Cheshire And Derbyshire Building Societies Reward Regular Saving

04 April 2012

From 6 April 2012, the Cheshire and Derbyshire Building Societies are launching new issues of the Platinum Monthly Saver, a competitive account designed to encourage people to build up a nest egg by saving on a regular basis.

Platinum Monthly Saver is a fixed-term, branch-based account paying a competitive variable rate of 5% gross p.a./AER (variable) until 31 May 2013.

Customers can pay in between £100 and £500 a month over the term of the account either by cash, cheque or standing order. Provided the saver makes no more than one withdrawal and misses no more than one monthly deposit between opening the account and 31 May 2013 then they will earn 5% gross p.a./AER*. If more than one withdrawal is made, more than one deposit is missed or the account is closed during the term, a lower rate of 1% gross p.a./AER* will be paid. Withdrawals and closure of the account are also permitted without notice.

At the end of the fixed term, the account will automatically revert to an instant access account paying a variable rate of 1% gross p.a./AER with no restrictions on deposits or withdrawals. The Societies will write to customers in advance to notify them that their fixed term is coming to end.

Individuals can also open this account on behalf of someone under 16, giving parents, grandparents and others the opportunity to save regularly for children while at the same time encouraging children to adopt a savings habit.

Matthew Wyles, Nationwide’s Group Distribution Director, said: “Unlike many other regular savings accounts on the market the Platinum Monthly Savers doesn’t require savers to hold a fee paying current account to get a competitive rate.

“By putting aside a regular amount each month you can soon build up a sizable pot of money. Whether customers are looking to save for something special or just want to build up a nest egg this account is likely to appeal.”

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).

The Platinum Monthly Saver is a limited offer and may be withdrawn at any time without notice.

RATES PLATINUM MONTHLY SAVER – ISSUE 3, EFFECTIVE 6 APRIL 2012

Gross p.a./AER

Net p.a.

Interest rate payable if NO MORE than one withdrawal is made and NO MORE than one deposit has been missed

£100+

5.00%

4.00%

Interest rate payable when MORE than one withdrawal has been made or MORE than one deposit has been missed

£100+

1.00%

0.80%

Platinum Monthly Saver – Issue 3 (Cheshire & Derbyshire)

Availability

In branch

Deposits

Multiple deposits allowed up to monthly maximum of £500.
Deposit amounts can vary as long as they are between £100 and £500.
If more than one monthly deposit is missed before 31 May 2013, interest will be paid at the lower rate.

Withdrawals

Unlimited withdrawals allowed. However, if more than one withdrawal is made before 31 May 2013, interest will be paid at the lower rate.

Min. opening and operating balance

£100

Max. opening balance

£500

Min. monthly deposit

£100

Max. monthly deposit

£500

Account opening

Account must be opened by an adult over 16. Account can also be opened on behalf of someone under the age of 16. Only the person opening the account will be able to operate it.

The Cheshire Building Society and Derbyshire Building Society are Trading Divisions of Nationwide Building Society.

Please note: If you are a customer looking for information on our products and services, please visit the main website.