Latest News
Nationwide remains a safe haven for your money
Date: 12 October 2011
What Moody's rating downgrade means for customers
Following Friday’s announcement that credit ratings agency Moody's has downgraded certain credit ratings of 12 UK financial firms including Lloyds TSB, RBS, Santander UK and Nationwide, our Group Strategy Director Alison Robb reassures customers that Nationwide remains one of the strongest financial organisation in the UK and explains what the downgrade means.
"Moody's is a credit rating agency that carries out international financial research and analysis on financial services companies, and ranks their credit-worthiness using a standardised ratings scale.
"At the start of August, Moody's announced the first stage of a credit rating reassessment and upgraded Nationwide's standalone rating to reflect our financial strength. They also re-affirmed our short-term rating at P1 (the highest) and changed the Society's outlook status from 'negative' to 'stable'.
"The second part of the Moody's review was to assess the support the Government would give banks and building societies in a crisis and incorporate this into their ratings. This review reflects comments from the Government that it would not automatically bail out banks and building societies in trouble, as happened with RBS and Lloyds during the last recession.
"As a result of this, Moody's announced on Friday 7 October that Nationwide will receive a two notch downgrade in our long-term ratings, leaving only one notch of assumed systemic support. There is no impact on our critical P1 rating and our long-term outlook remains at stable. The long-term downgrade was expected and will not have any major impact on our access to wholesale market funding.
"Moody's announcement is part of an industry-wide review looking at Government support for financial services. It is not a reflection of Nationwide's business model and we have not been singled out by Moody's, as other banks and building societies have received downgrades.
"Nationwide remains one of the strongest and best capitalised financial organisations in the UK, a position already confirmed by Moody's in August, when they acknowledged our continued financial strength and security. In addition we remain as the UK's third largest mortgage and savings provider, and we were one of only three UK financial institutions in the ‘World's 50 Safest Banks', as named by Global Finance magazine this year.
"Our customers can rest assured that their money remains safe with us because we put their needs and the security of their money first."
Return to topNationwide International launches new Lifetime Guarantee accounts
Date: 03 October 2011
From today, Nationwide International is launching Lifetime Guarantee 1 Issue 20 and Lifetime Guarantee 3 Issue 8.
| Lifetime Guarantee 1 (Sterling) – rates for the first year | ||||
| Issue 20 | Annual Interest | Monthly Interest | ||
| Gross | AER* | Gross | AER* | |
| £5,000 - £49,999 | 2.55% | 2.55% | 2.50% | 2.53% |
| £50,000 - £99,999 | 2.90% | 2.90% | 2.85% | 2.89% |
| £100,000+ | 3.25% | 3.25% | 3.20% | 3.25% |
| After one year, there are further guaranteed links to the Bank of England Base Rate for the lifetime of the account. | ||||
| Lifetime Guarantee 3 (Sterling) – rates for the first three years | ||||
| Issue 8 | Annual Interest | Monthly Interest | ||
| Gross | AER* | Gross | AER* | |
| £5,000 - £49,999 | 2.65% | 2.65% | 2.60% | 2.63% |
| £50,000 - £99,999 | 3.00% | 3.00% | 2.95% | 2.99% |
| £100,000+ | 3.35% | 3.35% | 3.30% | 3.35% |
| After three years, there are further guaranteed links to the Bank of England Base Rate for the lifetime of the account. | ||||
Minimum investment for the Lifetime Guarantee accounts: £5,000
Maximum investment for the Lifetime Guarantee accounts: £2 million
Phil Dunne, Nationwide International’s managing director, said: “If you’re looking for an offshore savings account that provides certainty over your future returns, then our Lifetime Guarantee accounts may be ideal. These new issues mean we continue to offer highly competitive savings accounts for people who are after a guaranteed great rate of return on their investments.”
Nationwide International’s Lifetime Guarantee 1 Issue 19, Lifetime Guarantee 2 Issue 4 and Lifetime Guarantee 3 Issue 7 were withdrawn at 23:59 on 02 October 2011. The new issues of the Lifetime Guarantee 1 and Lifetime Guarantee 3 accounts may be withdrawn without notice.
The rates for Nationwide International’s other Sterling, Euro and US Dollar accounts remain unchanged and continue to be available over the internet, post and telephone.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Interest paid or credited in respect of amounts held by customers resident in the EU is subject to Exchange of Information in accordance with the arrangements under Isle of Man law for the implementation of equivalent measures to the EU Savings Tax Directive.
