Product update: Loyalty Saver And MySave Online Plus

16 November 2012

From today (16 November 2012), Nationwide Building Society is launching a new issue of its Loyalty Saver and MySave Online Plus.

LOYALTY SAVER (ISSUE 2)
Loyalty Saver is available to customers who have been a member¹ of the Society for at least five years. The account pays a higher rate of interest, the longer the customer has been a member of the Society, up to a maximum of 15 years.

The new issue of the branch based account, pays up to 2.40% gross p.a/AER*(variable) for membership of 15 years or more. The account offers unlimited withdrawals and instant access.

MYSAVE ONLINE PLUS (ISSUE 11)
New MySave Online Plus customers who make no more than one withdrawal a year will receive a rate of 2.20% AER* (2.18% gross p.a.) variable, including a fixed bonus of 1.18% gross p.a. payable for 12 months.

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.

Loyalty Saver (Issue 1) and MySave Online Plus (Issue 10) were withdrawn from sale on Thursday 14 November.

Existing MySave Online Plus and Loyalty Saver customers who opened the account before today will be unaffected by the change.

Customers registered for SavingsWatch will be advised of the new issues of these accounts 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).

LOYALTY SAVER (ISSUE 2) - RATES EFFECTIVE FROM 16 NOVEMBER 2012

¹ To qualify for Loyalty Saver applicants must have had a continuous Nationwide membership for a minimum of five years.

A Nationwide member is defined as a customer with a savings, mortgage or current account which includes those held with Dunfermline, Derbyshire and Cheshire Building Society. The following product holdings do not carry membership rights: deposit accounts, personal loans, credit cards, insurance products, products offered by subsidiaries of the Society such as Nationwide International or UCB Home Loans.

One account per customer in single or joint name. If a joint account is opened the longest length of membership will be used to determine the rate tier.

RATES FOR LOYALTY SAVER ISSUE 2, EFFECTIVE FROM 16 NOVEMBER 2012

Length of Membership AER* / Gross p.a. Net p.a.
15 years + 2.40% 1.92%
10 – 14 years 2.20% 1.76%
5 – 9 years 2.00% 1.60%

Loyalty Saver
Availability In branch
Eligibility To qualify for Loyalty Saver applicants must have a continuous Nationwide membership for a minimum of five years.
Withdrawals Unlimited instant access withdrawals allowed.
Min. opening balance £1,000
Min. operating balance £1
Minimum age Account must be opened by an adult over 18.
Interest Interest is added annually on 31 December

MYSAVE ONLINE PLUS (ISSUE 11) – RATES EFFECTIVE FROM 16 NOVEMBER 2012

Balance No withdrawal in any given month Withdrawal made in any given month³
AER* (variable) Gross p.a. (variable) Net p.a. (variable) Gross p.a./AER (variable) Net p.a. (variable)
£1+ 2.20%² 2.18%² 1.74%² 0.10% 0.08%

² Rates include a fixed rate bonus of 1.18% gross p.a. payable for the first 12-months on the account.

³ Customers 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.

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.