Nationwide has confirmed it will be making ‘bonus’ payments to certain customers this year. The building society announced a series of changes to its savings account interest rates starting from February.
Customers with Nationwide savings accounts will receive interest payments after 12 months, the amount of which will depend on the interest rate and the size of their savings. For instance, those using one of the most popular accounts, the One Year Fixed Rate Cash ISA, with £10,000 saved, would earn an extra £410 due to its 4.1% interest rate.
Those with £5,000 would receive half that amount, £205. This announcement comes as Nationwide revealed changes to interest rates on dozens of its accounts from February.
Rates will be reduced on several savings accounts, prompting customers to review what these changes mean for them and whether they should consider better options elsewhere. However, those with a Branch Single Access account will see their interest rate rise from 2.8% to 3.55%.
The attractive 6.5% rate on its popular Flex Regular Saver will remain unchanged. This account allows savers to deposit up to £200 a month for a year, enabling customers to earn some easy cash in interest, reports Birmingham Live.
Tom Riley, Nationwide’s director of retail products, commented: “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.
“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.”