World’s largest Building Society opens for business in Ireland

24 March 2009

Nationwide UK (Ireland), a branch of Nationwide Building Society, launched a new direct savings operation based in Dublin today (24 March).

Nationwide UK (Ireland) is offering a range of savings products with competitive variable and fixed interest rates. The offering consists of an Easy Access Savings Account, a 6 Month Fixed Rate Savings Account and a 9 Month Fixed Rate Savings Account. All accounts offer the option of monthly or annual interest payment.

Personal savings accounts will be offered to Irish residents who are aged over 18 and the main features of these products are:

Easy Access Account: minimum deposit €2,000 – maximum deposit €2,000,000; six free withdrawals between 1st April and 31st March each year (subsequent withdrawals are allowed, but will incur a 30 day interest charge on the amount withdrawn); variable interest rate, currently 2.75% gross p.a./AER*.

6 Months Fixed Rate Account: minimum deposit €3,000 – maximum deposit €2,000,000; monthly or at maturity interest options; guaranteed fixed interest rate, up to 3.00% gross p.a. (3.02% AER*). Early closure is allowed, but will incur a 90 day interest charge on the total balance.

9 Months Fixed Rate Account: minimum deposit €3,000 – maximum deposit €2,000,000; monthly or at maturity interest options; guaranteed fixed interest rate, up to 3.10% gross p.a. (3.11% AER*). Early closure is allowed, but will incur a 90 day interest charge on the total balance.

Detailed information on these Irish Savings Accounts, including Terms and Conditions, is available online at www.nationwideuk.ie or by phone 1800 800 180.

Carl Gandy, managing director, Nationwide UK (Ireland), said:

“Nationwide Building Society is delighted and proud to be opening its new operation in the Republic of Ireland. With over 160 years worth of experience in looking after people’s money and with assets of around £200 billion, we are strong, solid and dependable. Our size, strength and mutual status place us in a unique position to be able to provide a secure and trusted home for people’s savings.

“Last year, we opened around 5,000 new savings accounts every day in the UK. In fact, in our last financial year, around £1 in every £5 deposited in the UK was entrusted to Nationwide Building Society.

“The Republic of Ireland has a strong savings market and our aim is to offer competitive interest rates and provide long term good value to customers. This move will enable us to further diversify our geographical operations and funding opportunities. We have a very different business model to that of the banks and so the time is right for us to become the first choice for savers in Ireland.”

The term Annual Equivalent Rate (AER) means that we have calculated the interest rate that would be received for a full year – this enables customers to compare savings rates on a like-for-like basis.

You can access the full press release here.