Product update

22 August 2014

Nationwide Building Society is today, Friday 22 August, launching new issues of its six-month, one-year, two-year, three-year and four-year fixed rate bonds and e-Bonds, as well as its one-year, two-year, three-year and four-year Fixed Rate ISAs.

The new rates for annual interest on balances of £1 or more are:

  • Six-month Fixed Rate Bond and e-Bond paying 1.10% gross p.a./AER*
  • One-year Fixed Rate Bond and e-Bond paying 1.40% gross p.a./AER*
  • Two-year Fixed Rate Bond and e-Bond paying 1.70% gross p.a./AER*
  • Three-year Fixed Rate Bond and e-Bond paying 1.90% gross p.a./AER*
  • Four-year Fixed Rate Bond and e-Bond paying 2.10% gross p.a./AER*
  • One-year Fixed Rate ISA paying 1.50% tax-free/AER*
  • Two-year Fixed Rate ISA paying 1.80% tax-free/AER*
  • Three-year Fixed Rate ISA paying 2.00% tax-free/AER*
  • Four-year Fixed Rate ISA paying 2.20% tax-free/AER*

Nationwide’s previous range of Fixed Rate Bonds, e-Bonds and Fixed Rate ISAs were withdrawn from sale at the close of business on Thursday 21 August 2014. Monthly interest options are available for all Nationwide’s fixed term savings and Fixed Rate ISA accounts.

The new rates on all Nationwide’s Fixed Rate ISAs meet the Society’s Savings Promise to guarantee that its fixed rate ISA rates will match or beat its equivalent Bond rates.

Also today, Nationwide is launching new issues of a number of its variable rate savings accounts. These include:

  • Flexclusive Saver Issue 6 paying 1.20% gross p.a./AER*
  • Limited Access Saver Issue 2 paying 1.20% gross p.a./AER*
  • Loyalty Saver Issue 5 paying up to 1.50% gross p.a/AER*
  • Instant ISA Saver Issue 2 paying 1.25% tax-free/AER*
  • Flexclusive ISA Issue 8 paying 1.50% tax-free/AER*

All the above rates are on balances of £1 or more. The previous issues of the above five accounts were withdrawn from sale at the close of business on Thursday 21 August 2014.

At the same time, the Cheshire Building Society is withdrawing its two-year Fixed Rate ISA from sale to new customers at the close of business on Thursday 21 August 2014. The product remains available to Cheshire customers with a maturing Fixed Rate ISA.

The Derbyshire Building Society is also launching new issues of its one and two-year Fixed Rate Bonds and Fixed Rate ISAs as well as launching Issue 6 of its Easy Saver ISA. The new rates of annual interest on balances of £1 or more are:

  • One-year Fixed Rate Bond paying 1.40% gross p.a./AER* until 30 November 2015
  • Two-year Fixed Rate Bond paying 1.70% gross p.a./AER* until 30 November 2016
  • One-year Fixed Rate ISA paying 1.50% tax-free/AER* until 30 November 2015
  • Two-year Fixed Rate ISA paying 1.80% tax-free/AER* until 30 November 2016
  • Easy Saver ISA Issue 6 paying 1.25% tax-free/AER*

The previous issues of the above accounts were withdrawn from sale at the close of business on Thursday 21 August 2014. The new rates on all Derbyshire Building Society Fixed Rate ISAs meet its Savings Promise to guarantee that its Fixed Rate ISA rates will match or beat its equivalent Bond rates.

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 net rate of interest is the interest rate payable after 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.

Parity on Fixed Rate Bonds and Fixed Rate ISAs

As part of the Nationwide Savings Promises, the Society guarantees its Fixed Rate ISA rates will match or beat its equivalent Bond rates.

Further details on all Nationwide’s Savings Promises.

Opening accounts:

  • Fixed Rate Bonds and Fixed Rate ISAs are available from Nationwide branches. e-Bonds are available from www.nationwide.co.uk.

Early closure

Early closure
Term of bond Four years Three years Two years One year or less
Loss of interest 320 days 270 days 180 days 90 days

If the term includes part of a year, the early access charge will be calculated based on the next whole year e.g. 14-month term = the two-year early access charge.

Flexclusive Saver – Issue 6: a branch based, instant access account to main current account customers

To qualify for Flexclusive Saver you must either:

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

  • Have been paying in £750+ a month (excluding internal transfers) for the last 3 months; or
  • 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

Limited Access Saver – Issue 2: available to open online or in any Nationwide branch

  • Open the account with just £1
  • Unlimited deposits
  • 5 withdrawals, including closure are permitted per year. Further withdrawals or subsequent closure are permitted subject to a lower interest rate of 0.50% p.a./AER variable from the day of the sixth withdrawal and applied until the anniversary of account opening

Loyalty Saver – Issue 5: available to open online or in any Nationwide branch

  • Open the account with just £1
  • Unlimited deposits and instant access
  • To qualify for Loyalty Saver applicants must have had a continuous Nationwide membership for a minimum of one year and must be aged 18 or over
  • One account per customer in single or joint name. If a joint account is opened the longest length of membership will be used to determine the interest rate tier.

RATES FOR LOYALTY SAVER – ISSUE 5

Rates for Loyalty Saver
Length of Membership AER / Gross p.a. Net p.a.
15 years + 1.50% 1.20%
10 – 14 years 1.40% 1.12%
5 – 9 years 1.30% 1.04%
1 - 4 years 1.20% 0.96%

Rates are variable

Full details of all Nationwide’s savings accounts. Details of

Instant ISA Saver – Issue 2: available to open online or in any Nationwide branch

  • Open the account with just £1
  • Instant access
  • Transfers in permitted

Flexclusive ISA – Issue 8: available to open online or in any Nationwide branch

  • Open the account with just £1
  • Instant access
  • New subscriptions only
  • To qualify for Flexclusive ISA – Issue 8 you must either:

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

  • Have been paying in £750+ a month (excluding internal transfers) for the last 3 months;
    or
  • 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

Derbyshire Building Society Easy Saver ISA – Issue 6

  • Available to open in branch
  • New subscriptions only
  • Unlimited withdrawals and deposits can be made subject to the cash ISA allowance

Full details of Easy Saver ISA – Issue 6 and the Derbyshire Fixed Rate Bonds and ISAs can be found here: http://www.thederbyshire.co.uk/ISAs/ (This link will open in a new window) (This link will open in a new window) (This link will open in a new window) and http://www.thederbyshire.co.uk/Savings-and-Investments/Our-Savings-Range/ (This link will open in a new window) (This link will open in a new window) (This link will open in a new window)

The Cheshire and Derbyshire Building Societies are Trading Divisions of Nationwide Building Society.

About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings and mortgage provider 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 a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 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.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 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.