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Nationwide Launches New Esavings Product

The Nationwide Building Society has today announced the launch of a new online savings account (http://www.nationwide.co.uk/savings/instant_access/e-savings_plus/introduction.htm), paying up to 3.75% gross p.a./AER

The e-Savings Plus account is run via a Nationwide FlexAccount and is opened and managed through Nationwide'ss Internet Bank (http://www.nationwide.co.uk/internet_banking/default.htm). It has been designed for customers who want to receive a competitive rate and access their money if they need to. The account can be opened from 's163;1 and customers can make unlimited deposits provided the account balance does not exceed 's163;100,000.

Customers are also able to make up to three withdrawals per year of any amount and still benefit from the headline rate, offering them flexibility. Customers will receive 3.75% gross p.a. if they make three withdrawals or fewer and keep the account open for a full year. Four or more withdrawals per year will result in a lower interest rate being paid from account opening or anniversary of account opening.

Matthew Carter, Nationwide'ss director of savings, said: Our new e-Savings Plus account allows savers who do not need regular access to their savings (http://www.nationwide.co.uk/savings/default.htm) the benefit of a higher rate. The addition of this new product to our range of online accounts gives savers even more choice as they can now choose to save their money online in an account which offers them both flexibility and a good return. We hope that this latest online product will prove to be as successful as our e-Savings account, which has won the Moneyfacts 'smost consistent's award** and has been regularly recognised by the Sunday Times for providing long term good value.

Last year, Nationwide celebrated the tenth anniversary of the UK'ss first internet bank which the Society launched in 1997. Nationwide'ss internet bank users have access to a range of online accounts including e-Savings and e-Bonds as well as the ability to manage other Nationwide accounts online. Over the last decade, internet banking has developed into a sophisticated and immensely popular facility. Over three million people are now registered to use the Society'ss internet bank*.

Notes to editors

* e-Savings account won the Moneyfacts most consistent award in 2008

**3.18 million users in August 2008

The e-Savings plus account is available online to anyone holding or opening a Nationwide Flexaccount. Only one account is available per customer.

The e-Savings plus account can be opened with a minimum investment of 's163;1.

The maximum investment is 's163;100,000 not including interest payments.

To receive the higher rate of interest, customers may make up to three withdrawals per year and must keep their account open for a period of 12 months. Interest withdrawal counts as one of the three withdrawals allowed per annum.

If a customer makes more than three withdrawals per year, they will receive the lower rate of interest for the whole year.

An unlimited number of deposits are allowed per year up to a total of 's163;100,000 not including interest payments.

Interest is payable per annum only.

Interest rates

Headline rate payable if customer makes 3 withdrawals or less p.a.

3.75% Gross p.a./AER

Lower rate payable if customer makes 4 or more withdrawals p.a.

1.5% Gross p.a./AER

AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Reference: NW20081201

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