Nationwide increases rate on ISA and MySave Online Plus

Nationwide is increasing the rates on its MySave Online Plus account and its 18 month Fixed Rate ISA, both of which will become market-leading products.

18 month Fixed Rate ISA

For all accounts opened from Thursday 17 March, the 18 month Fixed Rate ISA will pay a market-leading rate of annual interest of 3.55% tax-free p.a./AER on balances between £1 and £24,999, and 3.75% tax-free p.a./AER on balances of £25,000 and above.

MySave Online Plus

Also as of Thursday 17 March, the bonus rate on Nationwide's MySave Online Plus account will be increased by 0.10% to 1.51% gross p.a., bringing the overall rate paid to a market-leading 3.05% AER (variable) / 3.01% gross p.a. This increased rate will be available to all MySave Online Plus customers who opened their account from the 18 February 2011.

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.

1 Year Fixed Rate ISA

Previously Nationwide's market-leading 1 Year Fixed Rate ISA has only been available to maturing Fixed Rate ISA customers.  However, from today, Wednesday 16 March, this top of the market product will become available to all savers.