Nationwide giving free £193 to customers with certain amount in account

James Rodger

23 May 2024 at 3:57 am·2-min read

Nationwide says its customers can get a free £193 within 18 months - all through the launch of a new product. The UK's largest building society Nationwide is launching a highly competitive Member Exclusive Bond, it confirmed on Thursday (May 23).

The Bond is offering a rate of 5.5 per cent AER/gross (fixed) for 18 months and available to all 16 million existing members. The rate is 1.25% higher than Nationwide’s existing 1-year Fixed Rate Bond. For the maximum investment of £10,000, that means £125 extra interest over a year and £193 over 18 months.

The Bond can be opened in branch, via the banking app or Internet Bank. Nationwide says member deposit balances increased by £6.3bn (2023: £9.1bn) with a market share of 9.5% (2023: 9.6%). Average deposit rates were 38% per cent higher than the market average, the building society today confirmed as it rolled out a £100 loyalty bonus for customers.

In the most recent Current Account Switching Service data, Nationwide attracted a record number of switchers, one in six of the market. Nationwide explained: "The Member Exclusive Bond is available to UK residents aged 16+ who held a Nationwide current account, savings account or mortgage account on 22.05.24, and at the time of applying.

"No withdrawals until the 18-month term ends. Interest is paid annually on the anniversary of account opening and maturity. T&Cs at nationwide.co.uk. Customers can invest a maximum of £10,000 in the bond." It added: "Bond is available for a limited period and may be withdrawn at any time.

"AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross p.a. is the interest rate without tax deducted." Moneyfacts Compare shows the current top 18-month bond pays 4.8 per cent.

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