Product update - Platinum Monthly Saver

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)

RATES CHESHIRE AND DERBYSHIRE PLATINUM MONTHLY SAVER – ISSUE 9 AND DUNFERMLINE PLATINUM MONTHLY SAVER – ISSUE 4, RATES CORRECT AT 23 OCTOBER 2013

AER*/gross p.a. Net p.a.
Interest rate payable if NO MORE than one withdrawal is made and NO MORE than one monthly deposit has been missed £100+ 3.00% 2.40%
Interest rate payable when MORE than one withdrawal has been made or MORE than one monthly deposit has been missed £100+ 1.00% 0.80%
Platinum Monthly Saver – Issue 9 (Cheshire & Derbyshire) Platinum Monthly Saver – Issue 4 (Dunfermline)
Availability In branch
Deposits 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 28 February 2015, interest will be paid at the lower rate.
Withdrawals Unlimited withdrawals allowed. However, if more than one withdrawal is made before 28 February 2015, interest will be paid at the lower rate.
Min. opening and operating balance £100
Max. opening balance £500
Min. monthly deposit £100
Max. monthly deposit £500
Account opening 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, Derbyshire and Dunfermline Building Societies are Trading Divisions of Nationwide Building Society.

Please note: If you are a customer looking for information on our products and services, please visit the main website.