Nationwide Building Society offering savers an ‘attractive’ rate

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Their Start to Save Issue 2 offers people five percent AER/gross a year (variable) for 24 months. By saving regularly, customers will be entered into a prize draw with a chance to win £250.

As the cost of living crisis continues, many people will be looking for ways to make their money work harder for them. Following numerous Bank of England base rate increases, a number of high street banks have increased the interest rates across their various savings products.

In order to get the best rate available, Britons are encouraged to look around to find a deal that suits them best.

Nationwide are offering a high interest of five percent for 24 months.

Interest is worked out daily and then paid into one’s account yearly on each anniversary of their account opening.

The estimated balance after the 24-month term, based on 24 monthly deposits of £25 would be £600.

When including the interest rate of five percent AER/gross a year (variable), the total would be £631.66.

This is an instant access savings account, so people can get access to their money whenever they need it.

But if they do withdraw money they may need to repay all or some of it back in during the same Calendar Month to be eligible for the prize draw.

How does the prize draw work?
Savers will need to increase their account balance by at least £25 (but by no more than £50) in each of the six calendar months leading up to the month of a prize draw.

For example, to qualify for the prize draw on February 21, 2023, people would need to increase the total balance in their account by at least £25 (but by no more than £50) in:

  • August 2022
  • September 2022
  • October 2022
  • November 2022
  • December 2022
  • January 2023.

Individuals won’t be entered into the prize draw if they increase their balance by less than £25, or more than £50, in one or more of the six months leading up to a prize draw.

Any interest and prize draw winnings added to one’s account will not count towards their minimum £25 balance increase.

It should be noted that people will need to pay into the account within the first 28 days or Nationwide will close it.

There are three prize draws, which will take place on February 21, 2023, August 22, 2023, and February 20, 2024.

If someone opens their account with less than six months to go before the next prize draw, they’ll only be able to enter the draw after that.

Nationwide will inform savers if they have won by email or post. They will pay the £250 into their Start to Save Issue 2 account within 30 days of the draw. This means the account will still need to be open for them to pay into.

To open an account customers need to:

  • be 16 or over
  • be a resident in the United Kingdom
  • be registered for their Internet Bank and have a valid email address
  • be able to open and manage the account online
  • have another account in their name, which accepts faster payments, that they can use to receive transfers out of this account

The account is designed for savers who want a chance to win £250 in one of the Start to Save prize draws.

Additionally, it can benefit those who are new to saving or want to get back into the saving habit

Lastly it is good for savers who want to open their account online and manage it using the Internet Bank or Banking app.

With a maximum amount, it will not be good fit for savers looking to put away more than £50 a month.

Tom Riley, Nationwide’s Director of Banking and Savings, said: “We set up Start to Save to help encourage those who hadn’t really saved before to get into the savings habit.

“Offering an attractive rate, with the potential to win money has really resonated with our members and encouraged them to put money aside each month.”

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