify for the payment, customers must have a current account with Nationwide, as well as either a savings account or mortgage. More detailed qualifying criteria for each type of Nationwide current account can be found below. For money-saving tips, sign up to our Money newsletter here . Customers' current accounts must have been opened on or before 31 March 2025. For savings accounts, customers must have had at least £100 saved at the end of any day in March 2025. For those with mortgages, there must have been at least £100 left to pay off on 31 March 2025. Nationwide will contact eligible customers by email or letter by 30 May, reports the Mirror. This announcement follows a 30% increase in annual profits for Nationwide after it took over Virgin Money. Pre-tax profits rose to £2.3 billion for the year ending 31 March, up from £1.8 billion the previous year. However, on an underlying basis, pre-tax profits fell to £1.9 billion from £2 billion, as Nationwide stated it had prioritised offering competitive interest rates to its customers. Britain's largest building society, Nationwide, today reported record-breaking profits of £3.1billion and further delighted members by declaring a third Fairer Share payout in as many years. This supplementary distribution comes on the heels of a milestone year that witnessed Nationwide reward its customers with a staggering £2.8billion in benefits. Members had already reaped a one-off £50 reward earlier this year, celebrating the successful integration of Virgin Money. Nationwide's prosperity has led to a succession of lucrative payouts for its customers. In the previous year, 3.85 million qualifying members shared £385million after the building society unveiled £2billion in profits. A similar £340million windfall was distributed to 3.4 million eligible account holders in 2023. Commenting on the company's remarkable performance, Nationwide's Chief Executive, Debbie Crosbie, stated: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." They have said that the bonus will be payed between Wednesday, June 18 and Friday, July 4 to those eligible. Here is the additional qualifying criteria for each Nationwide current account: FlexOne, FlexStudent or FlexGraduate: You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexAccount, FlexDirect or FlexBasic: In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexPlus: Pay the monthly fee for maintaining the account. Article continues below
