You are viewing the content for Thursday 10 May 2012

Sterling savings on offer at Nationwide

Irish consumers can save money in sterling thanks to a range of savings accounts which have been launched by Nationwide Building Society.

The bank denied that it was launching the product to attract customers who were worried about the break-up of the eurozone.

A spokesperson for Nationwide said the sterling accounts were being launched because they were what customers wanted.

The bank is launching three sterling accounts for existing and new customers: easy access savings; six-month fixed rate savings; and 12-month fixed rate savings.

They have interest rates ranging between 0.6% and 1.5%.

Brendan Synnott, managing director of Nationwide UK (Ireland), said: "The addition of sterling accounts to our existing savings range will enable customers to diversify their savings portfolio and hold savings in a second major currency."

However, Treasury Solutions managing director John Finn said: "People in Ireland would only want a sterling account to get out of the euro."

Mr Finn accepted that there was a possibility that the bank was looking to target exporters who were doing well in the UK.

He warned consumers to be very careful when investing in foreign currency’s as foreign exchange markets are unpredictable and can change very quickly.