02 May 2012
The Cheshire, Derbyshire and Dunfermline Building Societies, all part of the Nationwide Group, will launch 75 Day Notice – Issue 2 on Wednesday 2 May. The new issues of the branch-based 75 day notice account will pay a variable rate of 2.50% gross p.a./AER* for balances of £1,000 and above. This rate includes an introductory bonus of 1.50% that is fixed until 31 August 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can have access to their funds without loss of interest provided 75 days advance notice is given of the amount to be withdrawn. For immediate access, 75 days loss of interest on the amount to be withdrawn will be applied.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, 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 2
||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 For immediate access, 75 days loss of interest on the amount to be withdrawn will be applied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The Cheshire, Dunfermline and Derbyshire 75 Day Notice – Issue 1 will be withdrawn from sale at close of business Tuesday 1 May.
Matthew Wyles, Nationwide’s group distribution director, said: “The new issue of the 75 Day notice account pays an increased rate of 2.50% gross p.a/AER*. This is tremendous news for our branch based customers. ”
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 2 May 2012
|£1,000 - £5 million
|£1 - £999.99
** This includes an introductory bonus of 1.50% gross p.a./AER that is fixed until 31 August 2013.
The Cheshire Building Society, Dunfermline Building Society and Derbyshire Building Society are Trading Divisions of Nationwide Building Society.