Nationwide Announces Bonus Payments Amid Major Savings Rate Changes

Nationwide customers are set to receive bonus payments this year, as the building society introduces several adjustments to its savings accounts. The announcement follows a record £950 million in financial benefits returned to members in the first half of the year, reinforcing Nationwide’s commitment to rewarding customer loyalty.

The changes, which take effect from February, will impact interest rates across various savings products. While some accounts will see reductions, others—such as the Flex Regular Saver—will maintain their high returns, allowing savers to continue earning competitive interest.

How the Bonus Payments Work

Nationwide has confirmed that eligible customers with savings accounts will receive interest payouts after 12 months, with the total amount depending on the interest rate and their account balance.

For example:

• One Year Fixed Rate Cash ISA holders with £10,000 saved will earn an additional £410 due to its 4.1% interest rate.
• Those with £5,000 saved will receive £205.

These payouts provide a welcome boost for savers looking to maximise their returns, particularly amid ongoing economic uncertainty.

Interest Rate Changes: What to Expect

Alongside the bonus payments, Nationwide has announced adjustments to interest rates across dozens of its savings accounts. Customers should review these changes to determine whether their accounts remain the best option for their financial goals.

• Branch Single Access Account: Interest rate will increase from 2.8% to 3.55%, offering better returns for those who prefer easy access to their savings.
• Flex Regular Saver: The 6.5% interest rate will remain unchanged, allowing savers to deposit up to £200 per month and earn high returns.
• Other Savings Accounts: Some will see reductions in rates, prompting customers to consider alternative options.

Tom Riley, Nationwide’s Director of Retail Products, acknowledged the challenges of rate adjustments but emphasised the organisation’s commitment to maintaining competitive offerings:
“We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver. Following these changes, our savings range will remain competitive.”

A Record Year for Member Benefits

Nationwide has consistently positioned itself as a customer-focused financial institution, returning record-breaking amounts in benefits. Riley highlighted this achievement, stating:
“We returned a record £950 million in member financial benefit in the first half of this year and we’ll continue to give savers every reason to put their money with Nationwide.”

These financial rewards reflect Nationwide’s efforts to balance market challenges while ensuring that members receive tangible benefits.

What Nationwide Customers Should Do Next

With these changes set to take effect, Nationwide customers should take proactive steps to review their accounts and ensure they are making the most of their savings.

• Check Account Details: Verify whether your savings account is affected by interest rate changes.
• Explore Alternatives: If your account is among those seeing rate reductions, consider switching to higher-yield options like the Flex Regular Saver or Branch Single Access Account.
• Confirm Bonus Eligibility: Ensure you meet the requirements to receive the interest payout at the end of the 12-month period.

By staying informed and evaluating the best savings options, customers can continue to maximise their returns and benefit from Nationwide’s loyalty rewards.

The Future of Savings at Nationwide

Nationwide’s commitment to rewarding savers remains strong despite market fluctuations. While some rate reductions may impact customers, the continued availability of high-interest accounts and bonus payments ensures that members still have valuable opportunities to grow their savings.

With ongoing financial uncertainty, Nationwide’s approach to balancing customer benefits with market conditions will be closely watched by both its members and the wider banking sector.