100,000 regular savers attracted to long-term good value at Nationwide

Next week, Nationwide Building Society celebrates the first anniversary of its Regular Savings account – an account which attracts, on average, 10,000 new accounts each month. And with nearly half (48%) of people claiming they want to save more in 2008, Nationwide encourages consumers to make the most of their savings this year and choose the most appropriate account for their needs.

Regular savings accounts are becoming increasingly popular with consumers.'. Since its launch on 23 January 2007, Nationwide’s account has attracted over 100,000 savers. The majority of the Society’s regular savers benefit from the top tier interest rate, currently 6.50%, and they will continue to benefit from high rates like these, as Nationwide doesn’t apply introductory deals or bonuses that only last for a limited period of time.

Unlike other regular savings providers, Nationwide does not:

Penalise savers for missed payments or withdrawals by closing the account;
Limit savers to a single or fixed payment each month;
Transfer savings to a lower paying account at the end of a fixed period;

Require savers to maintain a balance in a current account or have a salary paid into a current account.

Matthew Carter, savings director at Nationwide, says: “Regular savings accounts are popular with consumers as many offer high interest rates or bonuses if deposits are made every month. However, we encourage consumers to ensure they completely understand the terms and conditions of the account they choose as some may find, if they make a withdrawal, the account could be closed altogether.

“We understand the needs of real people, which is why our regular savers benefit from the flexibility of a normal savings account whilst enjoying the rewards of saving regularly. We know people may need to vary the amount they deposit each month and appreciate they may also need to make withdrawals. Our regular savings account isn’t a one-year wonder – it offers long-term good value and is guaranteed to track the Bank of England Base Rate until January 2010.”