Product update: Loyalty Saver, MySave Online Plus, Flexclusive Saver and Online ISA

14 December 2012

From today (14 December 2012), Nationwide Building Society is launching new issues of Loyalty Saver, MySave Online Plus, Flexclusive Saver and Online ISA.

LOYALTY SAVER (ISSUE 3)

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 2.10% gross p.a/AER*(variable) for membership of 15 years or more. The account offers unlimited withdrawals and instant access.

MYSAVE ONLINE PLUS (ISSUE 13)

New MySave Online Plus customers who make no more than one withdrawal a year will receive a rate of 2.00% AER* (1.98% gross p.a.) variable, including a fixed bonus of 1.48% 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.

FLEXCLUSIVE SAVER (ISSUE 3)

Flexclusive Saver is an instant access account which pays 1.50% gross p.a./AER* on balances over £1,000. The new issue of the branch-based account is only available to Nationwide’s main** FlexAccount and FlexDirect current account holders.

ONLINE ISA (ISSUE 8)

Available online to Nationwide customers with a card-based savings or current account (excluding Regular Savings), Online ISA (Issue 8) will pay a rate of 2.20% AER*/tax-free on balances over £1,000. This is a fixed introductory rate until 31 July 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.

Loyalty Saver (Issue 2), MySave Online Plus (Issue 11), Flexclusive Saver (Issue 2) and Online ISA (Issue 7) were withdrawn from sale on Thursday 13 December. Existing customers with previous issues of these accounts will be unaffected by the changes.

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.

LOYALTY SAVER (ISSUE 3) - RATES EFFECTIVE FROM 14 DECEMBER 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.

Length of Membership AER* / Gross p.a. Net p.a.
15 years + 2.10% 1.68%
10 – 14 years 1.90% 1.52%
5 – 9 years 1.70% 1.36%
Loyalty Saver
Availability In branch
Eligibility To qualify for Loyalty Saver applicants must have 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 13) – RATES EFFECTIVE FROM 14 DECEMBER 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+ 2.00%² 1.98%² 1.58%² 0.10% 0.08%

2 Rates include a fixed rate bonus of 1.48% 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.

RATES FOR FLEXCLUSIVE SAVER (ISSUE 3) – RATES EFFECTIVE FROM 14 DECEMBER 2012

FLEXCLUSIVE SAVER Gross p.a./AER (variable)
£1,000+ 1.50%
£1 - £999.99 0.10% fixed

**To qualify for Flexclusive Saver you must either:

A) Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:

  • Have been paying in £750+ a month (excluding internal transfers) for the last 3 months; or
  • Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last 4 months; or

B) Hold a FlexDirect account.

If a joint application is made only the first named account holder must meet the main current account customer eligibility criteria.

Flexclusive Saver – Issue 3
Availability In branch
Withdrawals Unlimited Instant access withdrawals allowed
Min. opening balance £1,000
Min. operating balance £1

RATES FOR ONLINE ISA (ISSUE 8), EFFECTIVE FROM 14 DECEMBER 2012

ONLINE ISA ISSUE 8 AER Tax-free (incl. Introductory fixed rate) AER Tax-free (exluding Introductory fixed rate)
£1,000+ 2.20%* 0.50%
£1-£999 n/a 0.25%

*Balances of £1,000+ pay an introductory rate fixed until 31 July 2014. After this date it reverts to a variable rate, currently 0.50% AER tax-free. For any day the balance goes below £1,000 you earn a rate of 0.25% AER tax-free variable.

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

Online ISA (Issue 8)
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

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.