Nationwide issues urgent £550 message as customers could get free cash

Nationwide is bringing to its customers' attention a savings account offer which could bag them hundreds of pounds. The deal provides a 5.5% interest rate on their fixed account, allowing households to increase the growth of their savings.

This lucrative offer is restricted to existing Nationwide consumers who have been associated with the building society since May 22. The handsome interest rate would enable someone with £10,000 in savings to earn an extra £550 within a year.

That denotes those with larger savings stands to gain even more. This offer has been spotlighted by finance professionals at Martin Lewis' Money Saving Expert (MSE), who advocate for it effort as an effective means to earn free cash for Nationwide customers.

Customers must bear in mind that a fixed savings account usually stipulates that they can't withdraw money from it until the term venture ends. Thus, it's crucial to only deposit money into it that they know they won't require soon.

This arrangement allows for the accrual of interest over time as the money remains deposited in the account, reports Birmingham Live.

Customers can open the 5.5% savings account online or via the Nationwide application. Presently it holds the title as MSE's highest-rated overall fixed account, and is therefore extolled to Nationwide customers.

MSE stated: "The top overall fixed account is Nationwide's 5.5% 18-month fix (min £1). However it is only available to customers who were an existing Nationwide member on May 22."

They further commented: "Just remember, if interest rates rise, the longer you fix, the longer you forgo the ability to ditch and switch to a better deal."