Nationwide: Champion Savings account at 2.8%
Nationwide Building Society has launched its Champion Savings account at a rate of 2.8 per cent gross per annum.
Investors who maintain a balance of £1,000 or more will also be entitled to bonus interest at a rate of 1.3 per cent until January 31st 2011.
The account's rate will be updated monthly, determined by the average of the top five branch-based instant access, limited access and notice accounts from high street competitors.
"The launch of the Champion Saver account is great news for those looking for an account that will pay a competitive rate month after month," said head of Nationwide's saving, Andy Hutchinson.
"With the account paying a fantastic interest rate at launch - over five times above the Bank of England Base Rate - Champion Saver really is market leading in the high street and is specifically designed to help savers in this low interest rate environment."
To open the account, savers must deposit a minimum of £1,000 and give at least 60 days notice or lose 60 days of interest to withdraw funds. Interest payments are made annually and are lost for any day the balance drops below £1,000.
Nationwide will write to customers when introductory bonuses are due to end.
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