Nationwide issues update to millions of customers due new sort code and account number

The building society has issued an update to its customers, explaining that a new sort code and bank account number will be automatically issued to some people in 2025

Nationwide Building Society has shed light on significant changes to some of its savings accounts.

The clarification came after a customer reached out via social media, puzzled by the receipt of a new sort code and bank account number.

They also queried: "I noticed at the weekend that my loyalty account isn't called a loyalty account any more, it's just a reward saver.

READ MORE: Nationwide, Lloyds and Santander customers with less than £5K in accounts warned

"Can anyone have one now?"

In response, Nationwide explained: "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 confirmed it had previously informed members about the transition.

The building society added: "The Reward Saver account is now available to a wider range of customers," reports the Express.

The current rate for the Reward Saver is 3.5%. Nationwide also clarified: "This account isn't open to new business, so only those who had a Loyalty Saver etc would now have this account."

In addition, Nationwide is distributing a £50 thank you payment to millions of customers following its acquisition of Virgin Money.

To qualify for the cash, you must have been a member on September 30, 2024, and still be a member when Nationwide issues the payment.

There are a few key rules to be aware of.

In the 12 months leading up to 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 qualify for the £50 payment if you switched to any Nationwide current account between July 1, 2024 and September 30, 2024, using the Current Account Switch Service.

Nationwide has begun issuing these payments. If you hold a current account, instant access or limited access savings account with Nationwide, you should receive your payment by April 30.

However, if you're a mortgage customer with Nationwide, the funds will be deposited into the account linked to your mortgage direct debit.

These payments should also arrive by April 30.

All other payments will be dispatched as cheques by May 14.

These cheques need to be cashed in by January 1, 2026.