Nationwide launches new simpler savings accounts

26 February 2014

As part of Nationwide Building Society's drive to simplify its savings range, the Society today announces changes to its range of savings accounts.

The Society is launching three new accounts:

  • Instant ISA Saver – An instant access ISA paying 1.50% AER/tax-free. Transfers in accepted.
  • Limited Access Saver – The account pays 1.25%. Customers can make five instant access withdrawals per annum. On the sixth withdrawal the rate reduces to 0.50% for the remainder of the year
  • Instant Access Saver – A card based instant access account paying 0.50%

In order to simplify the range CashBuilder, e-Savings, e-Savings Plus, MySave Online Plus and Web ISA were withdrawn from sale at close of business Tuesday 25 February.

These new accounts do not include any introductory bonus. This change means that none of Nationwide's on-sale range of savings accounts currently has any introductory bonus. Each of the new accounts can be opened and operated in branch or online allowing customers the chance to manage their accounts easily and effectively.

This is part of a wider programme to simplify the Society's range of savings accounts and these changes build on the success of those at the end of last year. At this time the Society:

  • Removed notice period from all variable rate accounts giving 1.5 million members instant access to their money without any customer seeing any reduction in the rate of interest payable
  • Reduced the overall number of accounts

Louise Lovelock, Head of Savings Customer Proposition at Nationwide Building Society, said: "Feedback from our members tells that they want simpler, more flexible products that can be accessed both online and in branch. Plus while they want a choice of accounts, too much choice can be confusing.

"Nationwide has listened to member feedback on and has simplified its range of accounts and these changes mean our members now have greater flexibility when opening and operating their accounts.

"This is just one of the little things that we do to help our savers that can help a lot. Simplifying our range is another example of Nationwide striving to do more for savers than any other provider and follows on from other member led savings initiatives such as Loyalty Saver, SavingsWatch and Savings Promises."

Notes to editors:

Full details of Nationwide's savings accounts

About Nationwide Building Society

Nationwide is the world's largest building society as well as one of the largest savings providers 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.

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.

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