Nationwide update as customers ‘sent new account details’ | Personal Finance | Finance

Nationwide Building Society has explained important changes it is making to some savings accounts. The issue came to light after a customer contacted the building society over social media as they had been sent some new information.

They were confused as they had been sent a new sort code and bank account number. They also asked: “I noticed at the weekend that my loyalty account isn’t called a loyalty account any more, it’s just a reward saver. Can anyone have one now?”

In response, Nationwide said: “You’ve received a sort code and bank account number because, from 6th February 2025, Loyalty Saver will be known as Reward Saver.

“This change is automatic, and the product will initially remain a Unisys product before migrating to SAP. Once migrated, customers will receive a sort code and account number.”

Nationwide said it had previously told members about the change. The group added: “The Reward Saver account is now available to a wider range of customers.”

They rate for the Reward Saver is currently 3.5%. Nationwide also said: “This account isn’t open to new business, so only those who had a Loyalty Saver etc would now have this account.”

Nationwide is also sending out a £50 thank you payment to millions of customers after it acquired Virgin Money. To be eligible for the cash, you must have been a member on September 30, 2024, and still be a member when Nationwide makes the payment.

Other rules to note are that in the 12 months to the end of September 2024, you must have had either:

• At least one qualifying transaction on your Nationwide current account or savings account
• At least £100 in total in one or more of your Nationwide current accounts and savings accounts
• Owed at least £100 in total on one or more Nationwide residential mortgages.

You will also be eligible for the £50 payment if you completed a switch to any Nationwide current account, between July 1, 2024 and September 30, 2024, using the Current Account Switch Service.

Nationwide has started issuing the payments. If you have a current account, instant access or limited access savings account with Nationwide, the payment should arrive by April 30.