Nationwide ups rate on its Champion Saver

Nationwide Building Society has increased the rate offered on its Champion Saver product to 2.69% gross p.a./AER for balances of £1,000 or above from 1st January 2010.

With high savings rates still hard to come by, the increase is good news for savers. The Nationwide Champion Saver uses the average rate offered by the top five paying branch-based instant access, limited access and notice accounts from a basket of eight key High Street competitors, plus a fixed bonus of 1.10% gross p.a. until 31st January 2011 to give savings an extra boost.

If the rates from the top five competitors change the Champion Saver rate changes accordingly, so Nationwide are able to offer a consistently competitive rate.

Andy Hutchinson, Nationwide’s head of savings, said:

“Champion Saver offers peace of mind to customers who don’t want to have to keep looking around for the best rates, as it takes care of this for them, by researching the best savings rates from key providers. 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.”

Savers will also get an extra push to make sure they don’t miss out on better rates as Nationwide has promised to write to customers to remind them when their introductory bonus is due to end.

The minimum opening investment for Champion Saver is £1,000 and savers can access their money by giving 60 days’ notice or losing 60 days’ interest on the amount withdrawn.

If you would like to compare your savings options, visit http://www.totallymoney.com/banking/.