Nationwide’s Stepped Rate Bond ratchets up to 5.25%
by David Masters
Nationwide Building Society has launched a new four-year Stepped Rate Bond paying a headline interest rate of 5.25%.
Interest rates on the bond increase annually.
In year one the bond pays 3.75% gross p.a./AER, 4.25% in year two , 4.75% in year three, and 5.25% in year four.
Savers must invest a minimum of £5,000 to open the bond.
“Our new four year Stepped Rate Bond is good news for people who not only want a guaranteed rate of interest, but who also want a rate that increases year after year,” said Andy Hutchinson, Nationwide’s head of savings.
Hutchinson added that the bond provides “good value for the long term”.
According to the Nationwide Savings Index, 57% of people surveyed in September said it is important to save, a 2% increase compared to August.
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Tags: bond, Nationwide, new product, savings, stepped rate
