Nationwide is giving customers the opportunity to benefit from a fixed savings rate, offering a potential free £631 to those who deposit £10,000. The offer is exclusive to existing Nationwide account holders.
Exclusive Member Bond
In an email to customers, the mutual building society, which has branches in Birmingham, stated: "As a Nationwide member, we're delighted to be able to offer you our best available fixed savings rate. Earn 5% AER/gross a year (fixed) for 15 months on balances up to £10,000 with our Member Exclusive Bond."
Nationwide confirmed that by keeping money untouched for this period, customers could earn £63.13 for every £1,000 saved, totaling £631.30 for the maximum deposit of £10,000.
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This announcement follows news that The Mortgage Works, a subsidiary of Nationwide, is introducing new two-year tracker buy-to-let products for new and existing customers. The Mortgage Works will also cut rates by up to 0.15 percentage points on selected two, three, and five-year fixed rate products across its buy-to-let and let-to-buy ranges.
Keir Fraser, Lead Manager at The Mortgage Works, said: "These latest cuts across our buy-to-let range are a welcome boost for landlords, especially at a time when cost pressures continue to remain front of mind. We also want to ensure landlords have choice and flexibility when they are financing their properties, which is why we’ve introduced a variety of new tracker product options."
All tracker products come with a 'switch to fixed' option, allowing customers to change to a fixed deal at any time with no early repayment charge, offering security and flexibility.
Nationwide, the UK's biggest building society, competes with Santander, HSBC UK, NatWest, Lloyds Banking Group (including Halifax and Bank of Scotland), Barclays, and others. It is the world's largest building society with over 16 million members.
