Nationwide International launches Lifetime Guarantee account

Nationwide International, the offshore subsidiary of Nationwide Building Society, has launched a new Lifetime Guarantee savings account.

The account offers a highly competitive fixed annual interest rate of 6.60% for the first year (6.40% monthly interest), followed by guaranteed links to the Bank of England Base Rate and the flexibility of six penalty free withdrawals of any amount per financial year.

The Lifetime Guarantee account will be available to new and existing customers and will provide offshore savers with:

a highly competitive fixed rate for the first 12 months – paying 6.60% for annual interest or 6.40% for monthly interest, followed by further rate guarantees throughout the life of the account;

flexibility with easy access after the first year – six penalty free withdrawals permitted each financial year following the first anniversary of the initial deposit;

rate guarantees:

annual/deferred interest – after the first 12 months the rate of interest is guaranteed to be just 0.30% below the Bank of England Base Rate until 1 January 2011, and no lower than 1.00% below base rate thereafter;

monthly interest – after the first 12 months the rate of interest is guaranteed to pay 0.65% below the Bank of England Base Rate until 1 January 2011, and no lower than 1.35% below base rate thereafter;

annual, monthly and deferred interest options – providing total flexibility for interest payments;
£1,000 minimum investment – the maximum balance is £2 million per account.

Carl Gandy, managing director of Nationwide International, said: “The Lifetime Guarantee account provides offshore savers the opportunity to benefit from a highly competitive fixed rate for the first 12 months, and the flexibility of easy access and the security of rate guarantees thereafter.

“For people who lead busy lives, constantly switching accounts can be extremely inconvenient and frustrating. We believe most people want a consistent good rate of interest and with the Lifetime Guarantee account savers can enjoy just that.”