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From the latest UK financial news, and interesting articles about insurance, credit cards, and other useful tidbits, to special offers, and revealing finance tips from the experts, the stories and news items we display here will help to keep you informed.
Product Update
Friday, February 12 , 2010Nationwide Building Society today announces details of new rates for a number of its Fixed Rate Bonds, e-Bonds1 and the Combination Savings Bond, which all offer guaranteed interest rates for savers. With effect from today, Friday 12 February 2010, the new rates for annual interest options will include: - Six month Fixed Rate Bond and e-Bond paying 2.26% AER, 2.25% gross p.a.
- One year Fixed Rate Bond and e-Bond paying 2.75% gross p.a./AER*.
- 18 month Fixed Rate Bond and e-Bond paying between 2.75% and 3.40% gross p.a./AER*. The balance needs to be £25,000 or over to qualify for the top rate.
- Two year Fixed Rate Bond and e-Bond paying 3.90% gross p.a./AER*.
- Three year Fixed Rate Bond and e-Bond paying 4.40% gross p.a./AER*.
- One year Combination Savings Bond2 paying 4.00% gross p.a./AER*.
Rates remain unchanged on Nationwide's five year Fixed Rate Bond and e-Bond and four year Stepped Rate Bond, as well as the Society's full range of Fixed Rate Individual Savings Account (ISA) Bonds. The variable rate one year Tracker Bond also continues to be available and is guaranteed to beat the Bank of England Base Rate by 2.05% - 2.30%, depending on account balance. The Combination Savings Bond, which can be opened from any Nationwide branch, is exclusively available for customers who invest in the six year Legal & General (L & G) Stock Market Linked Savings Bond2 and could help savers make more of their money in the current low interest rate environment. The previous six month, one year, 18 month, two year and three year Fixed Rate Bonds and e-Bonds, and one year Combination Savings Bond were withdrawn at the close of business on Thursday 11 February 2010. Notes to editors - e-Bonds are available online to anyone with, or opening, a Nationwide FlexAccount.
- The Combination Savings Bond (CSB) is only available to those who open a new six year Legal & General (L&G) Stock Market Linked Savings Bond at the same time, for at least the same amount via the branch network.
| Account name | Combination Savings Bond | Legal & General Stock Market Linked Savings Bond 1 | | Term | One year | Six year deposit plan | Six year cash ISA | | Start date | Date account opened | 17 March 2010 | | Pre-investment | n/a | 0.87% gross/AER* from the date of investment until 12 March 2010 | | Return | Annual: 4.00% gross p.a./AER*. Monthly: 3.97% AER*, 3.90% gross p.a. | Min. return: After six years, customers will receive their capital plus 7.00% gross (1.13% AER). Potential growth: based on 100% of the growth of the FTSE 100 Index, EuroSTOXX 50® Index and S&P 500 Index, subject to final year averaging, capped at 50% maximum growth of the original investment. If the maximum potential growth is achieved this is equivalent to 6.99% AER*. | | Tax status | Interest is paid net of basic rate tax, depending on status. | Any return is paid net of basic rate tax. | Any return is paid tax-free. | | Conditions for bonus payment | N/A | N/A | N/A | | Withdrawals | No part withdrawals permitted. The Combination Savings Bond can be closed at any time subject to the loss of 90 days' interest. | No withdrawals permitted before maturity. | Withdrawals of less than £500 are not permitted and customers must maintain a balance of at least £500. Customers could get back less than they originally invested if any withdrawals are made. | | Access | Available in a branch when investing in a six year Stock Market Linked Savings Bond. | Available from 25 January 2010 until 27 February 2010 via branch, post and internet.
Limited availability - may close early. | Available from 25 January 2010 until 27 February 2010 via branch, post and internet. ISA transfer applications must be received at Legal & General by 12 February 2010. Limited availability - may close early. | | Minimum investment | Minimum investment £3,000 where a rate of
4.00% gross p.a./AER will be achieved, / 3.97% monthly AER.
