Nationwide Building Society is launching Flexclusive Regular Saver on Friday 10 August 2012, a savings account which pays a fixed rate of 6% gross p.a./AER* until 31 October 2013.
Savers can deposit between £25 and £250 per month into the account, with no loss of interest if a saver misses making a monthly deposit or requires instant access to their money.
Flexclusive Regular Saver is available to customers who currently use Nationwide's FlexAccount as their main current account1, or who open a new FlexAccount and use Nationwide's account transfer service.
Switching to Nationwide's FlexAccount is simple as the Society's account transfer service does all the hard work and transfers a customer's direct debits. It keeps customers informed of progress about the switch via text and promises to contact direct debit providers within 10 working days - or the customer will receive £100.
The Nationwide FlexAccount has no monthly fee, but main current account customers still benefit from a range of Flexclusives2 including free European multi-trip travel insurance and access to the Select Credit Card.
Richard Marriott, Nationwide's head of savings, said: "The new Flexclusive Regular Saver offers a highly competitive fixed rate of 6% to customers who want to put aside up to £250 each month and is another example of the great benefits available for free to main FlexAccount customers.
"In the current economic environment it is more important than ever for people to have a savings nest egg.
"Unlike many other regular savings accounts on the market, Flexclusive Regular Saver does not penalise savers with a reduced rate of interest if they miss a monthly payment or make a withdrawal.
"New current account customers using the Society's account transfer service will also become eligible for Flexclusive Regular Saver as well as the other Flexclusives offered with the account."
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The Flexclusive Regular Saver is a limited offer and may be withdrawn at any time without notice.
1 To qualify you must hold a current account with a Visa debit card (not cash card+), and:
- Have been using the FlexAccount as their main account (paying in £750 per month) for the last three months or
- Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service and
- Continue to use the FlexAccount as their main account.
2 Flexclusive Regular Saver is a further addition to the exclusive benefits already available to main FlexAccount customers. These include:
- Free European multi-trip travel cover
- One of the lowest personal loan rates on the market - currently 6.3% APR Representative for loans of £7,500 to £14,999 for up to five years
- The Select Credit Card - offering a competitive 20-month balance transfer and 12-month purchase offer as well as commission-free purchases abroad
- Discounts on Nationwide home insurance product rated 5 star by Defaqto. Home insurance is underwritten by UK Insurance Limited
- Exclusive mortgage offers including a market-leading four-year fixed mortgage
- Simply Rewards - a reward scheme for Nationwide Visa debit and credit card customers (http://www.myvisaoffers.com/nationwidesimplyrewards)
RATES FOR FLEXCLUSIVE REGULAR SAVER, EFFECTIVE 10 AUGUST 2012
||AER / Gross p.a.
|Interest rate fixed until 31 October 2013**
**After 31 October 2013, the account reverts to the Flexclusive Saver interest rate, currently 2.00% gross p.a./AER variable
||Flexclusive Regular Saver
||In branch or online at www.nationwide.co.uk/savings
||Unlimited instant access withdrawals allowed.
|Min. operating balance
|Min. monthly deposit
|Max. monthly deposit
|Missed monthly deposit penalty
||Account must be opened by an adult over 18.
||Interest is added to your Flexclusive Regular Saver account, any other Nationwide savings account (excluding Regular Savings), or your current account once a year on 31 December.
About Nationwide Building Society
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 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.