Nationwide International Launch US Dollar and Euro Tracker Premium Accounts offering Leading Interest Rates
Personal_Finance / Savings Accounts Jul 29, 2007 - 12:03 PM GMTBy: Nationwide
Nationwide International has today announced that it will be launching US Dollar and Euro Tracker Premium accounts with effect from Wednesday 1 August 2007. The accounts will offer market leading interest rates on offshore, no notice foreign currency accounts.
The new accounts will be available to new and existing customers and will offer:
- Market leading interest rates – paying up to 5.60% on the US Dollar Tracker Premium and up to 4.35% on the Euro Tracker Premium
- Flexibility with instant access – four penalty free withdrawals each financial year
- Rate guarantees
- The US Dollar Tracker Premium guarantees to pay no lower than the US base rate for the first year. Thereafter, the rate is guaranteed to be 0.25% below US base rate until 1 January 2010
- The Euro Tracker Premium guarantees to pay no lower than the Euro base rate for the first year. Thereafter, the rate is guaranteed to be 0.25% below the Euro base rate until 1 January 2010
- Annual or deferred interest options – providing extra flexibility for interest payments
- $5,000 and €5,000 minimum investment
- A minimum balance of $5,000 is required to open a US Dollar Tracker Premium account. The maximum balance is $2 million per account
- A minimum balance of €5,000 is required to open a Euro Tracker Premium account. The maximum balance is €2 million per account
Carl Gandy, managing director of Nationwide International, said: “These are two great new products for offshore savers who want to manage their money in Euros or US Dollars while benefiting from market leading rates, the flexibility of easy access and the security of rate guarantees until 2010.
“These accounts complement the existing range of products currently offered by Nationwide International and give offshore savers even more choice following the successful launch of our Sterling Base Rate Tracker Premium account at the beginning of July.”
For further information:
Roy Beale, 01793 655689, roy.beale@nationwide.co.uk
Carl Gandy, 01624 696007, carl.gandy@nationwideinternational.com
Notess:
Nationwide International is the winner of Moneyfacts ‘Best Offshore No Notice Account Provider’ Award 2007.
Competitor comparison – US Dollar accounts
| Provider | Account | Deposit | Gross | AER |
|---|---|---|---|---|
| Nationwide International | US Dollar Tracker Premium | $50,000 | 5.60% | 5.60% |
| Bank of Scotland International | Halifax International Guaranteed Saver | $50,000 | 5.50% | 5.50% |
| Anglo Irish Bank Isle of Man | Privilege Access | $5,000 | 5.25% | 5.32% |
| Alliance & Leicester International | US Dollar Savings | $5,000 | 5.00% | 5.00% |
Source: Moneyfacts 18 July 2007
Competitor comparison – Euro accounts
| Provider | Account | Deposit | Gross | AER |
|---|---|---|---|---|
| Nationwide International | Euro Tracker Premium | €50,000 | 4.35% | 4.35% |
| Northern Rock (Guernsey) | Offshore Euro Direct Saver | €5,000 | 4.30% | 4.30% |
| Bank of Scotland International | Halifax International Guaranteed Saver | €35,000 | 4.25% | 4.25% |
| Anglo Irish Bank Isle of Man | Privilege Access | €5,000 | 4.00% | 4.04% |
Source: Moneyfacts 18 July 2007
US Dollar Tracker Premium interest rates
| Year 1 | Thereafter | |
|---|---|---|
| $5,000 – $49,999 | 5.30%* | Guaranteed to pay 0.25% below US base rate until 1 January 2010 |
| $50,000+ | 5.60%* |
Based on the Federal Reserve Open Market Committee’s target for the Federal Funds rate at 5.25%
* Guaranteed to be no lower than the US base rate
Euro Tracker Premium interest rates
| Year 1 | Thereafter | |
|---|---|---|
| €5,000 – €49,999 | 4.05% | Guaranteed to pay 0.25% below the Euro base rate until 1 January 2010 |
| €50,000+ | 4.35% |
Based on European Central Bank’s key interest rate at 4.00%
* Guaranteed to be no lower than the Euro base rate
Key features:
- The year one guarantee and premium starts on receipt of the initial deposit.
- Four penalty free withdrawals of any amount, above $500 (US Dollar Tracker Premium) or €500 (Euro Tracker Premium) per financial year (1 April – 31 March). 30 day interest penalty for any subsequent withdrawals.
- $5,000/€5,000 minimum deposit.
- $2 million/€2 million maximum account balance.
- Joint accounts shared with up to four account holders.
- Deferred interest option available allowing you to capitalise your deferred interest in part or in full once per financial year (1 April – 31 March). Annual interest is paid on 31 March each year.
- Withdrawals can be made via cheque/draft, direct electronic transfer or internal transfer. Deposits can be made via cheque/draft, direct electronic transfer or internal transfer.
- To open an account customers should visit www.nationwideinternational.com and download an application form or contact Nationwide International on 01624 696000.
Nationwide International Limited is a wholly-owned subsidiary of Nationwide Building Society and is licensed by the Isle of Man Financial Supervision Commission for banking business. More information is available at www.nationwideinternational.com by calling +44 1624 696000 or by writing to Nationwide International Ltd, PO Box 217, 5-11 St Georges Street, Douglas, Isle of Man, IM99 1RN.
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