14 March 2012
The Cheshire, Derbyshire and Dunfermline Building Societies, all part of the Nationwide Group, will launch 75 Day Notice – Issue 1 on Friday 16 March. This will be a new branch-based 75 day notice account with a variable rate of 2.30% gross p.a./AER* for balances of £1,000 and above. This rate includes an introductory bonus of 1.30% that is fixed until 31 May 2013.
Customers can have access to their funds without loss of interest provided 75 days advance notice is given of the amount to be withdrawn. For immediate access, 75 days loss of interest on the amount to be withdrawn will be applied.
Interest is paid annually on 31 December each year, commencing in 2012, and can either be credited to the account, paid to a current account or transferred to another Derbyshire/Cheshire/Dunfermline account.
For any day that the balance goes below £1,000, the rate will drop to a fixed rate of 0.10% gross p.a./AER* and no bonus will be applied.
Cheshire, Derbyshire and Dunfermline Building Societies will write to customers to remind them when their fixed bonus is due to end.
||75 Day Notice – Issue 1
||Access is available without loss of interest provided 75 days advance notice is given. For immediate access, 75 days loss of interest on the amount to be withdrawn will be applied
||Unlimited, up to £5 million maximum investment
|Min. opening balance
|Min. operating balance
The Cheshire, Dunfermline and Derbyshire Platinum Notice account will also be withdrawn from sale at the close of business on Thursday 15 March.
Matthew Wyles, Nationwide’s group distribution director, said: “We are delighted to launch this new savings account. It gives our Regional Brand savers a good rate on their investment while also providing a haven for those who have used their full cash ISA allowance, but have additional money to save.
“We are conscious that some savers prefer to manage their money through a branch so the launch of 75 Day Notice – Issue 1 means we have another account that suits those individuals.”
Notes to editors:
* AER stands for Annual Equivalent Rate which illustrates what the interest rate would be if interest was paid and compounded each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if a customer pays tax) and the net rate of interest is the interest payable after any income tax is deducted (if a customer pays tax).
Interest rates – applicable from 16 March 2012
|£1,000 - £5 million
|£1 - £999.99
** This includes an introductory bonus of 1.30% gross p.a./AER that is fixed until 31 May 2013.
The Cheshire Building Society, Dunfermline Building Society and Derbyshire Building Society are Trading Divisions of Nationwide Building Society.