Nationwide International raises interest rate on savings
by Richard Kilner
Nationwide Building Society’s offshore subsidiary Nationwide International has announced it is increasing the interest rate for the Sterling Lifetime Guarantee account’s last issue.
Issue 13 will see the Sterling Lifetime Guarantee account pay up to 3.25% gross pa/AER (for the first year).
Issue 12 was withdrawn on 9 August, and the new issue is effective from 10 August.
Nationwide International’s managing director, Philip Dunne, has hailed the latest issue as good news for savers.
From 12 to 13 the interest rate has risen by 0.55%, and will come as good news for savers who have been having a particularly difficult time in the recession.
To stimulate the economy the Bank of England has reduced interest rates to the lowest ever level (0.5%), which has eased conditions for mortgage payers but hit those reliant on savings (including many elderly people) hard.