Nationwide scraps well-known savings accounts in bid to 'simplify' range
 Building society claims customers found too much choice 'confusing' Nationwide has junked several of its best-known savings accounts and launched some new ones in a bid to "simplify" its range. The building society, which claims to be Britain's second largest savings provider, said it had been told by its members that "too much choice can be confusing". It is the latest in a line of providers to simplify its savings accounts. Royal Bank of Scotland and its NatWest arm last year cut the number of cash Isas on sale, and later moved customers holding older Isas on to a single product – resulting in some people suffering a rate cut while others saw their returns increase. However, Nationwide has said savers in old accounts have not had their rate cut and can move to the new ones. The five accounts that have been withdrawn are CashBuilder, e-Savings, e-Savings Plus, MySave Online Plus and Web Isa. New accounts include Instant Isa Saver, an instant access Isa paying 1.5% which accepts transfers in; Limited Access Saver, which pays 1.25% and lets customers make five instant access withdrawals per year without affecting the rate; and Instant Access Saver, a card-based instant access account paying 0.5%. The new accounts do not include an introductory bonus. "This change means none of Nationwide's on-sale range of savings accounts currently has any introductory bonus," a spokeswoman said. The new accounts can be opened and operated in-branch or online. The society has also launched a "market-leading" children's savings account called Smart Limited Access, paying 3%. It is available to children aged seven to 18, can be opened with as little as £1, and allows up to £50,000 to be saved. In addition, Nationwide has removed the introductory bonus on its Smart Junior Isa, while maintaining the rate at 3.25%. Nationwide has also launched new issues of its Flexclusive Isa and Easy Saver Isa that pay the same rates as the previous ones – 1.75% and 1.6% respectively – but no longer include an introductory bonus as part of the rate. theguardian.com © 2014 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds |
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