The same amount or more must be invested in a six year Stock Market Linked Savings Bond. | £3,000 | £3,600 for current year cash ISA allowance and for transfers from each ISA Manager. | | Maximum investment | £2,000,000 | Unlimited | £3,600 for the current year cash ISA allowance (£5,100 for those aged 50 or more by 5 April 2010); unlimited for ISA transfers. | | Further deposits | No further deposits can be made after opening. | Information and rates correct on 12 February 2010. The offer period of Issue 1 of the Stock Market Linked Savings Bond is between 25 January 2010 and 27 February 2010, but could close earlier if fully subscribed. The rates for the Combination Savings Bond are effective from 12 February 2010 and are subject to change and may be withdrawn without notice. Capital in the Stock Market Linked Savings Bond is at risk if you do choose to withdraw from your plan before the end of the six year term. The following bullets refer to the Stock Market Linked Savings Bond. - The final calculation of the Stock Market Linked Savings Bond is based on 100% of the average growth in the value of three of the world's leading stock market indices, subject to final year averaging. The growth of the FTSE 100 Index, DJ EuroSTOXX 50® Index and S&P 500 Index will be measured using the initial level of the Index at close of business on 17 March 2010 and the average level of the Index in the last 12 months of the investment, commencing 17 March 2015 to 17 March 2016 inclusive. This gives the final year averaging level using daily closing stock market values.
- The original investment amount must be held to the end of the six year term to benefit from the stated returns. Withdrawals are not available from the deposit plan but if access is required from the ISA you may get back less than you invested, as a withdrawal adjustment may be applied.
- You won't benefit from any dividend income which you could have if you invested directly.
- The value of the Stock Market Linked Savings Bond may depreciate in real terms due to inflation.
- In case of death of the investor and encashment of the plan by the beneficiaries, the amount returned may be less than the original investment.
- Issue 1 of the Stock Market Linked Savings Bond and the CSB are available until 27 February 2010. If the selected Stock Market Linked Savings Bond closes early, the CSB will be withdrawn from sale.
- Before the start date and after the fixed term, Legal & General put your money in a client bank account separate from their own money. If Legal & General were to become insolvent, your money would be safe, even though they are not covered by the FSCS for this plan. However, if the bank or building society that provides this account cannot pay what they owe, you may not receive all of your money back.
- While invested, the Stock Market Linked Savings Bond investment is held by Nationwide as the deposit taker. The CSB is a Nationwide account. If Nationwide becomes insolvent during this period your original investment amount may be at risk and you may not receive all of your money back.
- If the Stock Market Linked Savings Bond is withdrawn, or if you cancel your investment, you will not be eligible for the CSB, which is exclusive to customers opening a Stock Market Linked Savings Bond. The CSB interest rates are subject to change during the offer period and may be withdrawn from sale without notice.
AER stands for the Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if customers do pay tax). The net rate of interest is the interest rate payable after any income tax is deducted (if you do pay tax). Tax treatment is dependent on individual circumstances. The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, which can change. Rates for Fixed Rate Bonds, effective from 12 February 2010 | 6 month FRB (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 2.26% | 2.25% | 1.80% | | 6 month FRB (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 2.22% | 2.20% | 1.76% | | 1 year FRB (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 2.75% | 2.75% | 2.20% | | 1 year FRB (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 2.73% | 2.70% | 2.16% | | 18 month FRB (annual) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 2.75% | 2.75% | 2.20% | | £10,000 - £24,999 | 3.00% | 3.00% | 2.40% | | £25,000 | 3.40% | 3.40% | 2.72% | | 18 month FRB (monthly) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 2.73% | 2.70% | 2.16% | | £10,000 - £24,999 | 2.99% | 2.95% | 2.36% | | £25,000 | 3.40% | 3.35% | 2.68% | | 2 year FRB (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 3.90% | 3.90% | 3.12% | | 2 year FRB (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 3.87% | 3.80% | 3.04% | | 3 year FRB (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 4.40% | 4.40% | 3.52% | | 3 year FRB (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 4.39% | 4.30% | 3.44% | | 5 year FRB (annual) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 4.75% | 4.75% | 3.80% | | £10,000 -£24,999 | 4.80% | 4.80% | 3.84% | | £25,000 - £49,999 | 4.90% | 4.90% | 3.92% | | £50,000+ | 5.00% | 5.00% | 4.00% | | 