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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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 Posted: Mon May 21, 2007 2:14 pm Post subject: NATIONWIDE ANNOUNCES INCREASES IN SAVINGS RATES |
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Rates increase by up to 0.50%
Nationwide Building Society has today announced that from Friday 1 June 2007 all savers with variable rate accounts will see an increase in their savings rates. The vast majority will receive an increase of 0.25%, with some accounts seeing Base Rate-beating increases of up to 0.50%.
Key increases to the Society’s most popular accounts include:
Monthly Income 60+ will increase by 0.30% to 5.46% Gross p.a./5.60% AER
CashBuilder Card accounts will increase by 0.50% paying up to 3.30% Gross p.a./AER
Cash Child Trust Fund will increase by 0.45% to 6.00% AER/7.00% AER* (*including a 1.00% conditional bonus if £240 or more is paid in to the account each year)
e-Savings will increase by 0.25% to 5.55% Gross p.a./AER
Regular Savings will increase by 0.25% paying up to 6.50% Gross p.a./AER
Loyalty Tracker Bond will increase by 0.25% paying up to 5.50% Gross p.a./AER
Smart, the children’s account, will increase by 0.25% to 5.70% Gross p.a./5.78% AER
Matthew Carter, divisional director, mortgages and savings, said: "Nationwide is committed to providing long-term good value to savers through accounts which are simple, straightforward and easy to understand. Our savers continue to benefit from some of the best rates available on the high street, by post and through the internet. We are pleased to be able to pass on the full base rate increase of 0.25% to the vast majority of our savings customers. We have been able to prioritise the needs of pensioners, children and everyday savers by increasing Monthly Income 60 +, Cash Child Trust Fund and CashBuilder Card accounts by significantly more."
Following the changes, the Society’s rates are in many cases better than those of its high street competitors, as the table below illustrates:
Internet savings accounts % Instant access branch based Cash ISAs % Children’s accounts %
Nationwide# 5.55 5.40 5.70
Abbey* 5.10 (5.35) 5.00 (5.25) 5.00 (5.25)
Barclays* 4.54 (4.79) 4.75 (5.00) 5.25 (5.50)
Halifax* 5.00 (5.25) 4.00 (4.25) 5.55 (5.80)
NatWest* 4.65 (4.90) 5.13 (5.3 5.15 (5.40)
National Savings* - 4.85 (5.10) 3.60 (3.85)
*figure is current rate and is correct as at 15/05/07. Figure in brackets assumes 0.25% increase
# Nationwide’s rates are effective from 1 June 2007
All rates are gross p.a. and exclude introductory bonuses. Internet and ISA rates are based on a balance of £10,000 and rates for children’s accounts are based on balances of £1,000.
Media information:
Sue Knight, media relations manager, tel: 01793 655196, email: sue.knight@nationwide.co.uk
Steve Blore, senior manager, tel: 01793 655199, email: stevew.blore@nationwide.co.uk
Notes to editors:
Details of Nationwide’s new and old savings rates are attached
There will be no changes to Nationwide’s Fixed Rate Bonds
Some Nationwide accounts carry guarantees, these are:
Monthly Income 60+: AER guaranteed to match or better the Bank of England Base Rate until January 2011. The new rate from 1 June 2007 will be 5.46% gross p.a./5.60% AER.
Loyalty Tracker Bond: The annual interest rates (AER) are guaranteed to track changes in the Bank of England Base Rate. From 1 June 2007 the new rates will range from 5.30% gross p.a./AER to 5.50% gross p.a./AER depending on the amount invested. Loyalty Tracker Bond is exclusively available to existing Nationwide members of three years or more.
Smart: (AER) is guaranteed to pay at least 0.25% more than the Bank of England Base Rate until 1 January 2010.
Cash Child Trust Fund: AER including conditional bonus is guaranteed to pay at least 1.30% more than the Bank of England Base Rate until 1 January 2010.
The following accounts carry a guarantee but are no longer available to new customers:
Members’ Reward Bond: annual interest rate will be at least 0.25% above the Bank of England Base Rate until 31 July 2008. The new rate from 1 June 2007 will be: 5.80% gross p.a./AER or 5.50% gross p.a./5.64% AER for the monthly interest option.
Special Rate Bond: annual interest rate will be no lower than 0.25% below the Bank of England Base Rate until 31 July 2007. From 1 June 2007 the new rates will range from 5.30% gross p.a./AER to 5.50% gross p.a./AER or 5.00% gross p.a./AER to 5.20% gross p.a./AER for the monthly interest option.
