Derbyshire, Cheshire and Dunfermline Building Societies reward regular saving

Societies launch Platinum Monthly Saver paying up to 5% gross p.a./AER (variable

03 January 2012

The Cheshire, Dunfermline and Derbyshire Building Societies are today (Tuesday 3 January 2012) launching Platinum Monthly Saver, a new competitive account designed to encourage people to build up a nest egg by saving on a regular basis.

Platinum Monthly Saver is a fixed-term, branch-based account paying a competitive variable rate of 5% gross p.a./AER (variable) until 31 January 2013 (or the first anniversary of the account opening with the Dunfermline).

Customers can pay in between £100 and £500 a month over the term of the account either by cash, cheque or standing order. Provided the saver makes no more than one withdrawal and misses no more than one monthly deposit between account opening and 31 January 2013 (account anniversary with the Dunfermline) then they will earn 5% gross p.a./AER*. If more than one withdrawal is made, more than one deposit is missed or the account is closed during the term, a lower rate of 1% gross p.a./AER* will be paid. Withdrawals and closure of the account are also permitted without notice.

Interest is calculated on a daily basis and credited to the customer’s account on the 31 January each year (on the anniversary of account opening with the Dunfermline) or on closure of the account.

At the end of the fixed term, the account will automatically revert to an instant access account paying a variable rate of 1% gross p.a./AER with no restrictions on deposits or withdrawals. The Societies will write to customers in advance to notify them that their fixed term is coming to end.

Individuals can also open this account on behalf of someone under 16 thus giving parents, grandparents and others the opportunity to save regularly for children while at the same time encouraging children to adopt a savings habit.

Matthew Wyles, Nationwide’s Group Distribution Director, said:  “The New Year is a time when most people make new resolutions. In the current climate, it is important that one of those is to save on a regular basis. The Platinum Monthly Saver is therefore a welcome addition to the Cheshire, Dunfermline and Derbyshire savings ranges. Paying a very competitive rate, this new account provides a serious incentive to encourage that monthly savings habit and build up that vital nest egg.”

Notes to editors:
* AER stands for Annual Equivalent Rate which illustrates what the interest rate would be if interest was paid and compounded each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if a customer pays tax) and the net rate of interest is the interest payable after any income tax is deducted (if a customer pays tax).

Applications are required for all products. Further details of terms and conditions available on request.

The Platinum Monthly Saver is a limited offer and may be withdrawn at any time without notice.

RATES PLATINUM MONTHLY SAVER – ISSUE 1, EFFECTIVE 3 JANUARY 2011
    Gross p.a./AER Net p.a.
Interest rate payable if NO MORE than one withdrawal is made and NO MORE than one deposit has been missed £100+ 5.00% 4.00%
Interest rate payable when MORE than one withdrawal has been made or MORE than one deposit has been missed £100+ 1.00% 0.8%
Platinum Monthly Saver – Issue 1 (Cheshire & Derbyshire)
Availablilty In branch
Deposits Multiple deposits allowed up to monthly maximum of £500.
Deposit amounts can vary as long as they are between £100 and £500.
If more than one monthly deposit is missed before 31 January 2013, interest will be paid at the lower rate.
Withdrawals Unlimited withdrawals allowed. However, if more than one withdrawal is made before 31 January 2013, interest will be paid at the lower rate.

Min. opening and operating balance

£100

Max. opening balance

£500

Min. monthly deposit

£100

Max. monthly deposit

£500

Account opening Account must be opened by an adult over 16. Account can also be opened on behalf of someone under the age of 16. Only the person opening the account will be able to operate it.
Interest Interest paid on 31 January 2012 and annually thereafter. Interest can be credited to the account, paid to a current account or transferred to an instant access account.
Platinum Monthly Saver – Issue 1 (Dunfermline)
Availability In branch
Deposits Multiple deposits allowed up to monthly maximum of £500.
Deposit amounts can vary as long as they are between £100 and £500.
If more than one monthly deposit is missed before the first anniversary of account opening, interest will be paid at the lower rate.
Withdrawals Unlimited withdrawals allowed. However, if more than one withdrawal is made before the first anniversary of account opening, interest will be paid at the lower rate.
Min. opening and operating balance £100
Max. opening balance £500
Min. monthly deposit £100
Max. monthly deposit £500
Account opening Account must be opened by an adult over 16. Account can also be opened on behalf of someone under the age of 16. Only the person opening the account will be able to operate it.
Interest Interest paid annually on the anniversary of account opening. Interest can be credited to the account, paid to a current account or transferred to an instant access account

The Cheshire Building Society, Dunfermline Building Society and Derbyshire Building Society are Trading Divisions of Nationwide Building Society.

Please note: If you are a customer looking for information on our products and services, please visit the main website.