11 June 2012
Customers please call:
Cheshire Building Society - 0845 755 0555
Derbyshire Building Society - 08456 004 005
From today, the Cheshire and Derbyshire Building Societies are launching new issues of the Platinum Monthly Saver, a competitive account aimed at savers looking to build up a nest egg by putting money aside on a regular basis.
Platinum Monthly Saver is a fixed-term, branch-based account paying a competitive rate of 5% gross p.a./AER* (variable) until 31 July 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 July 2013, they will earn 5% gross p.a./AER*. If more than one withdrawal is made, more than one monthly 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. Each Society will write to customers in advance to notify them that their fixed term is coming to an end.
Matthew Wyles, Nationwide’s Group Distribution Director, said: “With the Bank of England base rate at 0.50%, this product pays ten times more to those customers who are willing to commit to a regular subscription. By any measure, in the current environment, 5% is a great rate.”
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The Platinum Monthly Saver is a limited offer and may be withdrawn at any time without notice.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 4, RATES CORRECT AT 11 JUNE 2012
|Interest rate payable if NO MORE than one withdrawal is made and NO MORE than one monthly deposit has been missed
|Interest rate payable when MORE than one withdrawal has been made or MORE than one monthly deposit has been missed
||Platinum Monthly Saver – Issue 4 (Cheshire & Derbyshire)
||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 31July 2013, interest will be paid at the lower rate.
||Unlimited withdrawals allowed. However, if more than one withdrawal is made before 31 July 2013, interest will be paid at the lower rate.
|Min. opening and operating balance
|Max. opening balance
|Min. monthly deposit
|Max. monthly deposit
||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.