Nationwide increases interest rate on Base Rate Tracker Premium

Nationwide International, the offshore subsidiary of Nationwide Building Society, is to raise the top interest rate available on its Base Rate Tracker Premium account by 0.25%.
The new, market leading, rate of 6.50% will be available from Friday 21 September 2007.

The Base Rate Tracker Premium offshore savings account offers:

Flexibility – the account can be operated online, by telephone or post

Excellent access to funds – four instant withdrawals of any amount each financial year without penalty

Competitive interest rates – paying up to 6.50% with annual or deferred interest option and up to 6.49% with interest paid monthly

Guaranteed rates of interest
with annual interest, the account guarantees to match or beat the Bank of England Base Rate for the first year. Thereafter, the rate is guaranteed to pay 0.25% below base rate until 1 January 2010
with monthly interest, the account guarantees to pay no less than 0.20% below Base Rate for the first year. Thereafter, the rate is guaranteed to pay 0.60% below base rate until 1 January 2010

Annual, monthly or deferred interest options – allows depositors to time their interest payments to suit their circumstances or needs

£5,000 minimum investment – a minimum balance of only £5,000 is required to open an account. The maximum balance is £2 million per account

Carl Gandy, managing director of Nationwide International, said: “I am delighted to announce this increase in the interest rate on our Base Rate Tracker Premium. The new top rate of 6.50% is currently the highest on offer in the offshore savings market and this will undoubtedly increase even further the popularity of this latest edition of our award winning tracker products.

“I believe the Base Rate Tracker Premium offers investors everything they are looking for from an offshore account and, unlike many of our competitors, this new top of market rate is available to all of our customers new and old and is not restricted only to online or telephone banking customers.

“By combining all of these features with excellent rates and the security of a rate guarantee linked to the Bank of England Base Rate until January 2010, we have produced a savings account suitable for even the most discerning of offshore investors.”