New savings accounts offer five per cent interest rate

Wednesday, 04 January 2012 11:30

The Nationwide Building Society which owns the Cheshire, Dunfermline and Derbyshire Building Societies has released details of a new platinum monthly saver account that is available through the three building societies.

The product is a fixed-term branch-based account that aims to reward savers by encouraging them to save on a regular basis.

The product pays five per cent gross pa/AER (variable) until the 31st January 2013 (or the first anniversary of the account opening with the Dunfermline).

Investors can pay in between £100 and £500 every month and as long as savers make no more than one withdrawal and pay in a regular amount each month, only missing one month up until the 31st January then they will earn five per cent.

If investors miss more than one deposit, close the account during the term or make more than one withdrawal in the qualifying period the rate of interest paid will be just one per cent.

Interest is calculated on a daily basis and credited to the customer's account on the 31 January each year. At the end of the fixed term, the account will automatically revert to an instant access account paying a variable rate of 1% gross p.a. /AER with no restrictions on deposits or withdrawals.

Matthew Wyles, Nationwide's Group Distribution Director, said: "The New Year is a time when most people make new resolutions. In the current climate, it is important that one of those is to save on a regular basis.

"The Platinum Monthly Saver is therefore a welcome addition to the Cheshire, Dunfermline and Derbyshire savings ranges. Paying a very competitive rate, this new account provides a serious incentive to encourage that monthly savings habit and build up that vital nest egg."

Compare savings accounts to find the rates and features you need.

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