New savings accounts from Nationwide International - Offshore savers to benefit from a new choice of offshore savings accounts
Date: 29 September 2011
Nationwide International, the offshore subsidiary of Nationwide Building Society, is today launching a new range of savings accounts.
The new accounts being launched are:
- Sterling Bonus Access account paying up to 2.40% gross p.a./AER*
- Sterling Bonus 1+ account paying up to 2.55% gross p.a./AER*
- Sterling Bonus 95 account paying up to 2.65% gross p.a./AER*
- Euro Bonus Access account paying up to 2.35% gross p.a./AER*
- US Dollar Bonus Access account paying up to 1.60% gross p.a./AER*
Nationwide International continues to offer savers a range of competitive rates on its offshore deposit accounts with details of the full range of products available on this website.
The following products were withdrawn from sale at the close of business on Wednesday 28 September:
- Sterling Base Rate Tracker Premium account
- Euro Tracker Premium account
- US Dollar Tracker Premium account
Nationwide International’s other Sterling and US Dollar accounts remain unchanged and continue to be available on the internet, by post and telephone.
Nationwide one of the Worlds Top 50 Safest Banks
Date: 12 September 2011
Global Finance magazine has recently published its annual Top 50 Safest Banks ranking and Nationwide - the UK's largest building society - is one of only three UK financial services names on the list. This is the 18th year that the list has been published and the ranking has become a recognised and trusted standard of credit worthiness for the entire financial world.
Based in New York, Global Finance assesses 500 of the world's largest financial services organisations through a comparison of long-term credit ratings from Moody's, Standard & Poor's and Fitch.
"More than ever customers around the world are viewing long-term credit worthiness as the key feature of the banks with which they do business." said Philip Dunne, Nationwide International's Managing Director.
He continued "As a wholly owned subsidiary of Nationwide, Nationwide International prides itself on its financial security and the fact that we have been included on the list, is testament to our very resilient performance in difficult conditions".
New issues of the Lifetime Guarantee 1, 2 & 3 accounts paying up to 3.00%
Date: 15 August 2011
From Monday 15 August, Nationwide International, the offshore subsidiary of Nationwide Building Society, is launching new issues of its retail fixed rate Lifetime Guarantee 1, 2 and 3 personal savings accounts.
Lifetime Guarantee 3
3.00% gross p.a./AER* fixed annual interest for balances over £50,000 for the first 3 years.
2.60% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first 3 years.
Lifetime Guarantee 2
2.80% gross p.a./AER* fixed annual interest for balances over £50,000 for the first 2 years.
2.40% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first 2 years.
Lifetime Guarantee 1
2.75% gross p.a./AER* fixed annual interest for balances over £50,000 for the first year.
2.35% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first year.
Minimum investment for the Lifetime Guarantee accounts: £5,000
Maximum investment for the Lifetime Guarantee accounts: £2 million
There are further guaranteed links to the Bank of England Base Rate for the lifetime of the accounts.
Phil Dunne, Nationwide International's managing director, said: "The re-launch of our Lifetime Guarantee range means we continue to offer savings accounts for people who are after a guaranteed return on their investments."
Nationwide International's Lifetime Guarantee 1 Issue 18, Lifetime Guarantee 2 Issue 3 and Lifetime Guarantee 3 Issue 6 were withdrawn at 23:59 on 14 August 2011.
The new issues of these accounts may be withdrawn without notice.
The rates for Nationwide International's other Sterling, Euro and US Dollar accounts remain unchanged and continue to be available over the internet, post and telephone.
New issues of the Lifetime Guarantee 2 & 3 accounts paying up to 3.30%
Date: 4 July 2011
From Monday 4 July, Nationwide International, the offshore subsidiary of Nationwide Building Society, is launching new issues of its retail fixed rate Lifetime Guarantee 2 and 3 personal savings accounts.
Lifetime Guarantee 3
3.30% gross p.a./AER* fixed annual interest for balances over £50,000 for the first 3 years.
2.90% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first 3 years.
Lifetime Guarantee 2
3.10% gross p.a./AER* fixed annual interest for balances over £50,000 for the first 2 years.
2.70% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first 2 years.
Minimum investment for the Lifetime Guarantee accounts: £5,000
Maximum investment for the Lifetime Guarantee accounts: £2 million
There are further guaranteed links to the Bank of England Base Rate for the lifetime of the accounts.
