A new savings account has been launched by Nationwide Building Society (NBS) which is aimed at encouraging people to put money away regularly and benefit from a competitive interest rate.
The Regular Savings account works by awarding more interest for higher balance increases, giving a rate of 4.25 per cent on increases of below £100, 5.75 per cent on those of £100 to £199.99 and 6.25 per cent on increases of £200 to £250.
In addition, the account is accompanied by a card giving customers the ability to access their money whenever necessary, with no penalties applied if a payment is missed.
“We recognise that it isn’t always easy to save a regular sum each and every month and this new account offers a perfect solution,” said Stuart Bernau, executive director of NBS.
He added: “We’re looking to reward people who are genuinely interested in saving.”
The account tracks the Bank of England’s base rate – which was recently increased for the third time in six months to 5.25 per cent – until 2010.
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