Nationwide increases saver rate

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Nationwide increases saver rate

Mon 4th Jan 2010

Nationwide has increased the amount of interest it will pay on its Champion saver accounts.

Customers who hold the account will now receive a 2.69 per cent gross per annum/AER on balances of £1,000 and above.

The account works by tracking the average rate of the top five paying branch based notice, limited access and instant access accounts provided by eight of Nationwide's high street competitors, including Abbey and Lloyds TSB. On top of this figure a fixed bonus of 1.10 per cent gross p.a. is added, which is available until January 31st 2011.

Andy Hutchinson, Nationwide's head of savings, said: "The fact that Champion Saver's rate has increased is good news for savers, especially in a climate where the Bank of England base rate remains so low."

Nationwide reported in November that the Savings Index was at its highest since December 2008, rising to 90 in October 2009, compared to 87 from the previous month.

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