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Nationwide rewards member loyalty with unique savings account

2nd October 2012 Print

Nationwide is launching a Loyalty Saver, an account paying a higher rate of interest based on the length of time a customer has been a member of the Society. The new account, designed in response to customer demand, provides a proposition that no other provider on the market offers.

Loyalty Saver pays up to 2.60% AER/gross (variable) for membership of 15 years, one of the highest rates for a branch-based easy access account from a major high street provider. Loyalty Saver also has the reassurance of instant access with unlimited penalty free withdrawals and no introductory bonus.

More than three quarters of Nationwide savers are eligible¹ for the account as they have been a  member for at least five years, with nearly half of those being eligible for the top tier rate of 2.60% AER/gross (variable).

Customers opening a Loyalty Saver account will automatically be moved up through the tiers of the account as their length of membership grows - a real demonstration of ‘On Your Side'.

The new account fulfils Nationwide's promise to reward existing savers with exclusive saving accounts.

Richard Marriott, Nationwide's head of savings, said: "Nationwide has launched Loyalty Saver in response to feedback which showed members want to be rewarded for being loyal to the Society.

"The new account rewards customers based on the length of time they have been a Nationwide member. The longer the length of membership, the higher the rate of interest they can earn on their savings.

"Nationwide promises not to offer savings deals that are only available to new customers meaning that, unlike some other providers, our best saving deals are always available to our existing members."