Phil Dunne, Nationwide International’s managing director, said: “The re-launch of our Lifetime Guarantee range means we continue to offer savings accounts for people who are after a guaranteed return on their investments.”
Nationwide International’s Lifetime Guarantee 2 Issue 2 and Lifetime Guarantee 3 Issue 5 were withdrawn at 23:59 on 3 July 2011. The new issues of these accounts may be withdrawn without notice.
The rates for Nationwide International’s other Sterling, Euro and US Dollar accounts remain unchanged and continue to be available over the internet, post and telephone.
New issue of the Lifetime Guarantee 1, 2 & 3 accounts paying up to 3.80%
Date: 31 May 2011
From Tuesday 31 May, Nationwide International, the offshore subsidiary of Nationwide Building Society, is launching new issues of its retail fixed rate Lifetime Guarantee 1, 2 and 3 personal savings accounts.
Lifetime Guarantee 3
3.80% gross p.a./AER* fixed annual interest for balances over £50,000 for the first 3 years.
3.40% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first 3 years.
Lifetime Guarantee 2
3.35% gross p.a./AER* fixed annual interest for balances over £50,000 for the first 2 years.
2.95% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first 2 years.
Lifetime Guarantee 1
3.00% gross p.a./AER* fixed annual interest for balances over £50,000 for the first year.
2.60% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first year.
Minimum investment for the Lifetime Guarantee accounts: £5,000
Maximum investment for the Lifetime Guarantee accounts: £2 million
There are further guaranteed links to the Bank of England Base Rate for the lifetime of the accounts.
Phil Dunne, Nationwide International’s managing director, said: “The re-launch of our Lifetime Guarantee range means we continue to offer savings accounts for people who are after a guaranteed return on their investments.”
Nationwide International’s Lifetime Guarantee 1 Issue 18, Lifetime Guarantee 2 Issue 2 and Lifetime Guarantee 3 Issue 5 were withdrawn at 23:59 on 30 May 2011. The new issues of these accounts may be withdrawn without notice.
The rates for Nationwide International’s other Sterling, Euro and US Dollar accounts remain unchanged and continue to be available over the internet, post and telephone.
New Lifetime Guarantee 2 account launched paying up to 3.7% GROSS P.A./AER - Rates on Lifetime Guarantee 3 also increased
Date: 23 March 2011
Nationwide International, the offshore subsidiary of Nationwide Building Society, is today (Wednesday 23 March) launching a new two-year version of its fixed Lifetime Guarantee personal savings account.
Lifetime Guarantee 2 - Issue 1
- 3.70% gross p.a./AER* fixed annual interest for balances over £50,000 for the first two years.
- 3.30% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first two years.
The minimum investment for Lifetime Guarantee 2 is £5,000 and the maximum investment is £2 million. Monthly interest options are also available.
Nationwide International has also increased the rates on its three-year Lifetime Guarantee products by 0.85%.
Since Monday 21 March 2011, the rates of annual interest for Lifetime Guarantee 3 - Issue 4 are:
- 4.25% gross p.a./AER* fixed annual interest for balances over £50,000 for the first two years.
- 3.85% gross p.a./AER* fixed annual interest for balances between £5,000 and £49,999 for the first two years.
Phillip Dune, Nationwide International's managing director, said: “I'm delighted to announce the launch of the new Lifetime Guarantee 2 account, a competitive two-year fixed product which compliments our existing one and three-year products. This, and the increased rates on the Lifetime Guarantee 3 account, is great news for savers as it provides them with certainty on their future returns for longer.”
Date: 2 March 2011
Carl Gandy, the Managing Director of Nationwide International, has sadly passed away. Carl had been seriously ill in hospital for a number of weeks.
Carl was a well-known and popular figure within the business community of the Isle of Man and will be sadly missed by his colleagues and friends.
Graham Beale, Chief Executive of Nationwide Building Society, commented: “Carl brought a wealth of energy and hard work to his roles at Nationwide and he will be sorely missed by his peers and colleagues, especially those in Nationwide International and Nationwide UK Ireland.
“Our sympathies go out to his wife Julie and their five children.”
Carl joined Nationwide Overseas Limited on 5 April 1994 as Business Development Manager in our Isle of Man operations. He was promoted to Manager, Nationwide Overseas Limited in October 1996 and became Managing Director of Nationwide International in 1997. He has been instrumental in the great success of Nationwide's international deposit taking activities and more recently established the organisation's first non UK operation in Dublin, becoming Head of International Brands in February 2010.
* All interest rates are quoted gross.