The Nottingham launches Sleep Easy Saver account

A new account for savers keen to benefit from an attractive rate of interest and capitalise on a loyalty bonus, has been launched by The Nottingham - one of the UK's leading regional building societies.

The Sleep Easy Saver is an instant access account that allows customers access to their money remotely using a telephone. It currently offers a basic rate of interest set at 5% - plus the payment of an additional 1%, each year, to those depositors who do not make a withdrawal in the first two years.

Key features include:

A guaranteed interest rate of at least the Base Rate plus 0.5% until October 2010

The ability to make unlimited withdrawals - but depositors who withdraw funds within the first two years will not be eligible for the bonus payment

"People are worried that their savings may be ‘better off under the mattress' than in a financial institution. As a prudent building society we take the security of our customers' money very seriously - that's why we have created the Sleep Easy Saver," commented Fiona King, The Nottingham's head of marketing

"We are a very strong building society - with no exposure to the market turbulence that has affected many savings and lending institutions. This means that we are very well equipped to offer peace of mind to the many investors who are looking to find a safe haven for their hard-earned cash."

An initial deposit of £35,000 to £50,000 is required by individuals who wish to open a Sleep Easy Saver account. The minimum investment for those opening a joint account is £70,000 to £100,000. However, once opened additional deposits of up to £250,000 can be made.

A typical individual investing £35,000 in a Sleep Easy Saver account for a minimum two-year period - and making no withdrawals - will earn £4,326 A typical couple depositing the minimum £70,000 in the account (and making no withdrawals) will realise a total of £8652 on their investment during the first two years.

The Sleep Easy Saver is a limited edition account, therefore only one account is available per person or per couple.

More information about the account and an application form are available from thenottingham.com