Nationwide Building Society today launches a new issue of its MySave Online Plus and Online ISA.
21 September 2012
MYSAVE ONLINE PLUS (ISSUE 9)
New MySave Online Plus customers who make no more than one withdrawal a year will receive a competitive rate of 2.75% AER (2.71% gross p.a.), including a fixed bonus of 1.21% gross p.a. payable for 12 months.
Existing MySave Online Plus customers who opened their account before this date will be unaffected by this change.
Customers can make one free withdrawal per annum. Those making further withdrawals, including closure, can do so, but will receive a lower rate and no bonus in the month they make a withdrawal.1
Online ISA – Issue 6
Available online to Nationwide customers with a card-based account (excluding Regular Savings), Online ISA – Issue 6 will pay a rate of between 2.55% and 2.65% AER*/tax-free on balances over £1,000. This includes a fixed introductory rate until 31 January 2014. The Online ISA allows unlimited withdrawals and deposits (subject to annual ISA allowances), providing great flexibility for customers.
Online ISA allows new subscriptions and transfers in of existing cash ISA balances.
Notes to editors:
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if customers do pay tax).
Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
MYSAVE ONLINE PLUS (ISSUE 9) – RATES EFFECTIVE FROM 21 SEPTEMBER 2012<
1 Customers making more than one withdrawal, including closure, in a 12 month rolling period will receive 0.10% gross p.a./AER (variable) interest for the month in which they make the withdrawal, and will receive no bonus for that month.
No withdrawal in any given month2
Withdrawal made in any given month1
||Gross p.a.* (variable)
||Net p.a.* (variable)
||Gross p.a./AER (variable)
||Net p.a. (variable)
2Your first withdrawal in a 12-month period will not result in a lower rate of interest or loss of bonus.
* Rates include a fixed rate bonus of 1.21% gross p.a. payable for the first 12-months on the account.
- To open and operate MySave Online Plus, customers will need a UK account, held in their name, which accepts direct debits. This nominated account will be used to pay money into and out of their MySave Online Plus account.
- The minimum opening balance is £1,000 and the maximum investment is £5 million.
- Minimum operating balance is £1.
Online ISA – Issue 6<
In order to apply for an Online ISA, a customer must already hold a Nationwide FlexAccount, Invest Direct, CashBuilder Card or Smart Card.
RATES FOR ONLINE ISA – ISSUE 6, EFFECTIVE FROM 21 SEPTEMBER 2012<
|ONLINE ISA ISSUE 6
||AER tax-free (including bonus)
||AER tax-free (excluding bonus)
|£10,000 - £24,999
|£1,000 - £9,999
|£1 - £999
* Depending on the amount invested, the rate includes a fixed introductory rate of between 1.55% and 1.65% fixed until 31 January 2014
||Online ISA – Issue 6
||Online only at www.nationwide.co.uk
||Unlimited, subject to annual ISA allowance
|Min. opening balance
|Min. operating balance
Balances of £1,000+ include an introductory rate fixed until 31 January 2014, after this date it reverts to a variable rate, currently 1.00% AER tax-free. For any day the balance goes below £1,000 you earn a rate of 0.25% AER tax-free variable and no bonus.
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 members.
Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the full year ending April 2012 Nationwide made a strong underlying profit of £304 million – up 10% from the previous year.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 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.