Nationwide MySave Online Plus bonus rate increased

Nationwide Building Society is strengthening its online savings portfolio by raising the bonus rate on its recently launched MySave Online Plus.

From today, Thursday 28 October 2010, the bonus paid will increase by 0.35% to 1.45% gross p.a., bringing the overall rate paid on MySave Online Plus to a market leading 2.95% gross p.a./2.99% AER (variable).   The new rate will be available to both new and existing MySave Online Plus account holders.

MySave Online Plus is available to anyone in the UK with an account that accepts direct debits.  This will be used to transfer money in and out of MySave Online Plus.  Opening the account is quick and easy, and is done with a minimum opening balance of £1,000 and maximum investment of £3 million.

The account offers one free withdrawal per year.  Customers do have the flexibility to make unlimited further withdrawals but will lose the bonus and receive a lower rate in the month they make the withdrawal. 

Robin Bailey, Nationwide's director for savings, said:  "As one of the country's largest savings providers, Nationwide is committed to providing greater choice and long term good value to its customers.  In this current low interest rate environment, we are pleased to offer an account, which, compared to other similar ones available, offers the best rate in the market.  Quick and easy to open, MySave Online Plus also provides savers with the opportunity to access and manage their savings as they wish."