October 05, 2011 04:00 ET

New Online Savings Account Launched by Nationwide

MySave Online Offers One Free Withdrawal Per Month

LONDON, UNITED KINGDOM--(Marketwire - Oct. 5, 2011) - Nationwide Building Society has this month introduced a new online savings account, MySave Online that will run alongside the Society's existing MySave Online Plus account.

MySave Online is a variable rate account paying 1.51% AER* (1.50% gross p.a.) on balances of more than £1. Customers will be able to make one free withdrawal per month. Further withdrawals per month are allowed, but savers will receive a lower rate of interest in the month they make a withdrawal. Interest on MySave Online is calculated daily and paid on a monthly basis.

MySave Online can be opened by both new and existing Nationwide customers.

Richard Marriott, Nationwide's head of savings, said: "MySave Online should appeal to those customers who want to put their money away, know they are getting a fair rate of return but want to avoid the hassle of moving their money around every year. What's more, with one free withdrawal per month, MySave Online may be a suitable option for those savers who know they are going to need to dip in and out of their funds."

Notes to editors:

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if customers do pay tax).

• To open and operate MySave Online people will need a UK current account, held in their name, which accepts direct debits. This nominated feeder account will be used to pay money into and out of their MySave Online account.

• Applications are required for all products. Further details of terms and conditions available on request.

MySave Online

Availability: Online

Withdrawals: Customers making more than the one free withdrawal per month will receive 0.10% gross p.a/AER interest for that month

Deposits: Unlimited up to the maximum operating balance (£3,000,000)

Min. opening balance: £1,000

Min. operating balance: £1

Max. operating balance: £3,000,000

About Nationwide

Nationwide Building Society is the world's largest building society and a top-three provider of mortgages and savings in the UK. It is also a major provider of current accounts, credit cards and personal loans. With around 16 million members, Nationwide has a relationship with around a quarter of the UK population.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year 2010/11, Nationwide made a strong underlying profit of £276 million – up 30% from the previous year. Its strong financial performances and prudent business model means that Nationwide is included in Global Finance magazine's Top 50 Safest Banks in the World.

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