Product Update: MySave Online Plus

23 February 2012

Nationwide Building Society today announces changes to the bonus paid on its MySave Online Plus account. Customers who apply for MySave Online Plus on or after Thursday 23 February 2012 and make no more than one withdrawal a year will receive a fixed bonus of 1.48% gross p.a. payable for 12 months bringing the overall variable rate, including bonus, to a competitive 3.02% AER/2.98% gross p.a.

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

MySave Online Plus is available to anyone with a UK account that accepts direct debits. This will be used to transfer money in and out of MySave Online Plus. Opening MySave Online Plus account is quick and easy, and is done with a minimum opening balance of £1,000 and maximum investment of £5 million.

Customers who wish to make more than one withdrawal a year including closure can do so, but will receive a lower rate and no bonus in the month they make a withdrawal.1

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).

1 Customers making more than one withdrawal, including closure, in a 12 month rolling period will receive 0.10% gross p.a./AER (variable) interest for the month in which they make the withdrawal, and will receive no bonus for that month.

Interest Rates No withdrawal in any given month More than one withdrawal, including closure, made in any given month
AER* (variable) Gross p.a.* (variable) Net p.a.* (variable) Gross p.a./AER (variable) Net p.a. (variable)
£1+ 3.02% 2.98% 2.38% 0.10% 0.08%

*Rates include a fixed rate bonus of 1.48% gross p.a. payable for the first 12 months on accounts opened from 23 February 2012.

Your first withdrawal in a 12 month period will not result in a lower rate of interest or loss of bonus.

  • To open and operate MySave Online Plus, people 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.
  • Operating balance is £1.
  • Applications are required for all products. Further details of terms and conditions available on request.

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.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the half year ending September 2011 Nationwide made a strong underlying profit of £172 million – up 17% from the previous year. Its strong financial performance and prudent business model means that Nationwide is included in Global Finance magazine's Top 50 Safest Banks in the World.

Nationwide has around 700 branches and customers can manage their finances in 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.