NATIONWIDE BUILDING SOCIETY SAVINGS RATES effective 1 June 2007
Old Rate %
New Rate %
Account
Net
Gross
AER
AER (including conditional Bonuses)
Net
Gross
AER
AER (including conditional Bonuses)
Accounts for under 18s
Cash CTF
£1+ n/a 6.55 5.55 6.55 n/a 7.00 6.00 7.00
Smart
£1+ 4.36 5.45 5.52 4.56 5.70 5.78
Accounts for over 60s
Monthly Income 60+
£1+ 4.13 5.16 5.28 4.37 5.46 5.60
ISAs
Members' ISA Bond
£25,000+ n/a 5.50 5.50 n/a 5.75 5.75
£10,000-£24,999 n/a 5.45 5.45 n/a 5.70 5.70
£1-£9,999 n/a 5.40 5.40 n/a 5.60 5.60
Instant Access ISA
£25,000+ n/a 5.25 5.25 n/a 5.50 5.50
£10,000-£24,999 n/a 5.15 5.15 n/a 5.40 5.40
£1-£9,999 n/a 5.10 5.10 n/a 5.30 5.30
Instant Access and Regular Savings
e-Savings
£1+ 4.24 5.30 5.30 4.44 5.55 5.55
Regular Savings
monthly increase in balance
£200-£250 5.00 6.25 6.25 5.20 6.50 6.50
£100-£199.99 4.60 5.75 5.75 4.80 6.00 6.00
<£100 3.40 4.25 4.25 3.60 4.50 4.50
Invest Direct
£50,000+ 3.80 4.75 4.75 4.00 5.00 5.00
£25,000-£49,999 3.72 4.65 4.65 3.92 4.90 4.90
£10,000-£24,999 3.64 4.55 4.55 3.84 4.80 4.80
£1-£9,999 3.60 4.50 4.50 3.76 4.70 4.70
Cashbuilder Card
£50,000+ 2.24 2.80 2.80 2.64 3.30 3.30
£25,000-£49,999 2.00 2.50 2.50 2.40 3.00 3.00
£10,000-£24,999 1.68 2.10 2.10 2.08 2.60 2.60
£1-£9,999 1.52 1.90 1.90 1.92 2.40 2.40
Cashbuilder Book
£50,000+ 2.24 2.80 2.80 2.64 3.30 3.30
£25,000-£49,999 2.00 2.50 2.50 2.20 2.75 2.75
£10,000-£24,999 1.68 2.10 2.10 1.88 2.35 2.35
£1-£9,999 1.52 1.90 1.90 1.72 2.15 2.15
Current Account
FlexAccount
£1,000+ monthly credit 3.40 4.25 4.25 3.40 4.25 4.25
£500-£999 monthly credit 1.00 1.25 1.25 1.00 1.25 1.25
£1-£499 monthly credit 0.20 0.25 0.25 0.20 0.25 0.25
Bonds
Loyalty Tracker Bond (Annual Interest)
£50,000+ 4.20 5.25 5.25 4.40 5.50 5.50
£25,000-£49,999 4.12 5.15 5.15 4.32 5.40 5.40
£10,000-£24,999 4.08 5.10 5.10 4.28 5.35 5.35
£1-£9,999 4.04 5.05 5.05 4.24 5.30 5.30
Loyalty Tracker Bond (Monthly Interest)
£50,000+ 4.12 5.15 5.27 4.32 5.40 5.54
£25,000-£49,999 4.04 5.05 5.17 4.24 5.30 5.43
£10,000-£24,999 4.00 5.00 5.12 4.16 5.20 5.33
£1-£9,999 3.96 4.95 5.06 4.16 5.20 5.33
Notice accounts
60 Day Direct
£50,000+ 4.04 5.05 5.05 4.24 5.30 5.30
£25,000-£49,999 3.96 4.95 4.95 4.16 5.20 5.20
£10,000-£24,999 3.88 4.85 4.85 4.08 5.10 5.10
£1-£9,999 3.84 4.80 4.80 4.00 5.00 5.00
Bonus 60
(Annual Inc. 0.75% Bonus)
£50,000+ 3.60 4.50 3.75 4.50 3.72 4.65 3.90 4.65
£25,000-£49,999 3.48 4.35 3.60 4.35 3.64 4.55 3.80 4.55
£10,000-£24,999 3.40 4.25 3.50 4.25 3.56 4.45 3.70 4.45
£1-£9,999 3.20 4.00 3.25 4.00 3.40 4.25 3.50 4.25
CapitalBuilder
£50,000+ 2.88 3.60 3.60 3.08 3.85 3.85
£25,000-£49,999 2.80 3.50 3.50 3.00 3.75 3.75
£10,000-£24,999 2.72 3.40 3.40 2.92 3.65 3.65
£1-£9,999 2.64 3.30 3.30 2.84 3.55 3.55
Business accounts
BusinessInvestor
£1+ 2.20 2.75 2.78 2.40 3.00 3.03
Treasurers’ Trust
£1+ 2.20 2.75 2.77 2.40 3.00 3.02
Accounts no longer open to new business
Members’ Reward Bond
(Annual)
£1-£10,000 4.52 5.65 5.65 4.64 5.80 5.80
Members’ Reward Bond
(Monthly)
£1-£10,000 4.28 5.35 5.48 4.40 5.50 5.64
Special Rate Bond (Annual Interest)
£100,000+ 4.28 5.35 5.35 4.40 5.50 5.50
£50,000+ 4.20 5.25 5.25 4.40 5.50 5.50
£25,000-£49,999 4.12 5.15 5.15 4.32 5.40 5.40
£1-£24,999 4.04 5.05 5.05 4.24 5.30 5.30
Special Rate Bond (Monthly Interest)
£100,000+ 4.04 5.05 5.17 4.16 5.20 5.33
£50,000+ 3.96 4.95 5.06 4.16 5.20 5.33
£25,000-£49,999 3.88 4.75 4.85 4.00 5.00 5.12
£1-£24,999 3.80 4.75 4.85 4.00 5.00 5.12
Bonus Saver
(including 3.25% bonus)
£1+ 4.12 5.15 1.90 5.15 4.32 5.40 2.15 5.40
Bonus 60
(Monthly Inc. 0.75% Bonus)
£50,000+ 3.36 4.20 3.51 4.28 3.48 4.35 3.66 4.44
£25,000-£49,999 3.24 4.05 3.25 4.13 3.40 4.25 3.56 4.33
£10,000-£24,999 3.16 3.95 3.25 4.02 3.32 4.15 3.45 4.23
£1-£9,999 2.96 3.70 2.99 3.76 3.16 3.95 3.25 4.02 |
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