Cheshire and Derbyshire Building Societies reward regular saving

The Cheshire and Derbyshire Building Societies are launching new issues of the Platinum Monthly Saver, a competitive account designed to encourage people to build up a nest egg by saving on a regular basis.

Platinum Monthly Saver is a fixed-term, branch-based account paying a competitive variable rate of 5% gross p.a./AER (variable) until 31 May 2013.

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 31 May 2013 then they will earn 5% gross p.a./AER . If more than one withdrawal is made, more than one deposit is missed or the account is closed during the term, a lower rate of 1% gross p.a./AER  will be paid. Withdrawals and closure of the account are also permitted without notice.

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. The Societies will write to customers in advance to notify them that their fixed term is coming to end.

Individuals can also open this account on behalf of someone under 16, giving parents, grandparents and others the opportunity to save regularly for children while at the same time encouraging children to adopt a savings habit.

Matthew Wyles, Nationwide's Group Distribution Director, said:  "Unlike many other regular savings accounts on the market the Platinum Monthly Savers doesn't require savers to hold a fee paying current account to get a competitive rate.

"By putting aside a regular amount each month you can soon build up a sizable pot of money.  Whether customers are looking to save for something special or just want to build up a nest egg this account is likely to appeal."