UK banking group Nationwide Building Society has launched a new regular savings account offering non-traditional benefits such as the ability to transfer to a lower-paying account at the end of a fixed period, no penalization for missed payments or withdrawals by closing the account, and no limit to a single or fixed payment each month.

<p>The account has been designed specifically to encourage customers to save regularly and, in return, Nationwide will credit the account with a competitive rate of interest. Unlike regular savings accounts, Nationwide will pay more interest the more a customer saves each month. <br /><br />A card is provided with the account, permitting savers to access their funds whenever they need it, without encountering further penalties. Customers also have the option to take a break from saving whenever they wish. In addition, the account carries a guarantee to track changes in the Bank of England Base Rate until January 1, 2010. <br /><br />Nationwide claims that the new account provides a better return for savers over time as it does not terminate after a fixed period or place funds into a lower-paying account. <br /><br />Stuart Bernau, Nationwide&#0039;s executive director, said: In offering this regular savings account we&#0039;re looking to reward people who are genuinely interested in saving, whether it&#0039;s a deposit for their first home, to send their children to university or to buy a new car – this account really provides a great rate and true flexibility.</p>