Nationwide Building Society, the
UK’s largest mutual, has launched what it describes as a first of
its kind in the UK market – a 60-day-notice savings account whose
rate is determined by the average of the top five branch-based
instant access, limited access and notice accounts from key
competitors. Every month, Nationwide will use an independent
organisation, Moneyfacts, to check a basket of competitors’ top
paying rates and will update its Champion Saver interest rate
accordingly.
At launch, the account was paying a market
leading rate of up to 2.80 percent gross. This includes a fixed
introductory bonus of 1.10 percent until 31 January 2011 for
balances of £1,000 ($1,656) or more.
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