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01 March 2013
From today, Friday 1 March, the Cheshire, Derbyshire and Dunfermline Building Societies are launching new issues of the Platinum Monthly Saver, a competitive account aimed at savers looking to build up a nest egg by putting money aside on a regular basis.
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 either by cash, cheque or standing order. 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 4.00% AER*/gross p.a. (variable). On the Cheshire and Derbyshire Building Societies, the fixed term runs until 30 April 2014 and on the Dunfermline Building Society fixed term runs for one year from account opening.
However, if more than one withdrawal is made, more than one monthly deposit is missed or the account is closed during the term, a lower rate of 0.50% AER*/gross p.a. (variable) will be paid.
At the end of the fixed term, the account will automatically revert to an instant access account paying a variable rate of 0.50% AER*/gross p.a. (variable) with no restrictions on deposits or withdrawals. Each Society will write to customers in advance to notify them that their fixed term is coming to an end.
* AER stands for Annual Equivalent Rate which illustrates what the interest rate would be if interest was paid and compounded each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if a customer pays tax) and the net rate of interest is the interest payable after any income tax is deducted (if a customer pays tax).
The Platinum Monthly Saver is a limited offer and may be withdrawn at any time without notice.
RATES CHESHIRE AND DERBYSHIRE PLATINUM MONTHLY SAVER - ISSUE 7 AND DUNFERMLINE PLATINUM MONTHLY SAVER - ISSUE 2, RATES CORRECT AT 1 MARCH 2013
The Cheshire Building Society, Derbyshire Building Society and Dunfermline Building Society are trading divisions of Nationwide Building Society.