Product Update: MySave Online Plus & Online ISA

26 October 2012

From today (26 October 2012), Nationwide Building Society is launching a new issue of its MySave Online Plus and Online ISA.

MYSAVE ONLINE PLUS (ISSUE 10)

New MySave Online Plus customers who make no more than one withdrawal a year will receive a rate of 2.50% AER* (2.47% gross p.a.), including a fixed bonus of 0.97% gross p.a. payable for 12 months.

Existing MySave Online Plus customers who opened their account before this date will be unaffected by this change.

Customers can make one free withdrawal per annum. Those making further withdrawals, including closure, can do so, but will receive a lower rate and no bonus in the month they make a withdrawal.2

ONLINE ISA (ISSUE 7)

Available online to Nationwide customers with a card-based savings or current account (excluding Regular Savings), Online ISA – Issue 7 will pay a rate of between 2.25% and 2.50% AER*/tax-free on balances over £1,000. This includes a fixed introductory rate until 31 January 2014. The Online ISA allows unlimited withdrawals and deposits (subject to annual ISA allowances), providing great flexibility for customers.

Online ISA allows new subscriptions and transfers in of existing cash ISA balances.

Customers registered for SavingsWatch will be advised of the new issues of MySave Online Plus and Online ISA by email.

Notes to editors:

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if customers do pay tax). 

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

MYSAVE ONLINE PLUS (ISSUE 10) – RATES EFFECTIVE FROM 26 OCTOBER 2012

Balance No withdrawal in any given month Withdrawal made in any given month²
AER* (variable) Gross p.a. (variable) Net p.a. (variable) Gross p.a./AER (variable) Net p.a. (variable)
£1+ 2.50%¹ 2.47%¹ 1.98%¹ 0.10% 0.08%

¹Rates include a fixed rate bonus of 0.97% gross p.a. payable for the first 12-months on the account.

²Customers can make one free withdrawal per annum. Further withdrawals are permitted, but no bonus and a lower rate of 0.10% gross p.a./AER (variable) interest will be paid in the month a withdrawal is made.

  • To open and operate MySave Online Plus, customers will need a UK account, held in their name, which accepts direct debits. This nominated account will be used to pay money into and out of their MySave Online Plus account.
  • The minimum opening balance is £1,000 and the maximum investment is £5 million.
  • Minimum operating balance is £1.

ONLINE ISA (ISSUE 7)

In order to apply for an Online ISA, a customer must already hold a Nationwide FlexAccount, Invest Direct, CashBuilder Card or Smart Card.

RATES FOR ONLINE ISA – ISSUE 7, EFFECTIVE FROM 26 OCTOBER 2012

ONLINE ISA ISSUE 7 AER tax-free fixed until 31 Jan 2014 AER tax-free variable from 1 Feb 2014
£10,000+ 2.50% 1.00%
£1,000 - £9,999 2.25% 1.00%

 

  Online ISA – Issue 7
Availability Online only at www.nationwide.co.uk
Withdrawals Instant access
Deposits Unlimited, subject to annual ISA allowance
Min. opening balance £1,000
Min. operating balance £1

Balances of £1,000+ include an introductory rate fixed until 31 January 2014, after this date it reverts to a variable rate, currently 1.00% AER tax-free. For any day the balance goes below £1,000 you earn a rate of 0.25% AER tax-free variable.

About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.

Customers can manage their finances in a branch, on the telephone, internet and post.  The Society has around 16,000 employees.  Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline.  The Society also has a number of call centres across the UK.

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