Nationwide launches new tracker bond

| February 2, 2009 | 0 Comments
Nationwide launches new tracker bond

Nationwide Building Society has launched a new savings account in which the interest rate paid varies according to the Bank of England’s base rate.

Interest paid in the new tracker bond will also differ depending on the amount of money held in the account.

Interest rates on the one year bond will be between 2.05% and 2.30% above the base rate, currently 1.5%.

Matthew Carter, Nationwide’s divisional director of savings, said the building society continues ‘to offer a range of accounts with interest rate guarantees’ despite the low base rate.

He added that the new tracker bond offers competitive long term value.

The Bank of England is expected to reduce the base rate another 0.5% to 1% later this week.

One in eight savings accounts now pay interest at 0.3% or below.

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