Nationwide Loyalty Fixed Rate Bond to replace old deal

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Nationwide Loyalty Fixed Rate Bond to replace old deal

Tue 7th Nov 2006

A new Nationwide Loyalty Fixed Rate Bond will be available from tomorrow as some of the provider's old deals are withdrawn from the market.

From the end of today, the building society's three-year Loyalty Fixed Rate Bond will make way for the new offering.

The new three-year Nationwide Loyalty Fixed Rate Bond range offers an annual equivalent rate (AER) of 5.3 per cent gross a year for savers with balances of up to £2 million.

It is available to customers who have been members of the society for at least three years.

Alongside the launch of the new Nationwide Loyalty Fixed Rate Bond, various other savings offers will also be made available to savers.

The savings bonds and e-bonds that are withdrawn from the end of the day will be replaced with new deals that start tomorrow.

Various financial service providers are hoping to get the savings message through to British consumers.

A spokesperson for Birmingham Midshires, Matt Grayson, says its Saving Britain campaign is focussed on getting Britons back to saving like they did two decades ago.

"If you think about the older generation, they had piggy banks and put 10p or 20p away a week," Mr Grayson points out.

"This is what the Savings Britain campaign is all about for us. We are trying to bring back a culture of saving in the UK – like there was 20 years ago."

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