Nationwide e-Savings Plus account increases maximum balance

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Nationwide e-Savings Plus account increases maximum balance

Mon 7th Sep 2009

Nationwide has increased the maximum balance that it allows on its e-Savings Plus account to £3 million.

The account pays out two per cent gross interest each year as long as the customer has the account open for 12 months and makes three withdrawals or less in that time.

Andy Hutchinson, head of savings at Nationwide, pointed out that the e-Savings Plus product was well suited to people who do not need to access their savings very often, as it allows them to get a competitive rate of interest.

He said: "As the account has been so popular, we're pleased to be able to increase the maximum balance."

Since the account was brought out by Nationwide at the end of last year more than 150,000 accounts have been opened.

Last month, the building society announced that its monthly Future Savings Index had hit an all-time high in July of 106, which is five points up from June.

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