Nationwide makes savings promise to customers

Nationwide has promised that in future it will pay interest on newly transferred individual savings accounts as soon as the application form is received.

The move, part of a seven-point "savings promise", is designed to give Nationwide customers "greater control of their savings and places them in a better position to take financial decisions that will make them better off", says Chris Rhodes, the building society's product and marketing director.

Earlier this year, Nationwide was found to have taken far too long to execute ISA transfers, losing customers interest. The savings promise can be seen as an attempt to restore its reputation.

Other strands of Nationwide's savings promise include that existing customers will always be able access the same deals as new customers and that customers will receive annual notification of the savings products launched by the society in the past 12 months. In addition, fixed rate ISA rates will match those paid in non-ISA fixed term bonds, offering customers the chance to maximise their tax-free allowance. Existing customers can also expect a range of exclusive products in the future, Mr Rhodes added.