Nationwide Building Society has provided an update on its rewards and special products available to customers, following a query on social media. The mutual's top savings rate of 5 per cent is offered through its Member Exclusive Online Bond, allowing deposits up to £10,000 for a 15-month term with interest paid annually.
A customer asked if the bond could be offered as an ISA to help loyal savers avoid tax. Nationwide responded by directing them to its website for current ISA offerings. A spokesperson stated: "We offer a strong and competitive range of rates across all savings products, including both ISAs and non-ISAs. We'll continue to reward members with member-only deals, including on ISAs in the future."
In positive news, Nationwide is rolling out another round of its Fairer Share payment, with over four million customers receiving £100 in June. Eligibility requires a qualifying current account plus a savings account or mortgage. Nationwide also offers a £175 switching incentive for current account transfers.
Significant savings rule changes take effect from April 2027. The ISA allowance will be effectively reduced: only £12,000 can be deposited into any account, with the remaining £8,000 allocated to stocks and shares ISAs. Over 65s are exempt and retain the full £20,000 allowance. Additionally, tax rates on savings interest will rise by two percentage points across all bands.
