New online savings account from Nationwide

Nationwide has launched a new online savings account, MySave Online Plus, that aims to provide long term good value and allows customers to access their savings should they need to. This is the first time Nationwide has offered an online savings account to people who do not hold the society's current account and has been launched in response to feedback from customers.

The rate is 2.25% gross p.a./2.27% AER for customers making no more than one withdrawal a year, including a one year bonus of 0.75% gross p.a./AER.  Customers who need to access their money more frequently can do so, but will receive a lower rate in the month they make a withdrawal.

MySave Online Plus is available to anyone with a UK account that accepts direct debits.  This will be used to transfer money in and out of MySave Online Plus.  Opening the account is quick and easy and can be completed online in minutes.  The minimum opening balance is £1,000 and the maximum investment is £3 million.

Robin Bailey, Nationwide's savings director said:  "We are responding to feedback from customers who do not hold their current account with Nationwide by offering the convenience of an online savings account to everybody.

"With the Bank of England base rate continuing at an historic low we have been seeking ways to help savers get a better return on their money, and this account gives customers the best of both worlds:  a competitive rate and access to their money when they really need it."