Product update: MySave Online Plus and Flexclusive Saver

28 June 2013

From today (28 June 2013), Nationwide Building Society is launching a new issue of MySave Online Plus and Flexclusive Saver.

MYSAVE ONLINE PLUS (ISSUE 15)

New MySave Online Plus customers who make no more than one withdrawal a year will receive a rate of 1.40% AER* (1.39% gross p.a.) variable, including a fixed bonus of 0.89% gross p.a. payable for 12 months.

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.

Existing customers who opened previous issues of MySave Online Plus are unaffected by this change.

FLEXCLUSIVE SAVER (ISSUE 4)

Flexclusive Saver is an instant access account which pays 1.40% gross p.a./AER* variable on balances of £1,000 and above. The new issue of the branch-based account is only available to Nationwide’s main** FlexAccount, FlexDirect and FlexPlus current account holders

MySave Online Plus (Issue 14) and Flexclusive Saver (Issue 3) were withdrawn from sale at close of business on Thursday 27 June 2013.

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).

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).

MYSAVE ONLINE PLUS (ISSUE 15) – RATES EFFECTIVE FROM 28 JUNE 2013

Balance No withdrawal in any given month Withdrawal made in any given month2
AER* (variable) Gross p.a. (variable) Net p.a. (variable) Gross p.a./AER (variable) Net p.a. (variable)
£1+ 1.40%1 1.39%1 1.11%1 0.10% 0.08%

1 Rates include a fixed rate bonus of 0.89% gross p.a. payable for the first 12-months on the account.

2 Customers can make one free withdrawal per annum. Further withdrawals are permitted, but no bonus and a lower rate of 0.10% gross p.a./AER (variable) interest will be paid in the month a withdrawal is made or the account is closed.

  • 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.
  • Interest paid monthly.

RATES FOR FLEXCLUSIVE SAVER (ISSUE 4) – RATES EFFECTIVE FROM 28 JUNE 2013

FLEXCLUSIVE SAVER Gross p.a./AER (variable)
£1,000+ 1.40%
£1 - £999.99 0.10% fixed

** To qualify for Flexclusive Saver you must either:

a) Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:

  1. Have been paying in £750+ a month (excluding internal transfers) for the last 3 months; or
  2. Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last 4 months;

or

b) Hold a FlexDirect or FlexPlus account

If a joint application is made only the first named account holder must meet the main current account customer eligibility criteria.

Flexclusive Saver – Issue 4
Availability In branch
Withdrawals Unlimited Instant access withdrawals allowed
Min. opening balance £1,000
Min. operating balance £1

About Nationwide

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.

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