Nationwide launches savings account that tracks competition

Nationwide has launched a new savings account, the Champion Saver account, which tracks its competitors’ top savings account rates and updates the interest rate on the account as appropriate.

According to Nationwide, the Champion Saver savings account is the first of its kind on the high street.

The account has a bonus of 1.1% p.a. which is paid until end January 2011.

However if the balance on the savings account falls below £1,000 the bonus is not calculated for the days it is below.

The providers of the Competitor Rates are Abbey, Royal Bank of Scotland, Lloyds TSB, Northern Rock, NatWest, Halifax, HSBC and Barclays.

The minimum opening balance is £1,000.

Withdrawal of money from the account requires 60 days notice or you lose 60 days interest.

Andy Hutchinson, Head of Savings at Nationwide, said ‘With the account paying a fantastic interest rate at launch – over five times above the Bank of England Base Rate – Champion Saver really is market leading in the high street and is specifically designed to help savers in this low interest rate environment.’

You can open a Nationwide Champion Saver account at any Nationwide branch.