Nationwide increases bonus rate on MySave Online Plus

Nationwide Building Society has increased the bonus rate on its MySave Online Plus account by 0.16% to 1.41% gross p.a., bringing the overall rate paid to a market-leading 2.91% gross p.a./2.95% AER (variable).

The new rate is available to new MySave Online Plus accounts opened from this date.

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.  The maximum investment is £3 million.

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

Robin Bailey, Nationwide's director for savings, said: "This new market-leading rate on MySave Online Plus is great news for savers.  It gives them the chance of a decent return on their investment while also providing a haven to those who have used their full ISA allowance but have additional money to save.

"What's more, MySave Online Plus is ideal for savers who prefer to manage their savings online and have easy access to those funds.  In fact, since we launched the account in September last year, we've seen over 45,000 savers sign up."