Lifetime guarantee for Nationwide savers

The offshore subsidiary of Nationwide Building Society is offering the account to both new and existing customers, with a minimum deposit of £1,000 and a maximum balance of £2m. While there is no access to the money in the first year, thereafter six penalty-free withdrawals per financial year are permitted (30 day interest penalty for any additional withdrawals beyond this). After the first year the account will pay 0.3% below the Bank of England base rate (0.65% below for monthly interest) until 1 January 2011, after which it guarantees to be no lower than 1% below base rate (1.35% for m...