Nationwide Building society improves online savings account

Nationwide Building society improves online savings account

Nationwide has boosted the rate of one of its online savings accounts.

Anyone wishing to compare savings on products they can use to store their cash might be interested in an improved Nationwide bank account.

The financier announced yesterday (October 28th) that it is to increase the bonus rate on one of its online savings accounts for both new and existing customers in the UK who hold an account that accepts direct debit payments.

This offer applies to the lender's recently launched MySave Online Plus, which initially had a benefit rate of 1.1 per cent gross per annum, but this has now been boosted by a further 0.35 per cent.

As a result of this, the account now pays an overall annual equivalent rate of 2.95 per cent, a figure which could appeal to those eager to make the most of their money following the recession.

Moreover, this online product may be popular as Jason Butler of Bloomsbury Financial Planning said recently that traditional savings accounts are now not as common in the UK.

Meanwhile, one expert has said that alternative investments are becoming more common in the UK

Savings accounts such as fixed rate bonds and ISAs may be going out of fashion among consumers in the UK, if one expert's comments are to be believed.

According to Jason Butler, partner at Bloomsbury Financial Planning, people are becoming "increasingly open" to considering the possibility of taking out alternative asset investments that can offer a higher return on their initial outlay instead.

Mr Butler explained that this is both good and bad news for the UK's financial market, as on the one hand it is positive evidence that people are reviewing more closely how "their money is working for them", but on the other it "inevitably" means that some will take out alternative investments that are not suited to their individual needs.

In addition, the specialist warned that often, such products do not provide the same "security of capital" as more traditional options.

Meanwhile, recent data from Halifax suggested that around one-third of all UK earnings are invested in ISAs following the recession.

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