Nationwide Mutual Reward Bond and Mutual Reward e-Bond

alibknits
alibknits Posts: 6 Forumite
Fourth Anniversary
edited 3 December 2020 at 8:29PM in Savings & investments
Apologies if this has already been posted, I didn’t a quick search but couldn’t find anything. 

Not the greatest interest rate going (0.5% fixed for 18 months), the real draw, if you’ll pardon the pun, is the £10000 prize draw, almost seems worth a punt, only downside I can see is that you have to have been a Nationwide member prior to the 29/09/20. 

https://www.nationwide.co.uk/products/savings/mutual-reward-bond/features-and-benefits

ETA It’s an 18 month fixed term bond and while the account can be closed early an interest penalty applies. 

Comments

  • if you are a cautious saver who likes investing in banks you’ve actually heard of then this is probably the best account available but off course this doesn’t apply to the vast majority of money saving expert members
  • ZeroSum
    ZeroSum Posts: 1,182 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    As far as places with a physical high street presence goes, it's probably one of the better options. 
    Lots of older folk don't like online options, and like to keep money in one place
    Both my parents & inlaws do this.
    It's ideal for people like that. 
  • keiran
    keiran Posts: 758 Forumite
    Part of the Furniture 500 Posts
    The draw  took place on 2 Feb, and Nationwide said they'd tell winners within 30 days 

    Anyone won?
    it was a  1 in 200 chance, apparently
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