Millions of Nationwide customers will also now have access to a new “highly competitive” bond offering 4.75 percent.
The building society is continuing to reinvest its profit for the benefit of its members and give back a record amount, following a strong set of financial results and profits of £2.2billion.
They have launched a two-year Fairer Share Bond for existing members with 4.75 percent interest rate.
The bond is exclusively available to Nationwide customers and can be opened in branch, via the Banking App or Internet Bank.
This account could be perfect for savers wanting to lock away their money for a fixed term to achieve a higher interest rate.
Debbie Crosbie, chief executive of Nationwide Building Society, said: “Nationwide’s purpose is to offer banking, but fairer, more rewarding, and for the good of society.
“That’s why we have introduced the Nationwide Fairer Share, which will see us return even more value back to members. We are able to do this because of our financial strength and the fact we’re a building society, not a bank, so our profit is used for our members’ benefit.
“It’s part of our enduring commitment to rewarding our members.”
As the Bank of England base rate sits at 4.5 percent, many banks and building Societies will be looking to keep up with this through their interest rates so savers are urged to shop around for the best rates available to them.
They aim to continue rewarding members with over £1billion through better rates and incentives and being first for customer satisfaction in its peer group for the 11th year running.
By sharing its profit through the Nationwide Fairer Share Payment, and launching the Nationwide Fairer Share Bond, the Society is using its financial strength and mutual difference to support members in ways others can’t.
Members with the deepest relationships will now be rewarded with £100 as part of the new scheme which launched today.
It will share £340million with eligible members holding both a qualifying current account and a qualifying savings or mortgage product.
The payment to eligible members will automatically be made into their Nationwide current account in June, assuming they held their qualifying products on March 31 2023.
Nationwide will begin to inform eligible members about the payment from today. The Society hopes as many members as possible become eligible for the reward in future years, and intends to make the payment annually, provided it would not be detrimental to the Society’s financial strength.
The Nationwide Fairer Share Bond, available from today, will pay a “highly competitive” 4.75 percent and is available to all the Society’s 16 million members.
The bank has tried to keep its rates competitive by offering increases across its savings and various savings ranges over the year.
They announced increases of up to 0.35 percent across all it’s on and off-sale variable rate savings accounts from May 1.
In the last financial year, Nationwide’s average deposit rates were 65 percent higher than the market average.
Nationwide invested £180million in payments, digital services and branches and extended its Branch Promise to not leave any town or city in which it is based until at least 2024.
They also invested £100million to address cost-of-living challenges and launched cashback on supermarket shopping, which benefitted five million customers
For more information, people can visit the Nationwide website.
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