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(i) (1.50% gross p.a.) on balances of more than GBP 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."
(i) 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).