5 year FRB (monthly) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 4.75% | 4.65% | 3.72% | | £10,000 - £24,999 | 4.80% | 4.70% | 3.76% | | £25,000 - £49,999 | 4.85% | 4.75% | 3.80% | | £50,000+ | 4.96% | 4.85% | 3.88% | Rates for e-Bonds, effective from 12 February 2010 | 6 month e-Bond (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 2.26% | 2.25% | 1.80% | | 6 month e-Bond (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 2.22% | 2.20% | 1.76% | | 1 year e-Bond (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 2.75% | 2.75% | 2.20% | | 1 year e-Bond (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 2.73% | 2.70% | 2.16% | | 18 month e-Bond (annual) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 2.75% | 2.75% | 2.20% | | £10,000 - £24,999 | 3.00% | 3.00% | 2.40% | | £25,000+ | 3.40% | 3.40% | 2.72% | | 18 month e-Bond (monthly) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 2.73% | 2.70% | 2.16% | | £10,000 - £24,999 | 2.99% | 2.95% | 2.36% | | £25,000+ | 3.40% | 3.35% | 2.68% | | 2 year e-Bond (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 3.90% | 3.90% | 3.12% | | 2 year e-Bond (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 3.87% | 3.80% | 3.04% | | 3 year e-Bond (annual) | AER | Gross p.a. | Net p.a. | | £1+ | 4.40% | 4.40% | 3.52% | | 3 year e-Bond (monthly) | AER | Gross p.a. | Net p.a. | | £1+ | 4.39% | 4.30% | 3.44% | | 5 year e-Bond (annual) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 4.75% | 4.75% | 3.80% | | £10,000 - £24,999 | 4.80% | 4.80% | 3.84% | | £25,000 - £49,999 | 4.90% | 4.90% | 3.92% | | £50,000+ | 5.00% | 5.00% | 4.00% | | 5 year e-Bond (monthly) | AER | Gross p.a. | Net p.a. | | £1 - £9,999 | 4.75% | 4.65% | 3.72% | | £10,000 - £24,999 | 4.80% | 4.70% | 3.76% | | £25,000 - £49,999 | 4.85% | 4.75% | 3.80% | | £50,000+ | 4.96% | 4.85% | 3.88% | Fixed rates for Combination Savings Bond, effective from 12 February 2009 | 1 year CSB (annual) | AER | Gross p.a. | Net p.a. | | £3000+ | 4.00% | 4.00% | 3.20% | | 1 year CSB (monthly) | AER | Gross p.a. | Net p.a. | | £3000+ | 3.97% | 3.90% | 3.12% | Rates for Stepped Rate Bond, effective from 18 December 2009 | 4 year Stepped Rate Bond (Annual) | AER | Gross p.a. | Net p.a. | | Year 1 (from opening date to 11 February 2011) | 3.75% | 3.75% | 3.00% | | Year 2 (from 12 February 2011 to 11 February 2012) | 4.25% | 4.25% | 3.40% | | Year 3 (from 12 February 2012 to 11 February 2013) | 4.75% | 4.75% | 3.80% | | Year 4 (from 12 February 2013 until maturity) | 5.25% | 5.25% | 4.20% | | 4 year Stepped Rate Bond (Monthly) | AER | Gross p.a. | Net p.a. | | Year 1 (from opening date to 11 February 2011) | 3.71% | 3.65% | 2.92% | | Year 2 (from 12 February 2011 to 11 February 2012) | 4.23% | 4.15% | 3.32% | | Year 3 (from 12 February 2012 to 11 February 2013) | 4.75% | 4.65% | 3.72% | | Year 4 (from 12 February 2013 until maturity) | 5.22% | 5.10% | 4.08% | Applicable for the opening of new bonds - All bonds may be withdrawn without notice.
- Fixed Rate Bonds and e-Bonds can be opened with a minimum investment of just £1.
The one year Tracker Bond can be opened with a minimum investment of £100.
The one year Combination Savings Bond can be opened with a minimum investment of £3,000.
The four year Stepped Rate Bond can be opened with a minimum investment of £5,000. - Members already holding a Nationwide bond can in addition take out any of the new bonds available as there is no limit on the number of bonds a saver can hold, only an upper investment limit of £2,000,000 on Fixed Rate Bonds, Stepped Rate Bonds, Combination Savings Bonds and Tracker Bonds and £3,000,000 on e-Bonds.
- Six month and one year Fixed Rate Bonds or e-Bonds and one year Combination Savings Bond can be closed at any time subject to the loss of 90 days' interest. The 18 month and two year Fixed Rate Bonds or e-Bonds can be closed subject to the loss of 180 days' interest. The three year Fixed Rate Bond or e-Bond can be closed subject to the loss of 270 days' interest. The four year Stepped Rate Bond can be closed subject to the loss of 320 days' interest. The five year Fixed Rate Bond or e-Bond can be closed subject to the loss of 365 days' interest.
- No part withdrawals are allowed.
- Members who want a monthly income from their savings can take advantage of the monthly interest option.
- Nationwide e-Bonds are only available online through a FlexAccount and are operated through Nationwide's Internet Bank.
Other UK Financial News
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AA launches internet access ISA
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PPI: Lloyds pulls the plug
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Tuesday, July 27 , 2010
AA takes top two slots in Which? carmaker breakdown assistance survey
The AA has romped into the top two slots in the latest Which? survey scoring the highest satisfaction scores of 84% for its provision of breakdown assistance to Honda and Jaguar customers. This is the first time that Which? has separated out carmaker cove
Monday, July 26 , 2010
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