According to Nationwide, the new Loyalty Saver account has been launched in response to "customer demand" and to "reward existing savers with exclusive saving accounts".

Customers who have been members of Nationwide for 15 years or more are expected to earn a top-tier 2.6% interest rate. Members that have been with the building society for between 10 years and14 years will get 2.3%, whereas customers who have been with Nationwide for five to 10 years will get 2% interest rate.

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The minimum opening balance for the new Loyalty Saver account is £1,000 ($1,613) and minimums operating balance is £1. It also allows unlimited penalty free withdrawals.

Customers who open a Loyalty Saver account after having been with Nationwide for a number of years will automatically be moved up through the tiers and rolled over into the higher paying account.

Over 75% of Nationwide’s savers are eligible for the Loyalty Savers account as they have been a member for at least five years, with nearly half being eligible for the top-tier rate, according to the building society.

Nationwide’s head of savings, Richard Marriott, said: "The new account rewards customers based on the length of time they have been a Nationwide member. The longer the length of membership, the higher the rate of interest they can earn on their savings.

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"Nationwide promises not to offer savings deals that are only available to new customers meaning that, unlike some other providers, our best saving deals are always available to our existing members."