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.