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Articles   >>   One Year On, Nationwide Keeps Its Promises

One Year On, Nationwide Keeps Its Promises

Saturday, November 26 , 2011


Date issued: 22 Nov 2011 Nationwide Building Society: www.Nationwide.co.uk

Millions of Nationwide savers have benefitted from its seven Savings Promises, launched 12 months ago. The pledges are designed to give savers more control of their money and demonstrate how Nationwide continues to be ‘On Your Side'.

In the current low bank rate environment, it is important that savers get the maximum amount of interest available to them. That is why Nationwide promises that when savers transfer their Cash ISA to Nationwide, they will start earning interest as soon as the Society receives their application˛. Nationwide has paid an additional £1.6 million in interest to its customers as a result.

Nationwide also promised to reward existing savers with exclusive savings productsą and during the past year, it has done this with six products: three-year Christmas Loyalty Bond and Christmas Loyalty ISA (launched in November 2010), three-year Loyalty Fixed Rate ISA (April 2011), 18-month Loyalty Fixed Rate ISA and Loyalty Fixed Rate Bond (July 2011), 90 Day Loyalty Smart Saver (October 2011). During the last twelve months, more than 145,000 members have taken advantage of these exclusive accounts.

Nationwide guarantees its fixed rate ISA rates will match or beat its equivalent bond rates so savers can get the most from their ISA tax relief. To strengthen this Promise even further, Nationwide has also taken the additional step of pledging to match its Champion ISA rate with its Champion Saver rate as of 1 July 2011.

To ensure that customers are kept fully up to date with its latest savings range and what new accounts have been launched, Nationwide has promised to contact customers every year with not just the details of those accounts but also with a statement outlining the current rate they are receivingł. In line with this Promise, Nationwide has mailed more than 11 million customers in 2011.

Nationwide is committed to helping its members choose the savings accounts that are best suited to their needs. As such, customers can ask the Society at any time for a free Savings Review to see if they can get more from their savings. During the past 12 months, more than 25,000 savers have taken advantage of this service.

Following on from the launch of these Promises to Nationwide members, the Society will be extending all the Promises to members of the Cheshire, Dunfermline and Derbyshire Building Societies from 1 December 2011.

Richard Marriott, Nationwide's head of savings, said: "Nationwide is committed to helping its savers make the most of their money - whether for a rainy day or to save up for school or university fees for their kids - we exist to help our members make smarter, better informed decisions which meet their everyday and life needs. As we said when we set out these Promises, we will continue to look at how we can evolve them so that they reflect the changing needs of our customers, putting them centre stage."

Nationwide's Seven Savings Promises

  1. We will not offer ‘brand new customer only' savings products.
  2. We will reward existing savers with exclusive savings products1.
  3. We guarantee our Fixed Rate ISA rates will match or beat our equivalent Bond rates and our Champion ISA rate will match or beat our Champion Saver rate so you get the most from your ISA tax relief.
  4. When you transfer a Cash ISA to us you will start earning interest as soon as we receive your application2.
  5. We offer a Rate Guarantee when you reinvest with us in a Fixed Rate Savings Bond or Fixed Rate ISA. If our rate changes between the day you apply and the day of reinvestment, we guarantee you the better rate.
  6. We will write to you3 every year detailing our range of savings accounts, so you know about any new products we have launched. We will send you an annual product statement showing the rate you are receiving, and you can always find your current rate at nationwide.co.uk.
  7. We will help you choose our best savings accounts for you. You can ask us at any time for a free Savings Review to see if you could get more from your savings.

1 Product eligibility criteria may vary
2 Provided that your funds are free to move and not subject to any notice period.
3 Only for customers who are 18 or over with a savings balance of £500+
These are our Savings Promises which form part of your savings terms and conditions.

About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards and personal loans. Nationwide has around 15 million members.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the half year ending September 2011 Nationwide made a strong underlying profit of £172 million - up 17% from the previous year. Its strong financial performance and prudent business model means that Nationwide is included in Global Finance magazine's Top 50 Safest Banks in the World.

Nationwide has around 700 branches and customers can manage their finances in branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.



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