Nationwide UK Launch 2.75% Term Deposit Product For Existing Customers Only

[Lightning]

This is an unusual one. Nationwide UK have launched a [broken link removed] paying 2.75% for existing customers only. Nationwide UK must have retention issues.

From the Nationwide UK website ...

Eligibility Criteria apply: You must already have an account open with us and have maintained the minimum balance required in that account for a period of at least 12 months

You can start saving with as little as €3,000
Maximum investment €2 million
12 month term
No additional lodgements are permitted during the term
No withdrawals permitted during the term

 

[Lightning]

Just finished reading the T&C's for this product.

This is an interesting clause ...

From time to time we may, at our discretion and without obligation, reward existing customers with Loyalty Account(s) that have enhanced features
and /or rates. These Loyalty Account(s) will be identifiable by the presence of the term ‘Loyalty’ in the account name and such accounts may be Euro
Fixed Rate Savings Accounts, Sterling Fixed Rate Savings Accounts, Euro Easy Access Savings Accounts, Sterling Easy Access Savings Accounts or
Euro Notice Plus Savings Accounts

This would seem to suggest that Nationwide UK will launch / have launched other 'loyalty' products as well in addition to the term deposit product mentioned above. I bet they are offering / will offer these products to anyone who threatens to leave Nationwide UK. Might be worth threatening to leave to see what they offer.