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Nationwide launches 18-month savings account

13th July 2011 Print

Nationwide Building Society is rewarding its existing savers with the launch of two new market-leading accounts: an 18-month Loyalty Fixed Rate ISA and an 18-month Loyalty Fixed Rate Bond.

The new accounts both pay a rate of annual interest of 3.30% gross p.a./AER, which is between 0.30% and 0.55% higher than the Society's existing range of 18-month fixed rate options.

These new accounts reinforce Nationwide's promise to reward existing savers with exclusive savings products.  In fact, since the Savings Promises were launched in November 2010, the Society has launched three loyalty savings accounts rewarding over 150,000 members.

The rates also adhere to the Society's Promise to ensure that its Fixed Rate ISA rates match or beat our equivalent Bond rates.

Both products are available in branch to existing customers who have had a minimum of £1 contained in a Nationwide savings account for at least three months prior to application.  The Bond is available to customers aged seven or over, while the cash ISA is available to customers aged 16 and over.  In order to give the benefits to as many existing savers as possible, the Loyalty ISA will be limited to new subscriptions only.

The minimum opening balance for both products is £1.  For the Loyalty Bond, the maximum balance is £5,000 or £10,000 if it is a joint account, and for the Loyalty ISA, the maximum balance is £5,340.

Robin Bailey, Nationwide's director for savings, said:  "The fixed rate market continues to be a competitive place for savers looking to tie their money in for a fixed period at a rate of interest that won't change.  The launch of these two accounts provides existing Nationwide savers with an attractive 18-month rate, demonstrating our commitment to offering long-term good value and highlighting our promise to reward existing savers."