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Changes for Nationwide’s savings customers

Changes for Nationwide’s savings customers

Category: Banking

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Nationwide has recently announced plans to simplify some of its savings products to help customers, both new and existing, manage their accounts more easily. Existing customers will be notified before any changes take place, with key amendments being in relation to Nationwide's range of notice savings accounts.

To help simplify things even more, Moneyfacts has been in touch with Nationwide to get an overview of some of the changes.

What's changing?

  • From 11 December, customers with variable rate accounts will no longer have to give notice to make withdrawals. This means savers will get unlimited and instant access to their savings with no penalties for withdrawals or immediate transfers.
  • In the range affected, all customers will have the option of being able to manage their accounts online.
  • Terms and conditions will change on key products.
  • Several products will be merged – they'll be re-named and the interest rates and terms and conditions will align, thereby reducing the number of products available in the range. But, crucially, there'll be no reduction in rates.
  • From 1 January 2014, conditional bonuses will be removed from the range and customers will automatically receive a rate equivalent to the bonus rate, regardless of how many withdrawals or deposits they make.

What does it mean for savers?

Overall, around 1.5 million customers will benefit from the changes to the range, and essentially all those changes will be positive. Customers will simply notice a change in name or a difference to their terms and conditions, whilst the removal of notice periods and conditional bonuses means savers won't need to stick to strict criteria in order to receive a competitive rate.

What will customers need to do?

Nothing. Existing savers won't need to do anything as Nationwide will write to customers whose accounts are changing in due course, whilst new customers will simply have access to the updated products.

Even though existing savers won't need to do anything to take advantage of the new account set-up, it's still a great opportunity to check out the available options. They might want to compare accounts to see if their new version lives up to or even beats expectations, and those in the market for a savings account should see what Nationwide's range of products has in store – as well as seeing what other providers in the market can offer.

What Next?

Check out our savings best buys to see what you can find

Compare the best available current accounts and switch in 7 days

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.