Nationwide: Saving accounts are growing in popularity

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Nationwide: Saving accounts are growing in popularity

Around 10,000 new customers are attracted to a Nationwide savings account each month, the building society has claimed.

Since it was introduced in January 1007, the regular savings account has gained 100,000 customers.

The interest rate for this Nationwide savings account is currently 6.5 per cent and there are no limited-time introductory deals or bonuses.

Matthew Carter, savings director at Nationwide, said that unlike other savings accounts, Nationwide's regular saver will not penalise people for making withdrawals.

"We understand the needs of real people, which is why our regular savers benefit from the flexibility of a normal savings account whilst enjoying the rewards of saving regularly," he added.

The Nationwide savings account is guaranteed to track the Bank of England base rate until the first month of 2010.

Earlier this month, Nationwide called on savings providers to be more transparent about the conditions of their accounts and introductory deals.
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