Today at Nationwide's annual meeting chief executive Philip Williamson will launch a new account designed specifically for people aged 65 and over.
The monthly income account pays 4.75 per cent AER and promises to match the Bank of England's base rate until January 2011.
Nationwide said customer feedback sparked the launch of the account, with many account holders saying they wanted consistent interest rates they would not have to constantly monitor.
Candidates for the deal must already have a Nationwide FlexAccount and a minimum opening balance of £1.
The FlexAccount offers free day-to-day services, free card use abroad and a direct debit facility.
Mr Williamson commented: "We have over three million members aged 65 or older. The account offers them a competitive, convenient deal over the long term. Monthly income 65+ is a great benefit of having a FlexAccount"To read more about savings accounts, click here.
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