Nationwide raises rate on new online savings account

Following a successful pilot of its new online savings account, MySave Online Plus, Nationwide Building Society will increase the bonus for customers making no more than one withdrawal a year, to 1.10% gross p.a., bringing the overall rate paid, including bonus, to 2.60% gross p.a./2.63% AER (variable).

The new rate comes into effect on Thursday 7 October for new customers and for those who have opened the account during the pilot period.

Customers who wish to make more than one withdrawal a year 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:  "Our new account is great for anyone who wants the freedom and flexibility of managing their money online.  It is quick and easy to open, while the rate compares well with similar accounts on the market."