Nationwide offers new savings accounts

A lender has revamped its range of savings accounts.

Anyone searching for attractive deals on savings accounts such as ISAs or fixed rate bonds may be interested in a range of new offers from one financier.

As of last Thursday (May 12th), Nationwide improved the rates attached to all such products in order to enhance its level of competitiveness in the market following the global economic downturn.

For instance, the lender has now introduced monthly interest rate options on all of its fixed rate bonds to give customers more flexibility and choice over their savings, while the company's three-year package now has a gross annual equivalent rate of 4.2 per cent attached to it.

Brian Hurst of My Savings Accounts said this was a 'breath of fresh air' for the savings market. Meanwhile, for those who want to make the most of their tax-free savings allowance, the firm is also now offering a wide suite of ISAs, including an 18-month product paying between 3.4 per cent and 3.65 per cent.

This comes after Sarah Pennells of Savvy Woman called on people heading towards retirement age to seek professional advice on the best savings accounts for them.

A lender has created a new fixed rate bonds package.

Britons searching for competitive savings accounts in the aftermath of the global economic downturn may be interested in a fixed rate bonds package on offer from one financier.

As of yesterday (May 12th), consumers can take out a brand new three-year bonds package - which has an attached gross annual equivalent rate of 4.05 per cent - at any branch of the Yorkshire Building Society, online or via the internet.

Mike Helliwell, products manager at the lender, said this product has been designed to broaden the suite of savings accounts on offer from the company following the recession.

"The latest bond offers a competitive return while interest rates remain low and a certainty of rate or return for three years with a maturity date of May 2014," he added.

Annie Shaw of Cash Questions noted recently that a growing number of Britons are opting to store money away for their future instead of spending.