The account will offer a highly competitive fixed annual interest rate of 6.60% for the first year, followed by guaranteed links to the Bank of England base rate and the flexibility of six penalty free withdrawals of any amount per financial year.
The new account will be available to new and existing customers and will provide offshore savers with flexibility with easy access after the first year. It allows six penalty free withdrawals each financial year following the first anniversary of the initial deposit; annual, monthly and deferred interest options. The account will allow to save a maximum balance of GBP2 million.
Carl Gandy, managing director of Nationwide International, said: The lifetime guarantee account provides offshore savers the opportunity to benefit from a highly competitive fixed rate for the first 12 months, and the flexibility of easy access and the security of rate guarantees thereafter.
