23 October 2013
Product update - platinum monthly saver
From 23 October 2013, the Cheshire, Derbyshire and Dunfermline Building Societies, part of the Nationwide Group, are launching new issues of Platinum Monthly Saver.
Platinum Monthly Saver
Platinum Monthly Saver is a branch-based account with a fixed term. Customers can pay in between £100 and £500 a month over the term of the account. Provided the saver makes no more than one withdrawal and misses no more than one monthly deposit between opening the account and the end of the fixed term, they will earn 3.00% AER*/gross p.a. (variable). The fixed term runs until 28 February 2015.
However, if more than one withdrawal is made or more than one monthly deposit is missed, a lower rate of 1.00% AER*/gross p.a. (variable) will be paid. For Derbyshire and Dunfermline Platinum Monthly Saver accounts, a lower rate of 1.00% AER*/gross p.a. (variable) will be paid if the account is closed during the term.
At the end of the fixed term, the account will automatically revert to an instant access account paying a variable rate of 1.00% AER*/gross p.a. with no restrictions on deposits or withdrawals. Customers will be contacted in advance of their fixed term coming to an end.
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 you do pay tax).
The net rate of interest is the interest rate payable after any income tax is deducted (if customers do pay tax)