Nationwide launches new Stepped Rate Bond

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Nationwide launches new Stepped Rate Bond

Thu 5th Nov 2009

A new four-year Stepped Rate Bond, with up to 5.25 per cent APR, is being launched by Nationwide.

The bond offers either fixed monthly or annual interest, with the annual rates in the first year being at 3.75 per cent gross APR and progressing to 5.25 per cent in year four.

Head of savings at Nationwide Andy Hutchinson said, "in this low interest rate environment, it's important to us that we aim to offer savers good value products that last for the long term".

He added that the bond is ideal for people who not only want good interest on their investment, but a rate they know will increase each year.

The Nationwide Savings Index last month found in that 57 per cent of people surveyed in September believed that it was important for them to save, a two per cent rise on the month before.

The current three-year Stepped Rate Bond offered by Nationwide will be withdrawn at the close of business on November 5th.

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