Nationwide Bank Bonus Payments: Who are eligible to get it?

Nationwide Building Society has announced bonus payments for savers in the next month. The building society has announced some changes in the interest rate for the savings accounts that will be effective from February 2025 as well.

The boost to the savings account ahead of interest rate changes is rolled out to appreciate the loyal customers. The Nationwide Building Society customers who wish to know more about this bonus payment can check every detail here.

Nationwide Bank Bonus Payments

The Nationwide Building Society announced the bonus payments for the savers and loyal customers that will boost their savings account savings. On 3 Jan 2025, the Nationwide Building Society announced they will implement interest changes from February 2025.

The interest rate changes will affect the savings account money that customers earn for the amount they saved in their accounts. So, ahead of the changes, the building society has announced the bonus payment to boost their bank account which would be affected after the interest rate changes.

Only certain customers who meet the eligibility conditions will receive this bonus payment. Nationwide customers wondering when they will receive the payments can expect in February 2025 in their savings account.

Nationwide has always tried to share the benefit with their members to reward the members. The building society also has Fair Sharer Payment through which they share their profit with the members and appreciate their loyalty toward the building society.

Who will receive the Nationwide Bonus Payments?

According to the Nationwide announcement, customers with certain eligibility conditions will receive the Feb 2025 bonus payments. Nationwide customers can check eligibility conditions for the Feb bonus payments below:

  • The customers must have a Nationwide Branch Single Access account;
  • The customers must check the options that might help them save more and make more money.
  • The customers must have a qualified current savings account and qualifying mortgage;
  • The savings account on which the lower rates will be applicable would most likely receive the bonus payment.

The Nationwide Building Society has around 17 million customers and the customers who have savings accounts must check their savings account amount and the best offers that can help them save more money.

How much bonus payment can you expect through Nationwide Bonus payments? 

Nationwide has not revealed the bonus payment amount for the savers because it may vary from person to person because it depends on the money they have in their savings account and the interest rate of the account.

So, you will receive this additional payment based on the interest you earned on your savings and how much you have saved till now. According to the reports, the potential highest return is possible with a One-year Fixed-rate cash ISA.

The One Year Fixed ISA cash account offers a 4.1% interest rate and allows clients to save a lump sum for 12 months before receiving the bonus at the end of the period. So, someone who saves £5,000 will earn an additional £205 amount over the course of a year.

Now, if the savers have £10,000 to invest, they would gain an additional £410, which means the more money households save, the more they will earn in interest a year later. So, the bonus payment will also be higher based on your savings and interest, so do check it now.

Nationwide Interest Rate Changes and its impact

The Nationwide Building Society has announced that from 01 Feb 2025, they will use lower rates on some of their savings accounts. According to Nationwide’s announcement, there are around 90 savings accounts that will be affected by the lower interest rates.

As per the Nationwide announcement, the rates will be reduced between 0.10% and 0.26% on instant savings, 89 variable rate easy, and cash ISA Nationwide products. The building society confirms they are freezing the Flex Regular saver rate to 6.5%, which will allow the savers to save up to £200 a month in a year.

The Nationwide customers looking for the interest changes that will be effective from Feb 2025 can check the interest at the official website and check the documents of saving account rates changes at https://www.nationwide.co.uk/

The Nationwide interest changes follow the Bank of England’s (BoE) November 2024 decision to lower the base rate from 5% to 4.75%. The Nationwide Director has said that they are committed to limiting the impact of the rate cuts on the savers as they have frozen some of the rates of their popular saving accounts.

What’s the expert advice for Nationwide Customers?

Nationwide can save more through savings accounts if they check the offers and deals that can help them earn more as many offers allow you to earn more even with poor interest rates. For instance, the One-year Fixed Rate ISA cash, where the savers can lock the lump-sum amount for a year and earn tax-free interest. The Nationwide interest changes on the savings account will make the savings more competitive than before, hence the building society believes they would record a £950 million benefit in the first quarter of 2025.

Nationwide Building Society is committed to providing more reasons for savers to trust Nationwide and keep saving their money with such bonus payments.