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Nationwide building society launches Champion Saver Account

Nationwide building society has today launched the Champion Saver Account which has been grabbing the headlines today and catching the attention of many savers around the UK. The account is slightly different to the norm in that it takes the top instant access, limited access and notice account rates available across the UK from eight predefined lenders. These figures will be used to calculate an average which will be the rate at which the Champion Saver Account is set on a monthly basis.

While there is no doubt that the very basics of the account offers some hope for UK savers, who've been starved of good news over the last few months, it does not by definition offer the best rates. The rate available at the moment is 2.8% gross per annum with a 1.1% bonus rate for funds held until 31 January 2011. To open an account you will need to deposit a minimum £1000 and there will be a 60 day notice period for any withdrawals. Interest on the Champion Saver is calculated daily and, for every day the account balance is above £1,000, the customer will receive the higher rate and the bonus. The customer will only receive the lower 0.10% rate on the days where the balance is under £1,000. Interest and the bonus is credited annually on 31 December rather than the end of the bonus period.

The average rate is calculated using interest rates on accounts provided by Abby, Barclays, Halifax, HSBC, Lloyds bank, Northern Rock, NatWest and Royal Bank of Scotland. While there are better rates available in the wider market place, the Nationwide Champion Saver Account does offer an interesting alternative for those who do not wish to research interest rates on a regular basis.

As ever, if you are investing money into any financial account you should take professional advice and ensure the move is right for your particular situation.

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