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nationwide building society champion saver is it really such a good deal?
Published: 03/08/2009 |
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Nationwide Building Society has today launched its Champion Saver account where it looks at the top rate on offer from eight named savings providers and then pays the average of the top five of these, plus a bonus of 1.10% The eight providers are Abbey, Barclays, Halifax, HSBC, Lloyds TSB, Northern Rock, NatWest and Royal Bank of Scotland. Whilst this sounds like a good move for savers, there are a couple of important points to bear in mind.
The Nationwide Champion Saver is currently paying 2.80% AER and although the bonus element remains in force for a longer than average period (to 31.01.11) i.e. 18 months, there are plenty of other accounts for savers to consider. Instant Access
Notice Accounts
Whilst it’s not the same sort of product, it’s also worth bearing in mind that if you know you can tie your cash up for 12 months as opposed to opting for 60 days notice you can get 3.85% from Post Office and 3.75% from Derbyshire BS for a 12 month fixed rate bond. For a 9 month fix you can secure 3.21% from Bank of Cyprus UK. So even though the Champion saver will ensure you get a better deal than many of the mundane savings offerings on the high street, it’s not a champion in the true sense of the word as there are better and in some cases more flexible options available. If you’re a saver that doesn’t have the time to keep an eye on rates this account will no doubt appeal, but for those who are happy to put a little effort in they will be rewarded with even better returns. ENDS |
