28 March 2012
From 1 April 2012, Nationwide Building Society will be launching a new issue of its MySave Online Plus account. Customers opening the account with at least £1,000 will receive a rate of 2.85 per cent AER/2.81 per cent gross p.a. including a fixed bonus of 1.31 per cent gross for 12 months. Those investing at least £25,000 will receive a market-leading rate of 3.17 per cent AER/3.12 per cent gross p.a., which includes a fixed bonus of 1.62 per cent gross for 12 months.
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 is enabled to accept 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 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.1
Richard Marriott, Nationwide's Head of Savings, said: "The new issue of the MySave Online Plus account pays a competitive rate while still allowing customers to dip into their funds if they need too.
"The account pays a competitive 2.85 per cent AER from £1,000, but if customers have a balance of £25,000 or more they can receive a market-leading rate of 3.17 per cent AER."
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 on balances of £24,999 or less or 0.41% gross p.a./AER (variable) interest on balances of £25,000 plus for the month in which they make the withdrawal, and will receive no bonus for that month.
Your first withdrawal in a 12 month period will not result in a lower rate of interest or loss of bonus.
||No withdrawal during the year
||More than one withdrawal, including closure, made in any given year
||Gross p.a. (variable)
||Net p.a. (variable)
||Gross p.a./AER (variable)
||Net p.a. (variable)
*Rates include a fixed rate bonus of 1.31 per cent gross p.a. payable for the first 12 months on accounts opened from 1 April 2012
** Rates include a fixed rate bonus of 1.62 per cent gross p.a. payable for the first 12 months on accounts opened from 1 April 2012
- 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.
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest
providers and a top-three provider of
mortgages in the UK. It is also a major provider of
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.